In addition to established business owners, the Global Investor Program will now allow next-gen business owners, founders of fast-growing firms and family office principals who meet certain criteria to apply for permanent residency (PR) status within the city-state. The additional source of new PRs will benefit the luxury residential market most, which has also over the past year attracted keen interest for high-net worth individuals given its risk diversification qualities (e.g. stable policy environment, stable currency, lack of estate taxes, no capital gains tax).