Singapore Expands Elite Visa Program to Attract Top Fund Managers

Singapore is taking significant steps to enhance its position as a leading asset management hub in Asia. On August 19, the Monetary Authority of Singapore (MAS) announced a series of initiatives designed to attract top foreign finance professionals, including an expansion of its elite visa program.

The new measures include the introduction of an Investment Management Track under the Ministry of Manpower’s Overseas Networks and Expertise (ONE) Pass framework. This track aims to attract senior investment professionals and global leaders who can contribute significantly to Singapore's asset management industry. Currently, candidates for the ONE Pass must meet a minimum monthly salary of S$30,000 (approximately USD 22,000) or demonstrate outstanding achievements in their fields.

“Chee Hong Tat, Minister for National Development, expressed the desire to grow Singapore's position as an international financial sector.”Chee Hong Tat, Minister for National Development

Additionally, MAS revealed plans for a tax exemption on profit-related returns from fund management services provided to qualifying funds. This exemption is expected to incentivize fund managers to anchor their business operations in Singapore. Furthermore, a new hedge fund investment program will be introduced to attract both global and regional players to the city-state.

According to MAS, the asset management sector is a crucial growth engine for Singapore's financial landscape, contributing around 15% to the sector's output and employing approximately 25,000 individuals, 80% of whom are locals. Over the past five years, the industry has experienced an average growth rate of 7.5%, with total assets under management nearing S$7 trillion (USD 5.5 trillion).

“Chee Hong Tat, Minister for National Development, noted that the measures reflect Singapore’s continued commitment to strengthen the country’s value proposition and ensure it remains a trusted and globally competitive financial hub.”Chee Hong Tat, Minister for National Development

Minister for National Development Chee Hong Tat, who also serves as the deputy chairman of MAS, highlighted the importance of these measures in light of increasing competition from regional financial hubs like Hong Kong. He stated that he does not view competition with Hong Kong as a zero-sum game, suggesting that both cities can thrive as financial centers. However, he acknowledged the necessity for Singapore to continually reassess and adjust its policies to maintain its competitive edge.

These initiatives are set to take effect in 2027, with further details to be disclosed during the upcoming 2027 Budget announcement. The proactive approach by Singapore's government reflects its commitment to solidifying the city-state's status as a trusted and globally competitive financial hub.