Tougher for investors to apply for PR status

Foreigners who want to become Singapore permanent residents (PRs) under a scheme for investors must now meet stricter requirements. Under new rules for the Global Investor Programme (GIP), they will have to more than double their investments here to $2.5 million. Their companies must also have an annual turnover of $30 million - up from $10 million previously. The changes come on the heels of other measures by the Government to better manage the pace of the growth of immigrants. Political observer Eugene Tan of the Singapore Management University said the changes show the Government is addressing the concerns of Singaporeans, particularly those who feel PR status is given away easily.