Singapore's ONE Pass Draws Global Talent with Record 8,500 Holders
Singapore has seen a significant increase in high-earning foreigners holding its special work visa, known as the Overseas Networks & Expertise (ONE) Pass. Since the scheme was launched in 2023, the number of ONE Pass holders has more than doubled to 8,500 from 3,600 two years ago.
The ONE Pass is designed for high-earning professionals who must have earned a fixed monthly salary of at least S$30,000 ($23,371) over the previous year or be set to earn that amount from a future employer in Singapore. About 70% of ONE Pass holders work in three sectors: financial and insurance services, information and communication, and professional services.
The city-state is stepping up efforts to attract and retain global talent, facing competition from other financial hubs like Hong Kong. The Monetary Authority of Singapore is discussing possible tax cuts with investment firms as pressure mounts to prevent potential relocations.