Singapore Cuts Options for Wealthy Seeking Permanent Stay
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Singapore will end a program that allows wealthy individuals to gain permanent residence quicker by putting money in the island, after an influx of foreigners in recent years spurred property prices and fueled voter anger.
The Monetary Authority of Singapore will scrap its so-called Financial Investor Scheme, the central bank said in an e-mailed response to queries. The program allowed individuals with net personal assets of S$20 million ($16 million) who hold at least S$10 million of assets in Singapore for five years to apply for permanent residence on a “fast track” through financial institutions, the Business Times reported today.