Singapore axes residency scheme for wealthy expats While the FIS is being scrapped, wealthy foreigners can still apply for PR status under the Global Investor Programme (GIP). This is aimed at foreign entrepreneurs who can boost local employment. Under this scheme foreigners must have at least $2.5 million (£1.25 million) invested in a new business or an expansion of an existing business. The company needs to have an annual turnover of at least $30 million (£15 million) to qualify. Both schemes encourage millionaires to quickly and smoothly relocate to Singapore. It has the highest proportion of millionaires as a result, according to the Boston Consulting Group. Of a population of five million, more than one million are non-Singaporeans, which has worried citizens concerned about rising costs of living and losing their sense of national identity. The influx has also contributed to crowded public transport, stronger demand for school places and rocketing property prices. Last year the government imposed an additional 10 per cent stamp duty on foreigners buying property on the island. British expat James Raj, who runs the English Soccer School in Singapore, said: "The government is very serious about making sure foreigners are contributing to the economy and society when they relocate to Singapore. It is also keen to keep a lid on property prices which have shot up in recent years for all types of property, from social housing through to high-end condos.