Since 2004, FIS has allowed high net worth individuals from overseas with net personal assets of $20 million – and at least $10 million of assets held in Singapore for five years – to get onto a fast track and apply for PR status through private banks or other financial institutions via MAS.
The first programme, known as the Financial Investor Scheme (FIS), will be scrapped by the end of this month, sources told BT on Monday. MAS later confirmed that it is putting an end to the scheme.
Wealthy foreigners who want their PR application expedited will now have to apply under a different scheme for well-heeled entrepreneurs from abroad who invest in businesses here.
Now that this scheme is being axed, wealthy foreigners can still apply for PR status under the Global Investor Programme (GIP) – a scheme that allows entrepreneurs from abroad to obtain PR.
Unlike FIS, where assets held in Singapore are the main criterion, GIP is aimed at entrepreneurs who have a track record in corporate circles, and is a scheme that can boost employment locally.
Banks are understood to have received notices from the central bank last Friday. No public announcement was made by MAS – which puts banks in a slight fix as clients have to be properly informed, especially if they want their PR applications processed.
Sources told BT that banks have until April 15 to submit the names of prospective applicants, and until the end of this month to provide full details to MAS.
ORIGINAL SOURCE
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