Who Can Get Singapore’s New Investment Management Work Pass? MAS Unveils New Route for Global Talent

Singapore is introducing a new investment management track under its Overseas Networks & Expertise (ONE) Pass for senior investment professionals as the city-state seeks to strengthen its position as a global asset management hub.

The Monetary Authority of Singapore (MAS) said Aug. 19 that the Investment Management Track will target global leaders and senior investment professionals who contribute, or have the potential to contribute, significantly to Singapore’s asset management industry.

The package also includes a proposed tax exemption for certain profit-related returns earned by fund managers and a new Hedge Fund Investment Program.

The measures come as Singapore seeks to attract investment firms, fund managers and senior talent amid increasing competition among Asian financial centers. MAS said the initiatives are intended to strengthen Singapore’s asset management ecosystem, including hedge funds and related financial services.

How the Investment Management Track Will Work

MAS and the Ministry of Manpower (MOM) intend to introduce the Investment Management Track within the existing ONE Pass framework.

The ONE Pass was launched in January 2023 to attract top global talent. It is a five-year personalized work pass that allows holders to work for multiple companies in Singapore without requiring a new pass for each employer. MOM’s current rules say eligible candidates generally need to earn a fixed monthly salary of at least S$30,000 or meet other specified criteria.

The new investment management track is intended to better reflect how senior professionals in the asset management industry are compensated.

The government has not yet published the full eligibility criteria or application requirements. MAS said further details will be announced at a later stage.

Why the Existing ONE Pass Rules Can Be Difficult for Fund Managers

Under the existing framework, the S$30,000 fixed monthly salary threshold can present a challenge for some senior investment professionals because compensation in the asset management industry can include substantial variable components.

For example, a fund manager’s remuneration may include performance-linked payments that depend on investment results. Such compensation can differ from the fixed salary structure used to assess eligibility under the existing ONE Pass criteria.

MOM’s data shows that the ONE Pass has expanded since its launch. The ministry said the number of holders increased from about 3,600 in December 2023 to 6,300 in December 2024 and 8,500 in December 2025.

About 70% of ONE Pass holders were employed in financial and insurance services, information and communication, or professional services as of December 2025.

Proposed Tax Exemption for Fund Managers

Singapore is also planning a tax exemption for certain profit-related returns earned by fund managers from managing qualifying funds.

The proposed exemption would cover profit-related returns arising from qualifying fund management activities. Ordinary salaries, bonuses and other forms of staff remuneration would not be covered.

The measure is expected to take effect from the Year of Assessment 2027, with further details to be announced at Budget 2027.

Qualifying funds would have to meet economic substance requirements, including minimum local headcount requirements.

The details matter because Singapore already operates several tax incentive schemes for investment funds. Existing rules, for example, provide tax exemptions for specified income from designated investments where prescribed conditions are met and requirements relating to Singapore-based fund management and economic activity are satisfied.

The proposed measure would therefore represent a further effort to align Singapore’s tax framework with the economics of modern fund management.

New Hedge Fund Investment Program

MAS will also establish a Hedge Fund Investment Program to invest with hedge fund managers that are committed to establishing or expanding their presence in Singapore.

The program is intended to attract hedge fund managers and investment professionals, and to support the wider hedge fund ecosystem, including ancillary service providers and prime brokerages.

Singapore already has a regulatory framework covering hedge funds and fund managers, including requirements relating to manager expertise, risk management and disclosure.

Singapore’s Asset Management Industry

Singapore’s asset management industry has expanded significantly in recent years.

According to figures cited by MAS, asset management accounts for about 15% of the financial sector’s output and 13% of its employment. The industry grew by an average of 7.5% annually over the past five years to almost S$7 trillion in assets under management.

The sector employs close to 25,000 people, with about 80% of those workers being Singaporeans, according to the figures provided by MAS.

The government is seeking to build on that growth by attracting both capital and senior investment expertise.

According to CNA, MAS Deputy Chairman Chee Hong Tat said the measures are intended to strengthen Singapore’s position in global asset management.

“The measures that we are announcing today reflect our continued commitment to strengthen Singapore’s value proposition and ensure we remain a trusted, vibrant, and globally competitive financial hub,” Chee said at a doorstop on Aug. 19.

Singapore Says It Is Not in a Zero-Sum Contest With Hong Kong

The measures come as Singapore and Hong Kong compete for investment firms, fund managers and financial talent.

The announcement was a direct response to competition from Hong Kong. Chee said Singapore did not view the relationship as a zero-sum contest.

“We don’t see the competition with Hong Kong as zero sum. We believe that the region is big enough. There’s enough scope for both cities to grow as financial centers,” he said.

Chee nevertheless acknowledged that Singapore needs to review its policies in response to changes in the global financial landscape.

The comments come as Hong Kong has also been pursuing measures aimed at strengthening its position as a fund management center. The Financial Times reported Aug. 19 that Singapore’s package was introduced amid competition over asset managers and financial talent in the region.

Why Singapore Announced the Measures Before Budget 2027

The timing of the announcement is notable because the details of the proposed tax exemption will only be finalized at Budget 2027, expected around February.

Chee said the government wanted to give the industry an early indication of its policy direction following consultations with market participants.

“We thought it’s important after speaking to the industry that we share with the industry what are some of our plans, so that they can take this into account in deciding where they want to locate their business, where they want to grow their business,” he said.

For prospective fund managers and investment professionals, the immediate significance is therefore the policy direction rather than a finalized application framework.

MAS and MOM have yet to publish the complete eligibility criteria for the Investment Management Track, while details of the tax exemption and Hedge Fund Investment Program are also pending.