Ms Low said authorities are “very selective” of investors under the programme, with the EDB having a “stringent” process to evaluate each applicant’s economic and residency commitments.
Those granted PR status through the programme are required to submit documentary evidence of the Singapore-based companies that they have invested in. EDB will also conduct site visits to assess the company’s business activities and employment situation, she said.
Ms Low also noted that those who do not meet the economic and residency commitments, as well as other criteria, will not have their re-entry permits renewed.
Singapore PRs require re-entry permits to travel abroad while retaining their residency status. PRs who leave Singapore or remain overseas without a valid re-entry permit will lose their residency status.
All applicants for Singapore citizenship, including PRs under the GIP, are also assessed independently by the Immigration and Checkpoints Authority, said Ms Low.
The programme generated more than S$5.46 billion in total business expenditure via direct investments from 2011 to 2022 and created more than 24,000 jobs in Singapore, said Ms Low.
As of October last year, GIP investors have also injected S$1.62 billion into approved funds, she added. Of this, 87.2 per cent, or S$1.41 billion, have been deployed by fund managers into “actual investments”, including S$930 million going towards investments in Singapore-based companies.
Investors under the programme come from a wide spectrum of areas and sectors, such as technology, urban solutions and sustainability, as well as financial services, she added.