Singapore Targets High Earners with the Latest Elite Work VISA

The government of Singapore is all set to start giving out the new Overseas Networks & Expertise (ONE) Pass from January 2023 with an aim to attract top talent from across the world and end the talent crunch.

The new pass will allow workers with fixed monthly salaries of SGD $30,000 (USD $ 21,878.25) to stay for up to five years and concurrently start, run, or work for multiple companies in the country.

The new ONE Pass is notably more flexible than the current Employment Pass (EP), which is granted for two to three years but tied to one specific job.

In this Pacific Prime CXA article, let’s take a deep dive into the ‘whys’, the ‘whats’, and the ‘hows’ of Singapore’s ONE Pass.

Why is Singapore Launching the ONE?

The new visa program highlights a delicate balance between opening to the world and inviting people from various countries to work in the city-state while also answering pressure to safeguard local jobs.

When announcing the new scheme, Minister for Manpower Tan See Leng told reporters,

“The country cannot leave any room for investors to doubt or question whether it remains open. As a country with little or no natural resources, talent is our only resource, and talent acquisition is an offensive strategy for us.”

The government has also promised to improve the processing of the current EP permits for expats, providing them or updating employers within ten days.

What Does the ONE Mean for Local Companies?

Singapore’s visa changes are designed to give employers more options. Under the country’s current system, companies can apply for EPs for professional managers and executives and S-passes for mid-level skilled workers. Both passes come with monthly salary thresholds that are reviewed over time.

Singapore is not the only country trying to attract fresh talent from overseas. Thailand recently announced a new 10-year visa to attract foreign investors and skilled workers. In the West, the United Kingdom (UK) and Germany have introduced special visas for foreign talents and young graduates.

Who is Eligible?

Singapore’s new visa aims to attract professionals drawing high monthly or annual salaries. The minimum requirement for visa eligibility is SGD $30,000 (USD $ 21,878.25) per month. Those who are eligible will be assessed on whether they bring valuable perspectives and contributions to the economy and society.

However, experienced tech professionals with skills that are high in demand in Singapore with a salary of SGD $10,500 per month can also apply to the ONE program if they meet other criteria.

Moreover, individuals with outstanding achievements in arts and culture, sports, science, and technology, as well as research and academia can also qualify without meeting the minimum salary requirement. Here is a quick overview:

Required Documents

When you apply for the ONE Pass, you will have to provide several documents to prove your eligibility. This could include monthly pay slips for a consecutive period of 12 months and employment contract with a Singaporean organization or a letter of offer from a prospective employer in Singapore.

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One of the most important things to do when moving to Singapore is to secure medical insurance. As an expat in any foreign country, it is important to ensure that you are insured and have access to hospital networks of your choice.

Singapore is a country with excellent healthcare, but it comes with high costs. Pacific Prime’s latest Cost of Health Insurance Report 2023 identified Singapore as the third most expensive country in the world for health insurance premiums. That is why health insurance in Singapore is important.

Securing a health insurance plan can be a daunting task when you consider all the research and reading you have to do to find the right plan. If you are looking to secure an insurance plan before moving to Singapore, then Pacific Prime CXA can help you!

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Vista Nip

Content Creator at Pacific Prime

Vista is a content creator at Pacific Prime. With over 8 years of writing experience for online platforms on various topics such as luxury lifestyle and digital entertainment. He enjoys diving into complex and otherwise confusing topics, and creating easy-to-understand content for the readers to help them navigate through the topic - something that’s perfectly aligned with Pacific Prime’s motto of ‘simplifying insurance’.

Born and raised in the cultural melting pot that is Hong Kong, and having studied at an international school, Vista has developed a multicultural perspective that he uses in his writing and strives to connect to people of different backgrounds.

In his free time, Vista enjoys immersing himself in different worlds, from video games to light novels and movies. His hobbies help him expand his writing style by putting himself in the point-of-view of different people and characters.

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