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

 

 

Sponsored Content

14 Responses to “Investor applied for Long Term visit Pass”

  • C’est la vie:

    *****
    This SGov can be relied upon to change the rules, remove them even, … as and when.

    That’s the true beauty and essence of an autonomous society !!!
    ***
    *****

    GD Star Rating
    loading...
  • LIONS:

    Well,more like heli-COCK-ter view than any semblance of helicopter view?

    Talk cock,sing song.
    Get high pay for screw-up.

    For true blue sgs things are worse!
    Fark you veLEE much.

    GD Star Rating
    loading...
  • HarderTruths:

    We wanted to bullshit his way into $G for no reason other than increasing the property value for most $G locals.

    Then he found out he was not as smart as the $G government. They took his money and asked him to *** off.

    He can swim to Africa for all I care. Perhaps he can take Kin Lian with him.

    GD Star Rating
    loading...
  • Bapak:

    Many idiotic-stupid-nincompoop Sinkies got haigong by the after-robbing-&-raping-you-repeatedly-by-you-die-your-business PAP, why TKL never advocates for them instead wasting time on foreigners.

    No wonder he is not voted into office.

    GD Star Rating
    loading...
  • oxygen:

    @ TKL

    CLEARLY THE LTVP IS TEMPORARY RESIDENCY RIGHT ONLY, the foreigner who took such great risks of adjustment shift in migration hope, got his/her maths all wrong – unfortunately.

    He/she got his economic read and vision topsy-turvy – the global bond market bull reversal has been one way since the late 1980s – surely declining interest rate must hit the bottom or zero some day and thereafter reversed upwards, inevitably. The demographic works in the opposite direction – also mostly globally, except in some countries like India, BlangaDesh, parts of Africa. Even in countries with big migration influx like Canada and Australia, the population growth is slowing too.

    The implications are these – never buy expensive property, you are more likely to be caught buying too high to find it hard to sell for gain later. And in your own home country, it may now rise faster because the demographic pressure, soon to peak over. Those LTVP holders are likely to be caught badly on both ends – buy too expensively in LEE-jiapore and sold too “cheaply” in exchange for the property in their country of origin – ALL FOR TEMPORARY RESIDENCY RIGHTS ONLY.

    NOT SO CLEVER to be trapped of these Johnny-come-lately to the party – just in time to clean the dishes after the economic party is over. No sovereign will compensate them or provide relief to foreigners who are here temporarily and KNOW THEY ARE HERE TEMPORARY TOO.

    Maybe it is better for them to leave this overly expensive place which is fast declining of economic fortune. Their LTVP gamble is their OWN MISCALCULATIONS AND MISTAKE.

    There are too many deprived locals in more desperate circumstances. Read in social media that 70% of retirees here can’t meet their own monthly survival provision.

    CHARITY BEGINS AT HOME.

    GD Star Rating
    loading...
  • Why TKL is concern with rich foreigner here for exploitation? He should have more concerns for local citizens welfare and policies that impact our daily lives.

    GD Star Rating
    loading...
  • patriot of TUMASIK:

    Mr Tan you are more concern about such migrants than the Locals…since he is in his sixties and 90 is the dying age he has +- 20+ years to go…rent him a room in your HOUSE since he is so happy and keen to stay and I am sure he can afford to pay a good price after selling his house in Singapore…and you can talk cocks till the cows come home…he is Happy and you are Happy too

    GD Star Rating
    loading...
  • limpei:

    why Tan Kin lian kept speaking up for FTs recently?

    GD Star Rating
    loading...
  • pap S$m clan of lying liars:

    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.

    let us look at it this way.

    it is a very good thing. Spore is now one person less crowded.

    Spore is not australia usa china with big land. Spore is small island naturally endowed for some 3m+ mouths.

    pap artificially crowding 6.9m today and 10.0m in a few years time in a 3m+ sized permitted piece of island is only causing quality of life deterioration to take place.

    don’t say Spore is an island of immigrants. those so callled immigrants are long dead and gone. what it has are local born and males who served NSF NSR. due to natural limitation, cannot talk through arse like must open legs for 6.9m and 10.0m. cannot. because crowding has many serious consequences.

    GD Star Rating
    loading...
  • NotMyProblem:

    ICA was not wrong. This person you mentioned is trying to cheat ICA. You said this person sold his house before he was given citizenship in SG, this person must be an idiot. I don’t believe there was such an idiot for one minute.

    What was this person doing in the five years he was given the Long term pass? Sleeping in his half million $ house? He could be traveling back and forth his own country with his LTVP!

    I am such he can go back to where he came from, sell his house here. This was the type of people that inflated SG houses!! No pity for him!

    GD Star Rating
    loading...
  • guru:

    He deserve it forty trusting PAP gov. He should have realised how un-trust worthy when PAP shifted goal post for paying CPF payments for those who reached 55.

    GD Star Rating
    loading...
  • opposition dude:

    Not concerned about a NON SINGAPOREAN being screwed by the government, more concerned with how we locals are going to screw PAP this year!

    GD Star Rating
    loading...
  • Don't care about foreigners:

    Singaporeans have more than enough problems living in Singapore. Why should they care about foreigners?

    GD Star Rating
    loading...
  • Circumspect retrospect:

    Just like when He instituted the minimum retention sum at 65 for CPF members on a whim – and effectively reneged on the social contract made by the Government before with us old CPF contributers.

    Why He no allow publish straits times the record 120+ suicides of old folks in 2017?

    GD Star Rating
    loading...

Leave a Reply

 characters available

Member Services
Self-SupportMembers Login
Sponsored Advertisement

Search On TR Emeritus
Sponsored Advertisement

Most Recent Comments
  • Father of the Constitution: “I predict future happiness for Americans*, if they can prevent the government from...
  • Discard Your ID Card, Be An FT: HarderTruths: May 21, 2019 at 1:02 am (Quote) “As far as FT think and behave, the...
  • HarderTruths: Some people are roasting in Hell right now. Others are on their way. Does it matter then who f**ked...
  • HarderTruths: When you find yourself in a burning house you can either try to save people who don’t believe the...
  • oxygen: @ Jessie Aw ful YOUR POINT OF PROPOSITION IS NOT INCORRECT of political strategy. My caution is these...
  • Haigen-Diaz: For fourteen centuries, the Hui have practiced Islam while holding positions as military generals and...
  • HarderTruths: Keep religion out of politics. If in doubt take a holiday in Libya or Yemen.
  • Haigen-Diaz: @ Believe in 1-party rule ‘If a majority of people support it, what is the problem?’ I think...
  • 中共朝鮮民族大學講師 金燦榮: 摸蛤蟆: May 21, 2019 at 9:39 am (Quote) “当吴庆瑞博士是财政部长的时候,听说通过投资而取得新加坡永久 居留权的投资额已经是新币一百万元了!...
  • TruBlu: A WOLF IN SHEEPSKIN IS STILL A WOLF IF YOU LOOK CAREFULLY. NO AMOUNT OF GRINING IS GOING TO HELP. YOU CAN LIE...
  • TruBlu: tkl,you are targeting the wrong sgs. the 30 pct here are oredy well aware. its the 70 pct that need to be...
  • Prisoner 46664 - Nelson M.: MarBowling: May 20, 2019 at 7:05 pm (Quote) “This Nigerian MF can now rub shoulder and...
  • ganeshsk: MR/ Tan K L We have to express our opposition by voting the PAP out coming GE.
  • Tee-Tee-A-Ta-Ta: Happy to Migrate: TKL I have done my own research on singaporeans for over 20years. My...
  • Tee-Tee-A-Ta-Ta: TKL aka ‘Ye Fong’ is a joker. Why take him seriously? tan kIn lIan ...
  • Young: People are fighting in coffee shops and mrt trains etc.. At least a good start.
Announcements
Advertisements
Advertisements
Visitors Statistic
Latest Statistic