Did you know that Asia has a number of different relocation options on offer to investors?
In this post we will explain two different options which could tempt you to relocate this year.
It is commonly thought that all residency and citizenship by investment programs are expensive and require drastic changes to the lifestyle you’re used to in your home nation.
However, depending on where you have your heart set on relocating, you can find any number of different programs catering to your every need.
Today we’ll look at Cambodia and Singapore, two options in Asia to give you an idea of what’s on the market to investors.
Cambodia
Cambodia is situated in Southeast Asia, renowned around the globe for being the home to a number of cultures, idyllic beaches and historical landmarks.
Luckily, Cambodia do not outline an extensively limiting criteria which would prevent you from investing should you wish to do so. Instead, there are a number of different investments you can choose between when it comes to getting the ball rolling with your application for citizenship.
Please find below a brief outline of each opportunity:
1. US$245,000 in the form of a government donation
2. US$305,000 in the form of a project investment approved by the Cambodian Development Council
3. US$305,000 in the form of a project investment approved by the government
Now, as with most things these days, there are some additional costs you’re likely to incur during the process. While these wouldn’t mean you would be ineligible for the program, they are important to consider from a personal point of view as to whether the investment program is for you. They are as follows:
· US$5000 in the form of a deposit
· US$25,000 before submitting application form
· US$40,000 upon acceptance of application
· US$15,000 to collect the passport
While these total an additional US$80,000 in costs, the overall price of the scheme is still far below its competitors, something to consider if you’re initially overwhelmed by the apparently large nature of these extra fees.
Singapore
Singapore is frequently voted the best Asian city in which to live due to its excellent infrastructure and public services. It has one of the lowest crime rates in the world and offers a high quality of life to its residents. Globally, it is rated one of the wealthiest countries when measured by GDP (growth domestic product) per capita.
The procedure to gain permanent residence under the Singapore Global Investor Program takes a considerable length of time. Applicants who wish to live in Singapore must submit a personal profile and a proposed investment plan using an e-application form with supporting documentation in hard copy. They are required to attend an interview within three to four months of submitting the application. If an application meets all the criteria, the applicant will be issued with an approval-in-principle.
Under the Global Investor Program, the investor can choose one of the following options:
-Invest at least SGD 2.5 million (1.842.000 dollars)
in a new business entity or expansion
of an existing business operation.
- Invest at least SGD 2.5 million (1.842.000 dollars)
in an approved fund that invests
in Singapore-based companies plus
the implementation of a business plan in Singapore.
-An investment of SGD 2.5 million, (1.842.000 dollars)
used to establish a single-family office in Singapore,
which is required to have assets
under management of at least SGD 200 million (148 million dollars)
If you are applying for a residency by investment
in Singapore through the Global Investor Program
you can invest in the following business sectors:
1. Automotive;
2. Consumer Business;
3. Education;
4. Electronics;
5. Energy;
6. Environment;
7. Healthcare;
8. Logistics and Supply Chain Management;
9. Natural Resources;
10. Pharmaceuticals & Biotechnology;
11. Professional Services, etc
What are the benefits of each program?
Initially, Cambodia’s benefits include:
· Lower taxes with citizen status
· Low cost of living in the nation making your money go further
· Warm climate
· Short processing time (about 3 months minimum, can be up to 6 months)
· Visa free access to 53 nations, although this does not include Europe
On the other hand, Singapore has many advantages as well, including:
· ideal location,
· politically stable environment,
· business-friendly policies
· eligible for citizenship after just two years of permanent residence in Singapore
· reputable education system
· reliable healthcare system.
· tax regulation that favours foreign investors which operates on a territorial basis
So, how do we separate these options for relocation?
Well, aside from the cost, which is a lot lower in Cambodia, the fact that Cambodia offers immediate citizenship whereas Singapore is offering a short period of residency before you can apply for citizenship means depending on your relocation status priority, each program will stand out to you.
Other than this, the benefits cater to different audiences, be it single business investors or families, making both worthwhile programs to consider, but ultimately each calling out to specific audiences and making your final decision that little bit easier.
So, if you are interested in finding out more about the pathway to citizenship through investment in Cambodia or residency by investment in Singapore, as well as other opportunities to develop your business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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