Wednesday, December 01, 2004

Price of Citizenship.


Looking at the title you would expect a blog entry discussing the duties and responsibilities associated with being a Singapore citizen.

Nope.


This post is about the sale price to purchase a Singapore PR.
Price: S$5 million*

Here in efficient and pragmatic Singapore, an economic value is assigned to everything from water to road usage to provision of disabled parking lots. As a cynic, I am not at all surprised that the powers-that-be to explicitly define the desired economic value of a Singapore resident.
"We have just devised a permanent residency scheme for individuals who place at least S$5 million with MAS-registered financial institutions."
"Building on Our Reputation and Reaching for New Horizons"
Address by Mr Goh Chok Tong, Senior Minister and Chairman of Monetary Authority of Singapore, at MAS Staff Seminar, Ritz Carlton Hotel, on 30th November 2004 at 0930Hrs

"People worth at least $20 million can now become permanent residents here if they place $5 million in Singapore's financial institutions."
Singapore woos rich investors with new PR scheme
by Audrey Tan and Grace Ng
The Straits Times, Dec 1, 2004

Most developed countries already have similar arrangements in place to encourage residency by the rich business people. However I doubt if this new scheme is going to attract any high-net worth individuals which were not already previously considering taking up residency in Singapore.

Anybody with a net worth of S$20 million already has the option of staying in anywhere in the world (given a modest lifestyle). In the final analysis, when money is no issue, people are going to stay where they are most comfortable and where their personal interests lie.

Then again... I guess here in Singapore, everything is for sale at the right price... *cynical*



* Actually the price is a lot lower when you consider that the requirement is for wealthy individuals with net worth in excess of S$20 million to place deposits worth S$5 million for a period of 5 years.

3 Comments:

Anonymous Anonymous said...

Do you mean that it doesn't cost one anything to get a PR in say, New Zealand or Switzerland?

January 02, 2005 2:21 AM  
Blogger AcidFlask said...

In Canada, PR-ship costs C$600,000. And you can spend the money in Canada too. No fight.

January 10, 2005 7:45 AM  
Anonymous Anonymous said...

australia its around aud 750k to 1million.

June 11, 2006 7:08 AM  

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