Ministry of Home Affairs Investor applied for Long Term visit Pass
Five years ago, a foreigner was granted a Long Term Visit Pass under an investor scheme. He has to buy a property worth at least $500,000, put $400,000 in to a bank account and meet other conditions. The LTVP was for 5 years and can be renewed if he was able to fulfil the same condition on renewal. 

The foreigner sold a house in his home country and migrated to live in Singapore. 

On the expiry of his LTVP, the ICA (in charge of this scheme) informed him that the scheme has been canceled. He cannot apply for the renewal of his LTVP. He has to leave Singapore.

His choice is to return to his home country or find another country to live in. It is difficult for him to relocate as he is now in his sixties.

He will be able to sell his property in Singapore and make a small gain but the selling price will not be sufficient for him to buy back a house that he sold five years ago. The cost of a house in his home country had appreciated a lot, and more than the appreciation in the price of properties in Singapore. 

He is now caught in a difficult position of having to leave Singapore and find another country to live in.  He would have been better off if he had not migrated to live in Singapore five years ago.

I wonder if our policy makers in the govt is aware of the hardship that they cause to ordinary people by introducing this LTVP investor scheme and now canceling the scheme. 

Perhaps they should allow those who had applied under the scheme to renew the LTVP but stop the scheme for new applicants. We have to be fair to people who made a major commitment in their lifestyle by moving to live in Singapore. 

Tan Kin Lian

Vote - do you agree that those who applied for the LTVP earlier should be allowed to renew the LTVP on the same conditions?






 

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