The Ministry of Home Affairs (MHA) has refuted recent news reports claiming that up to 3,500 high-net-worth individuals (HNWIs) will be granted Singapore citizenship in 2023.
The ministry clarified that the statement was "highly misleading" and had "no credible basis."
The reports had quoted Andrew Amoils, the head of research at New World Wealth, who claimed that most of the HNWIs would be from China and have assets of at least US$6 million.
However, the MHA pointed out that the figures were not based on any official data and that citizenship applications for the rest of 2023 had not been decided yet.
The ministry also emphasized that having a high net worth does not guarantee citizenship.
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