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.Also Read: How China’s big push to win back tourists is paying offThe 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.Also Read: India opens 11 more ports to foreign e-visa holdersThe 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.
Singapore's high-earning foreign workers double to 8,500; city-state steps up talent push
Singapore's special work visa has more than doubled its high-earning foreign holders. The Overseas Networks and Expertise Pass now has 8,500 holders, up from 3,600. This increase reflects Singapore's efforts to attract and retain global talent in key sectors. The pass requires a minimum monthly salary of S$30,000 for applicants. This initiative aims to strengthen Singapore's position against competing financial hubs.
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