Individual investors seeking permanent residency in Singapore via the Global Investor Programme (GIP) will have to invest more, said Minister for Trade and Industry Gan Kim Yong. He did not specify the new amount or the timing of the change, but said that the Economic Development Board will share more details in due course. Presently, the GIP accords PR status to eligible global investors who invest at least SGD2.5m in a local business entity, select funds, or a family office with assets under management of at least SGD200m. As of October 2022, GIP investors have injected SGD1.62bn into such funds. Sumit Agarwal, a professor of economics, finance, and real estate at the National University of Singapore, said a higher investment quantum is unlikely to have an adverse impact on foreign interest in the programme.