Most guides to Singapore’s Global Investor Programme (GIP) treat Option B, the S$25 million GIP-select fund route, as a footnote beside the more familiar Option A business investment. That is a mistake. Option B is structurally different from Options A and C: instead of building or expanding an operating business, the applicant places capital with a fund manager that EDB has already vetted, and the fund itself carries most of the compliance burden.
For applicants who do not want to run a Singapore company, and who do not have the S$200 million in assets under management that Option C’s family office route demands, Option B can be the most practical door into Singapore Permanent Residence (PR). But it comes with its own mechanics: a specific list of approved funds, a fund-raising cycle you must slot into, an escrow arrangement, and an 8-year fund tenure that outlasts the initial Re-Entry Permit (REP) validity period.
This guide sets out exactly how the GIP-select fund route works, who manages these funds, what happens to your S$25 million after your Approval-in-Principle (AIP), and the mistakes that trip up Option B applicants specifically.
What Is a GIP-Select Fund?
A GIP-select fund is a private equity or venture capital fund that the Economic Development Board (EDB) has formally approved to receive GIP Option B investments. Under Option B, an applicant does not invest directly into a Singapore business. Instead, they commit at least S$25 million to one of these approved funds, which in turn deploys capital into Singapore-based companies operating in sectors that EDB and other economic agencies actively promote.
EDB does not open this list to any fund that wants in. Fund management companies must apply through a Call for Proposals (CFP) that EDB runs at its discretion, and a fund that qualifies is listed on EDB’s GIP-select fund list for an initial period of three years before its status is reviewed.
Fund Manager Eligibility Criteria
To become a GIP-select fund, the fund management company must satisfy a track record test before EDB will even consider the fund itself. Key thresholds include:
- The fund must be incorporated and based in Singapore.
- The fund manager must hold the relevant regulatory approval from the Monetary Authority of Singapore (MAS), such as a Capital Markets Services (CMS) licence, or registration as a Registered Fund Management Company (RFMC), Licensed Fund Management Company (LFMC), or Venture Capital Fund Manager (VCFM).
- The manager must show total assets under management (AUM) of at least S$1 billion.
- The manager must have raised at least three funds previously.
- The General Partner (GP) must have at least ten years of investment track record.
This is a meaningfully higher bar than the licensing thresholds under the Section 13U enhanced-tier fund scheme, which some family offices use for tax purposes. A fund can be MAS-licensed and still fall well short of GIP-select status, since EDB is testing institutional maturity, not just regulatory compliance.
How the Fund Itself Must Be Structured
Once a fund manager qualifies, the fund it raises for GIP purposes must also meet its own set of conditions, separate from the manager-level criteria:
| Requirement | Threshold |
|---|---|
| Minimum fund size | S$200 million, inclusive of GIP and non-GIP monies |
| Minimum GIP monies accepted | S$50 million (equivalent to at least two GIP applicants at S$25 million each) |
| Fund-raising period | At least 3 months |
| Fund life | Minimum tenure of 8 years |
| GP co-investment | At least 1% of the fund from the General Partner |
| Deployment into Singapore | At least 50% of GIP monies raised, or S$50 million of GIP monies received, whichever is lower, into Singapore-based companies in EDB-promoted sectors |
The promoted sectors span a wide range, including aerospace engineering, alternative and clean energy, healthcare, medical technology, infocomm products and services, precision engineering, pharmaceuticals and biotechnology, and professional services, among others. EDB does not dictate the capital call-down schedule within the fund, but it does require GIP-select funds to submit their upcoming fund-raising schedules so that applicants can plan around actual cycles rather than assumed ones.
What Happens to Your S$25 Million After Approval-in-Principle
This is where Option B diverges most sharply from Option A. Under Option A, the applicant typically injects capital into a business they control from the outset. Under Option B, the money does not go straight to the fund manager.
Once EDB grants Approval-in-Principle (AIP) for Singapore PR status, the applicant’s S$25 million is transferred into an escrow account (where required), from which the relevant fund draws down capital according to its own call schedule. The applicant is, in effect, a limited partner whose commitment is verified and held centrally rather than deployed on day one. This sequencing matters for cash flow planning: an applicant should not assume the full S$25 million must be liquid and wired the moment AIP is granted, but should confirm the specific fund’s call-down timetable, since EDB leaves this to the fund itself.
Eligibility and Application Process for Option B Applicants
The personal eligibility bar for a GIP applicant is the same regardless of which option is chosen: a substantive business, entrepreneurial or corporate management track record, demonstrable net worth capable of supporting the investment, and a genuine intention to be based in Singapore. Where Option B differs is in the documentation an applicant must additionally prepare around the fund itself.
Step-by-Step: The Option B Pathway
- Confirm fund availability. Check EDB’s current GIP-select fund list and each fund’s active or upcoming fund-raising cycle. A fund can be qualified in principle but closed to new GIP commitments for months at a time.
- Prepare the core GIP application. This includes the completed e-application forms, the Global Investor Programme (GIP) Factsheet declarations, Form 4 (application for an Entry Permit), and the family members’ background schedule, alongside evidence of business track record and net worth.
- Submit to EDB (via Contact Singapore). EDB’s technical review typically runs several months, followed by an in-person interview assessing the credibility of the applicant’s background and the genuineness of relocation intent.
- Receive Approval-in-Principle. If successful, AIP is valid for a defined window, generally around six months, within which the S$25 million commitment must be evidenced.
- Fund capital via escrow. The commitment is transferred into escrow and drawn down by the fund according to its own schedule.
- PR issuance. Once the investment is verified, the Immigration and Checkpoints Authority (ICA) issues the Entry Permit and Re-Entry Permit, and the applicant collects their identity card.
Applicants weighing Option B against the business or family office routes should also read our comparison of GIP Options A, B and C, and, for those unsure whether GIP is the right pathway at all, our broader overview of pathways for high net worth individuals moving to Singapore.
Common Mistakes on the Option B Route
Assuming Any MAS-Licensed Fund Qualifies
Holding a CMS licence, or RFMC, LFMC or VCFM registration with MAS, is necessary but nowhere near sufficient. Many licensed fund managers in Singapore fall short of the S$1 billion AUM, three-funds-raised, and ten-year GP track record thresholds EDB applies. Always verify a fund’s actual GIP-select status against EDB’s current list rather than relying on a manager’s own marketing claims.
Ignoring the Fund’s Own Fund-Raising Cycle
A fund’s three-year listing period does not mean it is continuously open to new GIP capital. Funds run discrete fund-raising periods of at least three months and then close. Applicants who leave fund selection to the last stages of their EDB review sometimes find their preferred fund is between cycles, forcing a delay or a switch to a different fund.
Underestimating the 8-Year Lock-In
The fund’s minimum tenure of eight years is longer than the five-year validity of an initial Re-Entry Permit. Applicants need to plan for REP renewal, which requires demonstrating continued compliance with GIP conditions, while their capital remains committed inside a fund structure they do not control. Treating the fund investment as freely redeemable within five years is a frequent and costly misconception; our guide to the Re-Entry Permit renewal process sets out what evidence PR holders need to provide at that stage.
Treating the S$25 Million as Immediately Deployed
Because the capital sits in escrow and is drawn down on the fund’s own schedule, applicants sometimes wrongly assume they must have the entire sum realised in cash and wired the day AIP is granted. In practice, timing depends on the specific fund’s call-down mechanics, which is another reason fund selection should happen early, not as an afterthought once AIP is close.
Timeline for the Option B Route
While individual cases vary, applicants should generally expect: two to four months to assemble application documents and confirm fund availability; six to twelve months for EDB’s technical review and interview process; a further window of approximately six months post-AIP to complete the fund commitment and escrow transfer; and then final processing of the Entry Permit and Re-Entry Permit by ICA. All told, most Option B applicants should plan for twelve to eighteen months from initial preparation to PR issuance, and longer if a preferred fund’s cycle does not align with the applicant’s own timeline.
Is Option B Right for You?
Option B suits investors who want Singapore PR without operating a local business, and who are comfortable being a passive limited partner in an institutionally managed fund rather than a controlling shareholder. It does not suit applicants who want direct control over how their capital is deployed, since fund selection, sector allocation, and call-down timing all sit with the General Partner, not the applicant. Anyone weighing Option B against setting up a Single Family Office and applying under Option C should also consider the very different governance and substance requirements involved, which are covered in our Family Office Principal Track guide.
Because fund availability, EDB’s promoted sector list, and MAS licensing categories can all shift, applicants should verify current conditions directly against the official Global Investor Programme page and the Monetary Authority of Singapore before committing to a specific fund.
Get Help With Your GIP Option B Application
Navigating fund selection, escrow timing, and the documentation EDB expects for a GIP Option B application takes coordination between immigration, tax and fund due diligence workstreams. Raffles Corporate Services helps qualifying investors assess whether Option B, Option A, or the family office route best fits their circumstances, and prepares the supporting documentation EDB requires. Visit Raffles Corporate Services to discuss your Global Investor Programme application.
The Editorial Team, Raffles Corporate Services