Singapore has more than doubled the number of high-earning foreigners holding its special work visa since the scheme was launched in 2023, as the city-state steps up efforts to attract and retain global talent, according to a Bloomberg report.
The number of holders of the Overseas Networks & Expertise (ONE) Pass has risen to 8,500 from 3,600 in two years, according to the report. The figures were disclosed by acting Manpower Minister Jasmin Lau in a written parliamentary reply on Wednesday.
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The ONE Pass is meant for high-earning professionals. Applicants 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.
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The increase in ONE Pass holders comes as Singapore seeks to strengthen its position as a destination for global talent, while facing competition from other financial hubs, including Hong Kong.
The Monetary Authority of Singapore is also in discussions with investment firms on possible tax cuts as pressure mounts to prevent potential relocations, Bloomberg reported.
