Singapore Announces New 5 Year Work Visa
Singapore has been a popular destination for Australian expats for decades, with approximately 20,000 – 25,000 Australians calling the lion city home. Many are working in fields such as finance, law, human resources, and of course, technology, with Singapore being a regional hub for many multinational firms.
One of the challenging parts of being an expat is the rules and regulations regarding work visas in your country of residence. This has been a challenge for many in Singapore, with the most recent change regarding the ability of Dependant Pass (DP) holders to work in the country.
Under the previous framework, an individual on a Dependant’s Pass (DP) or those on a Long-Term Visitor Pass who is the spouse or unmarried children of a Singaporean or Permanent Resident (PR) had the opportunity to secure a Letter of Consent (LOC) to work in Singapore. For employers, there is no fee associated with such an application, nor does it form part of the Foreign Worker Levy or Quota, which is a bonus for employers. Under the new rules, DP holders would need to apply for an S Pass or Employment Pass or if you’re running your own company, look to employ at least one Singaporean and make minimum CPF contributions. This is just one of the many changes that have taken place over the past decade.
Thankfully, we have seen a recent positive announcement that Singapore has announced, with the view of creating a Singapore Overseas Networks and Expertise (ONE) pass visa, which would allow the Employment Pass holder to work in the country for 5 years as well as their partner, who would typically be on a Dependant Pass. They have also announced that they would be supporting and encouraging the LGBTQ+ community to also apply for this visa.
To qualify under the new visa rules, the individual will need to earn a fixed monthly salary of at least S$30,000, which based on the current assessment would apply to the top 5% of Employment Pass (EP) holders in Singapore. They would also need to demonstrate that they have worked or would be willing to work for a company with a market cap of at least US$500 million, or annual revenue of at least US$200 million.
There is tough competition to attract global talent between Dubai, London, and Singapore, and the country is focused on ensuring that they have the right infrastructure in place to attract and retain the right professionals.
We expect to see more information released on the Singapore ONE pass visa over the coming months and will be keeping you informed.
If you’re considering relocating to Singapore, or elsewhere, please do reach out to our team for a complimentary Pre-Departure assessment and review, to ensure that you can truly make the most of the financial opportunity that is becoming an expat.
Ally Wealth Management is the trusted ally in finance for Australians at home and across the globe. As both Australian expats and residents, the founders of Ally have a unique understanding of the common personal financial challenges faced.
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General Advice Warning: The information contained herein is of a general nature only and does not constitute personal advice. You should not act on any recommendation without considering your personal needs, circumstances and objectives. We recommend you obtain professional financial advice specific to your circumstances.
