Singapore refutes reports about 3,500 high-net-worth individuals becoming new citizens

Singapore: Singapore on Tuesday refuted several articles claiming that 3,500 high-net-worth individuals, including Indians, are set to become citizens of the prosperous city-state this year, calling them “highly misleading”.

According to media reports last Thursday, which cited the Head of Research at wealth intelligence firm New World Wealth, Andrew Amoils, most prospective citizens were from China while some were from India, Hong Kong, Indonesia, Malaysia, Vietnam, the Philippines and Britain.

The articles also claimed that each individual has at least USD 6 million (SGD 8 million) in investable wealth.

In a statement on Tuesday, the Ministry of Home Affairs (MHA) said that the figures cited were from a person working in a private research firm, based in Johannesburg, South Africa.

“We do not know how he or his company arrived at this figure. Singapore citizenship applications for the rest of 2023 have not even been decided yet,” The Straits Times quoted the ministry as saying.

“This statement is highly misleading, with no credible basis. Having a high net worth does not guarantee citizenship,” the MHA said.

It asserted that while granting citizenship, many factors are considered, including the benefits to Singapore, the business created here, and the number of Singaporeans employed. The individual’s ability to integrate into society and commitment to sink roots in the city-state is also considered.

Singapore, with nominal growth in population, is seeking global talents and investors to sustain its economic prosperity amidst global uncertainties that have impacted Asian economies, market analysts said.