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Foreign businessmen in Singapore will have to invest significantly higher and hire more locals to qualify to become permanent residents under the Global Investor Programme (GIP) from March 15, making it more costly to be based in the city-state. As per the changes announced by the Economic Development Board (EDB) on Thursday, foreign investors, including those keen on setting up family offices here, will have to channel additional funds to the local financial system and hire more locals, The Straits Times newspaper reported. The new requirements will kick in on March 15 this year and generate more jobs for Singaporeans in the finance, tax, fund management and legal sector, the statutory body under the Ministry of Trade and Industry said. The GIP, launched in 2004, accords permanent residency to eligible global investors who intend to drive their businesses and investment growth from Singapore. It was last revised in March 2020. The programme is part of the government's efforts to .