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Source: https://iasg.com.sg/feed/

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<title>Opportunities For Foreigners in Singapore During Economic Downturn</title>
<link>https://iasg.com.sg/opportunities-for-foreigners-in-singapore-during-economic-downturn/</link>
<dc:creator><![CDATA[Nurshila Rahim]]></dc:creator>
<pubDate>Fri, 27 Jun 2025 02:26:36 +0000</pubDate>
<category><![CDATA[Business News]]></category>
<guid isPermaLink="false">https://iasg.com.sg/?p=9111</guid>
<description><![CDATA[What can you do if an economic downturn happens while you are living in Singapore? Here is a list of opportunities for foreigners living in Singapore.
The post <a rel="nofollow" href="https://iasg.com.sg/opportunities-for-foreigners-in-singapore-during-economic-downturn/">Opportunities For Foreigners in Singapore During Economic Downturn</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></description>
<content:encoded><![CDATA[As of mid-2025, Singapore is not officially in a recession, but signs of economic slowdown and external vulnerabilities have heightened concerns about a potential downturn. The government and financial authorities are closely monitoring indicators and implementing measures to buffer the economy.
<h2>Economic Performance in Q1 2025</h2>
Singapore’s economy grew by 3.9% year-on-year in Q1 2025, according to the Ministry of Trade and Industry. However, on a quarter-on-quarter, seasonally adjusted basis, the economy contracted by 0.6%, reversing the previous quarter’s 0.5% expansion. While not technically a recession (which requires two consecutive quarters of contraction), this shift points to weakening momentum.
<h2>Growth Forecast and Global Headwinds</h2>
The official GDP growth forecast for 2025 has been downgraded to 0.0% to 2.0%, from an earlier 1% to 3%. This downgrade reflects:
<ul>
<li style="font-weight: 400;" aria-level="1">A <a href="https://edition.cnn.com/2025/06/10/business/world-bank-global-economy-trump-trade-war-intl" target="_blank" rel="noopener">cooling global economy</a>, especially due to prolonged US-China trade tensions.
</li>
<li style="font-weight: 400;" aria-level="1">Supply chain disruptions and trade realignments.
</li>
<li style="font-weight: 400;" aria-level="1">Slower recovery in electronics and exports, key drivers of Singapore’s economy.</li>
</ul>
<h2>Sectoral Overview</h2>
<ul>
<li style="font-weight: 400;" aria-level="1">Manufacturing grew 4.0% year-on-year but shrank 5.8% quarter-on-quarter.
</li>
<li style="font-weight: 400;" aria-level="1">Construction saw a 5.5% year-on-year growth but contracted 1.4% from the previous quarter.
</li>
<li style="font-weight: 400;" aria-level="1">Services posted mixed results, with pockets of resilience in retail and hospitality.</li>
</ul>
<h2>Government Response</h2>
Singapore has launched an <a href="https://www.mti.gov.sg/Newsroom/Press-Releases/2025/04/Singapore-Economic-Resilience-Taskforce-SERT-to-support-businesses-and-workers" target="_blank" rel="noopener">Economic Resilience Taskforce</a> to prepare for immediate uncertainties such as potential trade and inflation-related shocks. The Monetary Authority of Singapore (MAS) has also fine-tuned monetary policy to stimulate growth while keeping inflation in check.
<h2>What Are the Effects of a Recession?</h2>
A recession typically leads to:
<ul>
<li style="font-weight: 400;" aria-level="1">Rising unemployment as businesses cut costs.
</li>
<li style="font-weight: 400;" aria-level="1">Reduced consumer spending, weakening sectors like retail and hospitality.
</li>
<li style="font-weight: 400;" aria-level="1">Lower business confidence and slower investment.
</li>
<li style="font-weight: 400;" aria-level="1">Increased job competition and career insecurity.</li>
</ul>
On the overall, economic activities will slow down. However, the government sector should be increasing its spending to counteract the effects of recession and continue circulating its currency to keep the economy from further collapsing. Thus, businesses that have government tenders will thrive.
<h2>Impact on Immigration</h2>
<h3>1. Tighter Regulations</h3>
<ul>
<li style="font-weight: 400;" aria-level="1">Work pass renewals and new applications may become lesser, stricter and highly selective.
</li>
<li style="font-weight: 400;" aria-level="1">However, Singapore PR and citizenship approvals may not change due to Singapore’s <a href="https://iasg.com.sg/singapores-new-prime-minister-future-of-immigration/">2030 population growth goals</a>.</li>
</ul>
<h3>2. Reduced Hiring in Some Sectors</h3>
<ul>
<li style="font-weight: 400;" aria-level="1">Foreign workers in sectors like retail, F&B, or non-essential services may face layoffs or contract non-renewals.</li>
<li style="font-weight: 400;" aria-level="1">Tourism will be affected too as people from all over the world will reduce spending to save for essential living costs. </li>
</ul>
<h3>3. Greater Competition</h3>
<ul>
<li style="font-weight: 400;" aria-level="1">More locals vying for limited roles can impact job security for foreigners. </li>
</ul>
<h2>Opportunities for Foreigners Already Living and Working in Singapore</h2>
Despite the challenging landscape, there are still valuable opportunities for foreigners who are already established in Singapore, especially if they are proactive and strategic. 
<h3>1. Leverage Existing Employment</h3>
Foreigners currently employed with reputable firms have an edge. Companies are often more willing to retain and support existing staff than to hire new foreign applicants. However, terms of employment may be subject to changes such as reduced salaries and benefits to cut costs.
<h3>2. Upskill Strategically</h3>
By acquiring in-demand skills, foreigners may boost their employability, thus being able to stay in the country for longer. Singapore strongly supports lifelong learning through platforms like SkillsFuture, even for some foreign professionals.
<h3>3. Shift to Growth Sectors</h3>
<ul>
<li style="font-weight: 400;" aria-level="1">Focus on resilient or expanding industries like:

<ul>
<li style="font-weight: 400;" aria-level="2">Healthcare and life sciences
</li>
<li style="font-weight: 400;" aria-level="2">Green energy and sustainability
</li>
<li style="font-weight: 400;" aria-level="2">Financial services and risk management
</li>
<li style="font-weight: 400;" aria-level="2">AI, machine learning, and robotics
</li>
<li style="font-weight: 400;" aria-level="2">Urban solutions and smart city tech</li>
</ul>
</li>
</ul>
<h3>4. Build Strong Local Ties</h3>
Contributing to<a href="https://iasg.com.sg/social-integration/"> community initiatives</a>, volunteering, or participating in professional associations can strengthen one’s local profile, an often-overlooked advantage in PR or citizenship applications.
<h3>5. Set Up Your Own Company</h3>
While this may seem counterintuitive, especially during challenging economic times, it is a way to ensure constant employability. Foreigners who already have a strong network and specific skillset may want to sell their services by <a href="https://iasg.com.sg/business-incorporation/">setting up a consultancy</a>. This would allow them to apply for an Employment Pass (EP) under their own company.
<h3>6. Apply for Permanent Residency (PR)</h3>
<ul>
<li style="font-weight: 400;" aria-level="1">Long-term residents with a stable job and good track record can apply for PR.
</li>
<li style="font-weight: 400;" aria-level="1">A <a href="https://iasg.com.sg/singapore-pr/">PR status</a> offers greater job security, flexibility, and family benefits.</li>
</ul>
<h2>How to Secure Your Stay in Singapore</h2>
To improve your chances of staying and thriving in Singapore during economic uncertainty:
<ul>
<li style="font-weight: 400;" aria-level="1">Stay employed or pivot quickly if retrenched.
</li>
<li style="font-weight: 400;" aria-level="1">Renew your work pass early and monitor MOM (Ministry of Manpower) updates.
</li>
<li style="font-weight: 400;" aria-level="1">Prepare and apply for PR if eligible, ideally with a strong application package.
</li>
<li style="font-weight: 400;" aria-level="1">Network actively with both locals and foreigners – professional connections can help you uncover hidden opportunities.
</li>
<li style="font-weight: 400;" aria-level="1">Track your contributions (professional, academic, social), as these can be referenced in PR or work pass renewals.</li>
</ul>
<h2>Opportunities During Economic Downturn</h2>
Singapore is not yet in a recession, but its economy is in a delicate phase. For foreigners already living and working in the country, this is a time to strengthen your position, upskill, and plan long-term. Those who can show economic and social value, resilience, and adaptability will continue to find space and opportunity in Singapore’s dynamic future – even in challenging times.
The post <a rel="nofollow" href="https://iasg.com.sg/opportunities-for-foreigners-in-singapore-during-economic-downturn/">Opportunities For Foreigners in Singapore During Economic Downturn</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></content:encoded>
<post-id xmlns="com-wordpress:feed-additions:1">9111</post-id> </item>
<item>
<title>Britain’s HNWIs Exodus & Opportunity for Singapore</title>
<link>https://iasg.com.sg/britains-hnwis-exodus-opportunity-for-singapore/</link>
<dc:creator><![CDATA[Nurshila Rahim]]></dc:creator>
<pubDate>Fri, 20 Jun 2025 02:39:34 +0000</pubDate>
<category><![CDATA[Investment News]]></category>
<guid isPermaLink="false">https://iasg.com.sg/?p=9100</guid>
<description><![CDATA[In recent years, the United Kingdom has witnessed a notable outflow of high-net-worth individuals (HNWIs), a trend that signals both deep-rooted structural challenges and new global opportunities. According to the 2024 Henley & Partners Wealth Migration Report, the UK is projected to see a net loss of over 3,200 millionaires—its highest annual outflow in decades. […]
The post <a rel="nofollow" href="https://iasg.com.sg/britains-hnwis-exodus-opportunity-for-singapore/">Britain’s HNWIs Exodus & Opportunity for Singapore</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></description>
<content:encoded><![CDATA[In recent years, the United Kingdom has witnessed a notable outflow of high-net-worth individuals (HNWIs), a trend that signals both deep-rooted structural challenges and new global opportunities. According to the 2024 Henley & Partners Wealth Migration Report, the UK is projected to see a net loss of over 3,200 millionaires—its highest annual outflow in decades. For Singapore, this migration wave represents a golden opportunity to cement its status as a global wealth hub.
<h2>The Driving Forces Behind Britain’s HNWI Exodus</h2>
Several interrelated factors are pushing British millionaires to seek greener pastures:
<ol>
<li style="font-weight: 400;" aria-level="1">Taxation and Policy Shifts 
The UK has seen significant changes in its tax regime, including increased capital gains and inheritance taxes, as well as the tightening of non-dom tax privileges. With a Labour government likely to come into power in upcoming elections, fears of more aggressive wealth taxation have intensified. </li>
<li style="font-weight: 400;" aria-level="1">Political Uncertainty and Post-Brexit Fallout 
Brexit continues to cast a long shadow over the UK economy. Regulatory friction, diminished access to EU markets, and political unpredictability have all eroded investor confidence and long-term wealth preservation strategies. </li>
<li style="font-weight: 400;" aria-level="1">Safety, Quality of Life, and Global Access 
While London remains a top-tier city, rising crime, infrastructure issues, and a perceived decline in quality of life are prompting many HNWIs to consider alternatives that offer a more stable, secure, and globally connected lifestyle.</li>
</ol>
<h2>Singapore as the Preferred Wealth Haven in Asia</h2>
For affluent individuals seeking a blend of security, financial freedom, and global mobility, Singapore has emerged as a top destination. Here’s why:
<ol>
<li style="font-weight: 400;" aria-level="1">Stable and Transparent Governance 
Singapore’s political and legal systems are renowned for predictability, rule of law, and low corruption—a stark contrast to the volatile political climate in the UK. </li>
<li style="font-weight: 400;" aria-level="1">Attractive Tax Environment 
With no capital gains tax, no inheritance tax, and a competitive income tax regime, Singapore is a magnet for those looking to preserve and grow their wealth efficiently. </li>
<li style="font-weight: 400;" aria-level="1">Financial Hub and Connectivity 
Home to over 200 banks and numerous family offices, Singapore offers unparalleled access to global financial markets, investment instruments, and wealth management services. It also serves as a springboard into fast-growing Asian economies. </li>
<li style="font-weight: 400;" aria-level="1">Family-Friendly Policies and Quality of Life 
 World-class education, safety, healthcare, and urban planning make Singapore especially attractive to wealthy families relocating for the long haul.</li>
</ol>
<h2>Philanthropists Choosing Singapore as a Base To Spread Good</h2>
Singapore has long been known as a hub for wealth creation, strategic investments, and financial growth. However, it has also emerged as a powerful platform for global impact through philanthropy. Ultra-high-net-worth individuals (UHNWIs), including renowned philanthropists like Bill Gates, are increasingly choosing Singapore as their Asian base, not just to grow and preserve wealth, but to give back meaningfully.
The city’s reputation for transparency, good governance, and strong legal infrastructure makes it an attractive base for <a href="https://www.channelnewsasia.com/singapore/bill-gates-foundation-open-office-singapore-5109541" target="_blank" rel="noopener">philanthropic foundations</a> and social impact initiatives. Its connectivity to major Asian economies also allows philanthropists to efficiently coordinate charitable projects across the region. Whether it’s tackling public health issues, advancing education, or supporting climate action, Singapore provides the stability, access, and credibility needed to implement large-scale, cross-border humanitarian efforts.
Additionally, the rise of next-generation philanthropists, many of whom are <a href="https://iasg.com.sg/single-family-office/">family office leaders</a> and <a href="https://iasg.com.sg/global-investor-programme/">impact investors</a>, further cements Singapore’s position as a philanthropy-friendly hub. These individuals see the city-state not just as a financial centre, but as a launchpad to drive long-term, systemic change across Asia and beyond.
By anchoring their philanthropic operations in Singapore, UHNWIs signal a deeper commitment to sustainable impact, responsible giving, and regional development, redefining the narrative from wealth accumulation to purposeful legacy.
<h2>The Strategic Opportunity for Singapore</h2>
The departure of British HNWIs represents more than just a transfer of capital; it’s a chance for Singapore to:
Attract More Family Offices 
Singapore saw the number of family offices triple from 2020 to 2023. With Britain’s wealthy on the move, this growth could accelerate. The Variable Capital Company (VCC) framework and recent tax incentives make it easier than ever for UHNW families to base their legacy planning here.
Boost Real Estate and Luxury Sectors 
Incoming wealth brings increased demand for prime real estate, luxury services, and private education—spurring growth in sectors aligned with Singapore’s high-end economic strategy.
Enhance Global Influence 
As more global elites choose Singapore over traditional Western strongholds, the city-state strengthens its soft power and geopolitical relevance in shaping the future of global finance.
<h2>Capitalising Global Political Changes</h2>
The outflow of Britain’s high-net-worth population is more than a statistic, it’s a reflection of shifting global power dynamics. For Singapore, this trend offers a timely opportunity to reinforce its position as the premier safe haven for global wealth. By remaining pro-business, adaptive, and strategically aligned with investor needs, Singapore is not just a beneficiary of this exodus, it’s becoming the new home of global capital.
The post <a rel="nofollow" href="https://iasg.com.sg/britains-hnwis-exodus-opportunity-for-singapore/">Britain’s HNWIs Exodus & Opportunity for Singapore</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></content:encoded>
<post-id xmlns="com-wordpress:feed-additions:1">9100</post-id> </item>
<item>
<title>Does Serving NS Guarantee Singapore Citizenship?</title>
<link>https://iasg.com.sg/does-serving-ns-guarantee-citizenship/</link>
<dc:creator><![CDATA[Nurshila Rahim]]></dc:creator>
<pubDate>Fri, 13 Jun 2025 02:19:18 +0000</pubDate>
<category><![CDATA[PR & Citizenship]]></category>
<guid isPermaLink="false">https://iasg.com.sg/?p=9104</guid>
<description><![CDATA[Does serving NS guarantee Singapore citizenship for male PR holders? If it is not, then why should they serve NS? IASG answers this commonly asked question.
The post <a rel="nofollow" href="https://iasg.com.sg/does-serving-ns-guarantee-citizenship/">Does Serving NS Guarantee Singapore Citizenship?</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></description>
<content:encoded><![CDATA[Singapore’s compulsory military service for all eligible males, National Service (NS), is often a hotly debated topic, especially for foreigners who plan to become permanent residents and new citizens. While many locals view it as a rite of passage, others especially foreigners find it stifling to one’s career progress and freedom. However, in the government’s perspective, it is an important defense system to ensure Singapore’s national security, both internal and external. Does this mean that permanent residents who serve NS are guaranteed Singapore citizenship?
<h2>Benefits of National Service (NS)</h2>
Eligible males need to commit to NS for 2 years, compelling them to dedicate a part of their early adult life to the service of their nation, such as the military, civil defence, or police force. While the sacrifice of time and personal freedom is real, the long-term benefits of National Service often outweigh the challenges. Below, we explore the key advantages of National Service and address common concerns.
<h3>1. Health Examination and Physical Training</h3>
One of the immediate benefits of National Service (NS) is the comprehensive health screening all enlistees undergo. This early medical check-up can uncover undiagnosed health conditions and ensure individuals are fit for service. For many, it’s the first time they gain a clear picture of their overall health.
Following enlistment, physical training becomes a structured part of daily life. Recruits go through progressive fitness regimes that improve cardiovascular endurance, muscular strength, and overall physical well-being. This disciplined routine not only builds stamina but also instills lifelong habits of regular exercise, which can lead to better long-term health outcomes. Even those who start with minimal fitness often see marked improvements by the end of their training phase.
In essence, NS provides a strong foundation for a healthier lifestyle, teaching recruits how to take care of their bodies while building mental resilience through physical challenges.
<h3>2. Instilling Discipline in Self</h3>
Discipline is the cornerstone of any military-based training, and NS is no exception. From waking up at dawn to executing precise drills, recruits quickly learn the value of time management, punctuality, and accountability. This structure cultivates a disciplined mindset that carries over into other areas of life, such as education, career, and personal development.
Recruits also gain exposure to leadership opportunities, task ownership, and working under strict codes of conduct. These experiences shape a person’s character, especially for those who lacked guidance or structure previously.
<h3>3. Serving a Purpose</h3>
NS offers individuals the unique opportunity to serve a cause greater than themselves. Whether in defence, public safety, or civil roles, national service reinforces a sense of civic responsibility. This alignment with a national mission instills pride, maturity, and the realisation that individual efforts contribute to collective security and well-being.
For many, the experience transforms their worldview – developing empathy, a stronger work ethic, and gratitude for peace and stability.
<h3>4. Sense of Belonging</h3>
Camaraderie is a defining feature of NS. The shared experiences of hardship, teamwork, and achievement foster strong bonds among recruits. These friendships often last a lifetime, rooted in mutual respect and loyalty.
NS also deepens one’s identity as a citizen. Many report feeling a stronger connection to their country after serving – understanding its systems, appreciating its peace, and recognising their own role in preserving it.
<h3>5. Perks of National Service</h3>
Beyond personal development, there are tangible incentives for completing NS:
<ul>
<li style="font-weight: 400;" aria-level="1">Eligibility for SAFRA/Hometeam Membership: All NSmen are eligible to apply for SAFRA membership to access the perks and amenities of a club lifestyle. </li>
<li style="font-weight: 400;" aria-level="1"><a href="https://singlife.com/en/blog/money/2023/are-you-throwing-away-your-nsman-perks" target="_blank" rel="noopener">Financial Incentives</a>: NSmen get discounts on various insurance plans – travel, motor, home, and health; cash rewards when achieving milestones deposited into their Post-Secondary Education Account (PSEA) for further studies after serving NS, CPF Ordinary Account (OA) and MediSave Account (MA) for extra help with the purchase of a home and healthcare needs; tax reliefs of up to $1500 per year; celebratory gifts for marriage and newborns with $100 credit deposited into their LifeSG accounts. </li>
<li style="font-weight: 400;" aria-level="1">Professional Advancement: Leadership roles during NS can boost future career opportunities, especially for those pursuing law enforcement, public service, or security-related professions.</li>
</ul>
<h2>Does Committing to NS Stifle Personal Progress?</h2>
This is a common concern, particularly among ambitious youths who worry about delaying education, career plans, or personal goals.
While it is true that NS typically takes 1.5 to 2 years, time that could be used for university, travel, or entrepreneurship, the reality is more nuanced. NS can be a springboard rather than a setback. It provides soft skills, emotional maturity, and confidence that few civilian experiences can match at such a young age. Many individuals emerge from NS with clearer goals, enhanced discipline, and renewed focus. 
That said, the rigidity of the system can feel limiting for exceptionally driven individuals, particularly those with niche talents in sports, arts, or tech. Governments are increasingly recognising this and offering deferments or tailored programs for such cases.
<h2>Is Citizenship Guaranteed for PR Holders Who Serve NS?</h2>
Citizenship is not automatically guaranteed solely through National Service. However, completing NS is often a strong positive factor in citizenship applications.
In Singapore, second-generation male PRs are legally required to serve NS. Fulfilling this duty demonstrates commitment and integration into Singaporean society. It does not automatically grant citizenship, but it greatly improves a candidate’s profile and may be considered favourably by immigration authorities. On the other hand, <a href="https://iasg.com.sg/7-reasons-for-singapore-pr-revocation/">reneging on NS obligations</a> can negatively affect both the individual and their family’s PR status.
<h3>National Service as a Duty to Serve the Nation</h3>
National Service is more than just a legal obligation, it is a transformative journey. Through discipline, service, and hardship, NS molds youth into resilient, responsible, and community-minded adults. While it may temporarily pause personal pursuits, it can also amplify long-term potential and civic identity. Understanding the full spectrum of benefits, and the responsibilities that come with them, allows individuals and families to approach National Service with clarity and purpose.
The post <a rel="nofollow" href="https://iasg.com.sg/does-serving-ns-guarantee-citizenship/">Does Serving NS Guarantee Singapore Citizenship?</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></content:encoded>
<post-id xmlns="com-wordpress:feed-additions:1">9104</post-id> </item>
<item>
<title>Rise of Home-Based Businesses & Its Impacts</title>
<link>https://iasg.com.sg/rise-of-home-based-businesses-its-impacts/</link>
<dc:creator><![CDATA[Nurshila Rahim]]></dc:creator>
<pubDate>Fri, 06 Jun 2025 02:58:22 +0000</pubDate>
<category><![CDATA[Business News]]></category>
<guid isPermaLink="false">https://iasg.com.sg/?p=9106</guid>
<description><![CDATA[The rise of home-based businesses might be something more in the future. How will this affect Singapore's economy and immigration?
The post <a rel="nofollow" href="https://iasg.com.sg/rise-of-home-based-businesses-its-impacts/">Rise of Home-Based Businesses & Its Impacts</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></description>
<content:encoded><![CDATA[In recent years, Singapore has witnessed a significant surge in home-based businesses, a trend accelerated by the COVID-19 pandemic and sustained by evolving consumer preferences and digital advancements. This shift towards home entrepreneurship is reshaping the nation’s economic landscape and influencing immigration patterns.
<h3>The Emergence of Home-Based Businesses (HBBs)</h3>
While home-based businesses have always been happening in Singapore, it was the pandemic that caused a rise to it. At the height of the Covid-19 pandemic, F&B and retail businesses were amongst the most affected. Many had to close down due to the Circuit Breaker where the majority of residents had to self isolate at home to contain the spread of the virus. This caused mass job losses and business closures. However, many individuals and businesses collectively adapted and created a new norm – Work From Home. The proliferation of home-based businesses in Singapore can be attributed to several factors:
<ul>
<li style="font-weight: 400;" aria-level="1">Low Entry Barriers: Operating from home reduces overhead costs such as shop or office rental and bills, making entrepreneurship more accessible.
</li>
<li style="font-weight: 400;" aria-level="1">Digital Platforms: Social media and e-commerce platforms have simplified marketing and sales processes. With great content creation strategy, it can even be free.
</li>
<li style="font-weight: 400;" aria-level="1">Flexible Work Arrangements: The rise of remote work has enabled individuals to manage businesses alongside other commitments, giving them the freedom to live life more meaningfully.</li>
</ul>
Government initiatives like the <a href="https://www.hdb.gov.sg/residential/living-in-an-hdb-flat/home-business/home-based-business-scheme" target="_blank" rel="noopener">Home-Based Business Scheme</a> and the <a href="https://www.hdb.gov.sg/residential/living-in-an-hdb-flat/home-business/home-office-scheme" target="_blank" rel="noopener">Home Office Scheme</a> have further facilitated this growth. These programs allow residents to conduct small-scale businesses from their homes, provided they adhere to specific guidelines, such as not hiring non-resident employees and ensuring that business activities do not cause disturbances to neighbours.
<h3>Economic Implications of HBBs</h3>
The rise of home-based businesses has several economic ramifications:
<ul>
<li style="font-weight: 400;" aria-level="1">Entrepreneurship Promotion: Studies indicate that home-based entrepreneurship schemes have led to a 23% increase in business creation, particularly among residents in public housing. 
</li>
<li style="font-weight: 400;" aria-level="1">Economic Diversification: Home-based businesses span various sectors, including food and beverage, beauty services, digital marketing, and education, contributing to a more diversified economy.
</li>
<li style="font-weight: 400;" aria-level="1">Resilience Building: These enterprises provide alternative income sources, enhancing economic resilience during downturns.</li>
</ul>
Moreover, the success of home-based businesses can serve as a stepping stone for scaling up to larger enterprises by building their branding and online presence, fostering future innovation and job creation.
<h3>Impact on Inbound Immigration Patterns</h3>
While home-based businesses primarily involve local entrepreneurs, their growth has indirect and long-term effects on immigration:
<ul>
<li style="font-weight: 400;" aria-level="1">Foreign Talent Joining Local HBBs: Foreigners who want to live in Singapore long-term may set up a <a href="https://iasg.com.sg/business-incorporation/">small company</a> in Singapore and get an Employment Pass (EP) for themselves while working from home. For more information on this, please contact IASG at +65 8766 1966. 
</li>
<li style="font-weight: 400;" aria-level="1">Attracting Global Talent: Singapore’s supportive ecosystem for startups, including HBBs, enhances its appeal to foreign entrepreneurs and investors. With a robust micro-business environment, investors have more options to buy from. With this support and opportunity, the unassuming HBBs may one day become a unicorn company, especially those dealing with tech and fintech products and services, thus creating a ripple effect of job creation and the need for foreign talent to complement the local workforce.</li>
</ul>
Programs like the <a href="https://iasg.com.sg/global-investor-programme/">Global Investor Programme</a> have been instrumental in attracting foreign entrepreneurs and investors to invest in Singapore’s local businesses, contributing to Singapore’s position as a <a href="https://iasg.com.sg/singapore-establishes-itself-as-a-business-hub-post-covid-19/">global business hub</a>.
<h3>Transformative Shift of Home-Based Businesses </h3>
The rise of home-based businesses in Singapore signifies a transformative shift in the nation’s economic fabric. By fostering entrepreneurship and embracing digital innovation, these enterprises contribute to economic diversification and resilience. As the trend continues, it will be essential for policymakers to consider its implications on immigration and labor policies, ensuring that Singapore remains an attractive destination for both local and international talent.
The post <a rel="nofollow" href="https://iasg.com.sg/rise-of-home-based-businesses-its-impacts/">Rise of Home-Based Businesses & Its Impacts</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
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<item>
<title>7 Reasons For Singapore PR Revocation</title>
<link>https://iasg.com.sg/7-reasons-for-singapore-pr-revocation/</link>
<dc:creator><![CDATA[Nurshila Rahim]]></dc:creator>
<pubDate>Fri, 30 May 2025 02:03:15 +0000</pubDate>
<category><![CDATA[PR & Citizenship]]></category>
<guid isPermaLink="false">https://iasg.com.sg/?p=9089</guid>
<description><![CDATA[What are the reasons for Singapore PR revocation? IASG reveals 7 possible reasons for PR revocation and what you can do about it.
The post <a rel="nofollow" href="https://iasg.com.sg/7-reasons-for-singapore-pr-revocation/">7 Reasons For Singapore PR Revocation</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></description>
<content:encoded><![CDATA[Singapore is known for its rigorous immigration policies and high standards for permanent residency (PR) holders. While obtaining PR status is a significant milestone for many foreigners seeking long-term stability in Singapore, it’s essential to understand that PR is not a lifetime guarantee. The Singapore government retains the right to revoke PR status under specific circumstances. Here are the key reasons why your PR in Singapore could be revoked:
<h2>1. Failure to Renew Re-Entry Permit (REP)</h2>
The Re-Entry Permit (REP) is essential for all PRs who wish to travel in and out of Singapore. It must be renewed every five years. Failure to renew the REP before it expires — especially if you’re outside Singapore — can result in the loss of PR status. Without a valid REP, your PR status is considered void.
<h2>2. Prolonged Absence from Singapore</h2>
While short-term travel is acceptable, a PR who lives outside of Singapore for an extended period without a valid reason may face scrutiny when renewing their REP. The authorities may view this as a lack of commitment to Singapore, which could result in the REP renewal being rejected or renewed with a shorter period of validity — effectively terminating PR status.
<h2>3. Not Gainfully Employed</h2>
Singapore PR holders are expected to contribute meaningfully to the country’s economy and society, and long-term unemployment may raise red flags with the authorities. If a PR holder is not gainfully employed for an extended period, especially without valid reasons such as pursuing full-time studies, caregiving responsibilities, or medical issues, their status may come under review. The ICA may interpret prolonged unemployment as a lack of integration or economic contribution, which could ultimately lead to non-renewal of the Re-Entry Permit (REP) or even revocation of PR status. To mitigate this risk, it is advisable for PR holders to maintain active employment or demonstrate efforts to seek work, upskill, or engage in meaningful community involvement.
Alternatively, PR holders may also own and run a business to maintain their PR status, provided the business is actively operating, contributes to the local economy, and fulfills tax and regulatory obligations. This shows economic participation and initiative, which may positively influence ICA’s assessment of your continued residency eligibility.
<h2>4. False Information or Misrepresentation</h2>
If you obtained PR status by submitting <a href="https://iasg.com.sg/false-declarations-in-immigration-cases/">false information</a> or misrepresenting facts — such as fake qualifications, forged documents, or hiding criminal history — your PR can be revoked once the truth is discovered, regardless of how long ago the application was approved.
<h2>5. Failure to Fulfill National Service Obligation</h2>
Male children or second generation PRs must register for National Service (NS). Avoiding or evading NS obligations can result in the revocation of the individual’s PR status and potentially affect the sponsor’s PR status as well. It may also impact future applications for PR or citizenship.
<h2>6. Criminal Offenses and Legal Violations</h2>
If a PR commits a <a href="https://www.theonlinecitizen.com/2025/05/22/ica-reviewing-pr-statuses-of-ian-fang-and-lev-panfilov-following-sexual-offence-convictions/" target="_blank" rel="noopener">criminal offense</a> in Singapore — such as drug-related crimes, theft, assault, fraud, or any serious violation of the law — their residency may be revoked. The Immigration and Checkpoints Authority (ICA) takes a strict stance against residents who compromise public safety or violate the legal framework.
<h2>7. National Security Concerns</h2>
Any PR found to be involved in activities that threaten Singapore’s national security or social harmony including <a href="https://www.channelnewsasia.com/singapore/long-term-visit-pass-entry-re-entry-permit-cancelled-mha-immigration-4928596" target="_blank" rel="noopener">terrorism</a>, radicalisation, espionage, or subversive acts, risks immediate revocation of their PR status. Singapore places national security as a top priority, and affiliation with any extremist ideology or movement can result in deportation.
<h2>What To Do When Your Singapore PR Has Been Revoked: Submit a Reinstatement Application to ICA</h2>
Losing your Singapore Permanent Resident (PR) status can be distressing, especially if you’ve built a life, career, or family in the country. However, in certain circumstances, you may be eligible to appeal the revocation and apply for reinstatement. Here’s what you need to know about submitting a reinstatement application.
<h3>1. Understand the Reason for Revocation</h3>
Before you proceed, clarify the reason your PR was revoked. Common causes include:
<ul>
<li style="font-weight: 400;" aria-level="1">Prolonged absence from Singapore without valid re-entry permits</li>
<li style="font-weight: 400;" aria-level="1">Violation of immigration laws</li>
<li style="font-weight: 400;" aria-level="1">Misrepresentation or fraudulent information in your application</li>
<li style="font-weight: 400;" aria-level="1">Criminal offenses</li>
</ul>
Understanding the grounds for revocation helps you assess the strength of your appeal and prepare the necessary documentation.
<h3>2. Check Eligibility for Reinstatement</h3>
Not all PR revocations are eligible for appeal. If your status was revoked due to serious violations or criminal activity, chances of reinstatement are slim. However, if your PR was revoked due to administrative lapses—such as failure to renew your Re-Entry Permit (REP)—you may have a valid case.
<h3>3. Gather Supporting Documents</h3>
Prepare a compelling case by collecting documents that support your reinstatement request, such as:
<ul>
<li style="font-weight: 400;" aria-level="1">A letter explaining your situation and reasons for reinstatement</li>
<li style="font-weight: 400;" aria-level="1">Proof of strong ties to Singapore (e.g., family, employment, property)</li>
<li style="font-weight: 400;" aria-level="1">A valid job offer or employment pass</li>
<li style="font-weight: 400;" aria-level="1">Testimonials from employers, community leaders, or Singaporean citizens</li>
</ul>
<h3>4. Submit the Reinstatement Appeal</h3>
Appeals should be submitted to the Immigration & Checkpoints Authority (ICA). While there is no standardised form for reinstatement, you should write a formal appeal letter addressed to the ICA, including:
<ul>
<li style="font-weight: 400;" aria-level="1">Your full name and FIN number</li>
<li style="font-weight: 400;" aria-level="1">Details of your PR revocation</li>
<li style="font-weight: 400;" aria-level="1">A sincere explanation and reasons for requesting reinstatement</li>
<li style="font-weight: 400;" aria-level="1">Attach all supporting documents 
</li>
</ul>
You may email or mail your appeal to ICA or submit it through their official feedback form on the<a href="https://www.ica.gov.sg" target="_blank" rel="noopener"> ICA website</a>.
<h3>5. Follow Up and Wait for a Response</h3>
ICA will review your appeal and inform you of the outcome, typically within several weeks to a few months. Be patient and avoid making any travel or employment plans that depend on your PR status until a decision is made.
<h2>Preventing Singapore PR Revocation</h2>
Holding a Singapore PR is a privilege, not a right. The government grants this status to individuals who demonstrate value to the country through legal compliance, economic participation, and social integration. To maintain your PR, it’s crucial to stay informed, act responsibly, and fulfill all duties expected of a resident.
If you are unsure about any PR obligations or face complications related to your status, consult the ICA or seek advice from an immigration professional such as IASG to avoid unintentional violations. 
The post <a rel="nofollow" href="https://iasg.com.sg/7-reasons-for-singapore-pr-revocation/">7 Reasons For Singapore PR Revocation</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
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<item>
<title>Consequences of Misusing Work Passes and Nominee Director Services in Singapore</title>
<link>https://iasg.com.sg/consequences-of-misusing-work-passes-and-nominee-director-services-in-singapore/</link>
<dc:creator><![CDATA[Nurshila Rahim]]></dc:creator>
<pubDate>Fri, 23 May 2025 01:18:07 +0000</pubDate>
<category><![CDATA[Business News]]></category>
<guid isPermaLink="false">https://iasg.com.sg/?p=9085</guid>
<description><![CDATA[Misusing work passes and nominee director services is illegal in Singapore. IASG explains the mistakes businesses make, its consequences and how to do better.
The post <a rel="nofollow" href="https://iasg.com.sg/consequences-of-misusing-work-passes-and-nominee-director-services-in-singapore/">Consequences of Misusing Work Passes and Nominee Director Services in Singapore</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></description>
<content:encoded><![CDATA[Singapore is known for its transparent, business-friendly environment but with that comes a strict legal framework to protect the integrity of the system. In recent years, there has been a rise in individuals and businesses misusing Work Passes or offering Nominee Director services with no intention to carry out legitimate responsibilities. This is not only illegal, but it could destroy your business, reputation, and future in the country.
<h2>Selling Work Passes with No Real Job Available and No Intention to Work in the Company</h2>
There have been recent cases of Work Passes being <a href="https://www.channelnewsasia.com/singapore/man-gets-jail-caning-role-selling-work-passes-foreigners-5129121" target="_blank" rel="noopener">sold via shell companies</a>, where no real jobs are available and no intention to work in the company on the Work Pass holders’ part. Foreigners who use this method to enter Singapore may be doing illegal activities that may be difficult for authorities to track.
<h2>Being a Local Nominee Director for Foreign-Owned Singapore Companies without Delivering Responsibilities</h2>
Appointing Local Nominee Directors for companies who do not genuinely oversee or manage the business, just to satisfy regulatory requirements, is illegal and nominee directors who fail to deliver their responsibilities will be <a href="https://www.straitstimes.com/singapore/courts-crime/directors-who-fail-to-oversee-firms-set-up-for-clients-will-likely-be-jailed-high-court" target="_blank" rel="noopener">punished by law</a>. The local nominee director needs to fulfill legal requirements and compliance when the company’s beneficial owners or directors are not Singapore citizens or permanent residents.
<h3>Key Responsibilities of a Local Nominee Director in Singapore:</h3>
<ul>
<li aria-level="1">
<h4>Ensuring Legal Compliance</h4>
</li>
</ul>
Nominee directors ensure the company adheres to Singapore’s legal and regulatory obligations, including filing annual returns with ACRA, maintaining proper accounting records, holding Annual General Meetings (AGMs), and ensuring the company’s business activities align with its registered business profile. 
<ul>
<li aria-level="1">
<h4>Representing the Company</h4>
</li>
</ul>
They act as the local representative, attending AGMs, and signing non-operational company documents. This is not a symbolic role — the nominee may be called upon by regulatory bodies, banks, or courts as the legal representative. Signing misleading documents or failing to act in good faith can result in personal liability.
<ul>
<li aria-level="1">
<h4>Liaison with ACRA</h4>
</li>
</ul>
They serve as a point of contact between the company and the Accounting and Corporate Regulatory Authority (ACRA). ACRA holds directors accountable for timely and accurate reporting. Ignoring ACRA notices or submitting false information can trigger investigations or even prosecution.
<ul>
<li aria-level="1">
<h4>Fiduciary Duty</h4>
</li>
</ul>
Nominee directors, like regular directors, have a responsibility to act in the best interests of the company. Fiduciary breaches such as acting on instructions that harm the company, can lead to civil lawsuits or criminal charges. Courts do not excuse nominees just because they were “not involved” — the duty applies equally to all directors.
<ul>
<li aria-level="1">
<h4>Monitoring Business Compliance</h4>
</li>
</ul>
They need to ensure that tax filings with IRAS and other statutory obligations such as GST registration and compliance, CPF contributions and other employment-related obligations are met. Directors can be penalised for failures such as late tax filings, underreported income, or non-payment of statutory dues, even if they were not directly involved.
<ul>
<li aria-level="1">
<h4>Guarding Against Illegal Activity</h4>
</li>
</ul>
Nominee directors must stay vigilant against any activities that could expose the company or themselves to legal risks. These include but not limited to:
<ul>
<li style="font-weight: 400;" aria-level="1">Fraudulent business setups</li>
<li style="font-weight: 400;" aria-level="1">Money laundering or shell company operations</li>
<li style="font-weight: 400;" aria-level="1">Employment pass scams (e.g., hiring “phantom” workers)</li>
<li style="font-weight: 400;" aria-level="1">Using the company as a front for illicit activities</li>
</ul>
All of these are punishable under various laws, including:
<ul>
<li style="font-weight: 400;" aria-level="1"><a href="https://www.mom.gov.sg/legislation/employment-of-foreign-manpower-act" target="_blank" rel="noopener">Employment of Foreign Manpower Act</a></li>
<li style="font-weight: 400;" aria-level="1"><a href="https://sso.agc.gov.sg/Act-Rev/133/Published?DocDate=19870330&ProvIds=P1III-" target="_blank" rel="noopener">Immigration Act</a></li>
<li style="font-weight: 400;" aria-level="1"><a href="https://sso.agc.gov.sg/act/coa1967" target="_blank" rel="noopener">Companies Act</a></li>
<li style="font-weight: 400;" aria-level="1"><a href="https://sso.agc.gov.sg/Act/PC1871?ProvIds=P417-P4_415-&ViewType=Advance&Phrase=cheating&WiAl=1" target="_blank" rel="noopener">Penal Code (for cheating and forgery)</a></li>
</ul>
<h2>MOM and ACRA Are Cracking Down</h2>
Singapore’s authorities actively monitor and investigate such abuses. The Ministry of Manpower (MOM) regularly revokes passes, fines companies, and blacklists individuals. ACRA also conducts audits and imposes heavy penalties on directors who breach their fiduciary duties.
If found guilty, perpetrators may be subjected to:
<ul>
<li style="font-weight: 400;" aria-level="1">Hefty fines</li>
<li style="font-weight: 400;" aria-level="1">Imprisonment for directors, agents, and accomplices</li>
<li style="font-weight: 400;" aria-level="1">Deportation and blacklisting of foreign individuals</li>
<li style="font-weight: 400;" aria-level="1">Bans from holding directorships or applying for passes</li>
</ul>
<h2>Prevent Misusing Work Passes and Nominee Director Services: </h2>
<h2>The Right Way to Operate Businesses in Singapore</h2>
Singapore is world famous for its strict legal framework and procedures, where punishments are heavy and swiftly meted out to the guilty. The only way to do business in Singapore and be able to take advantage of its abundance and opportunities is the right way:
<ul>
<li style="font-weight: 400;" aria-level="1">Only employ foreigners with real job roles and responsibilities. <a href="https://iasg.com.sg/false-declarations-in-ep-applications-its-effects/">False declarations</a> in Work Pass applications are illegal and perpetrators can be charged.</li>
<li style="font-weight: 400;" aria-level="1">Nominee directors should be actively involved in overseeing the company as expected.</li>
<li style="font-weight: 400;" aria-level="1">Always disclose true ownership and control of companies to ACRA.</li>
<li style="font-weight: 400;" aria-level="1">Work with licensed corporate secretaries and employment agents.</li>
</ul>
<h2>Protect Yourself, Protect Your Business</h2>
Singapore’s zero-tolerance approach to corporate and <a href="https://iasg.com.sg/false-declarations-in-immigration-cases/">immigration fraud</a> means you will not get a second chance if caught. Don’t risk your freedom and future over shortcuts and shady schemes. The long-term damage far outweighs any short-term gain.
If you’re unsure whether a business setup or employment arrangement is compliant, email to <a href="mailto:info@iasg.com.sg">info@iasg.com.sg</a> for enquiries and/or to book a consultation.
The post <a rel="nofollow" href="https://iasg.com.sg/consequences-of-misusing-work-passes-and-nominee-director-services-in-singapore/">Consequences of Misusing Work Passes and Nominee Director Services in Singapore</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></content:encoded>
<post-id xmlns="com-wordpress:feed-additions:1">9085</post-id> </item>
<item>
<title>The Possibility of a SGD/USD Parity and Its Effects on Investments</title>
<link>https://iasg.com.sg/the-possibility-of-a-sgd-usd-parity-and-its-effects-on-investments/</link>
<dc:creator><![CDATA[Nurshila Rahim]]></dc:creator>
<pubDate>Fri, 16 May 2025 07:47:59 +0000</pubDate>
<category><![CDATA[Investment News]]></category>
<guid isPermaLink="false">https://iasg.com.sg/?p=9081</guid>
<description><![CDATA[Is SGD/USD parity a possibility? What will happen to Singapore's business and financial landscape? Will investors profit from Singapore then?
The post <a rel="nofollow" href="https://iasg.com.sg/the-possibility-of-a-sgd-usd-parity-and-its-effects-on-investments/">The Possibility of a SGD/USD Parity and Its Effects on Investments</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></description>
<content:encoded><![CDATA[The Singapore Dollar (SGD) has long been recognised for its relative strength and stability among Asian currencies. But could it ever reach <a href="https://www.channelnewsasia.com/singapore/singapore-dollar-strength-us-dollar-currencies-fx-5114541" target="_blank" rel="noopener">parity with the U.S. Dollar</a> – SGD 1 = USD 1? While the idea may seem ambitious, especially considering historical exchange rates, global economic shifts, prudent monetary policy, and Singapore’s growing financial clout raise important questions about the future value of its currency.
This article explores the possibility of a 1:1 exchange rate between SGD and USD, and what such a scenario would mean for investments in Singapore.
<h2>Can SGD Reach Parity with the USD?</h2>
<h3>1. Monetary Policy and Inflation Control</h3>
The Monetary Authority of Singapore (MAS) manages the SGD through a unique exchange rate-centered policy, unlike most countries that use interest rates as the main monetary tool. By letting the SGD appreciate gradually against a trade-weighted basket of currencies, MAS uses a strong currency to mitigate imported inflation.
If inflation remains persistent globally, particularly in import-heavy economies, MAS may continue to allow the SGD to strengthen. If this policy trend continues, and if the USD weakens due to expansive fiscal deficits or monetary loosening by the Federal Reserve, parity becomes theoretically possible over time.
<h3>2. Singapore’s Economic Fundamentals</h3>
Singapore’s strong current account surplus, world-class infrastructure, low political risk, and reputation as a global financial hub contribute to strong capital inflows. These fundamentals give the SGD long-term support. With high levels of foreign reserves and a disciplined fiscal stance, Singapore is well-equipped to weather global downturns, further boosting investor confidence in its currency.
<h3>3. USD Weakness as a Catalyst</h3>
Parity may not only be about SGD strength, but also about <a href="https://www.businesstimes.com.sg/international/global/us-dollars-decline-fuelling-dislocations-across-asian-currencies?" target="_blank" rel="noopener">USD weakness</a>. If the U.S. continues running large deficits, sustains high debt levels, and enters a prolonged period of loose monetary policy, the USD could depreciate. Combined with sustained SGD appreciation, this could narrow the gap significantly.
<h2>What Would SGD = USD Mean for Investments?</h2>
<h3>1. Foreign Investors Could Face Higher Entry Costs</h3>
If the SGD appreciates to parity with the USD, foreign investors particularly those from the U.S., Eurozone, and emerging markets would face a higher cost of entering Singapore’s markets. Real estate, equities, and private equity deals would become more expensive in USD terms. This could slow down some inflows, particularly in non-strategic sectors.
<h3>2. Strengthened Purchasing Power for Local Investors</h3>
Singaporean investors would benefit from a stronger SGD when investing overseas. A 1:1 exchange rate would increase purchasing power, allowing easier acquisition of foreign assets and businesses. This could encourage more outbound investment, particularly in real estate, technology, and strategic partnerships abroad.
<h3>3. Real Estate Market Dynamics Could Shift</h3>
A strong SGD could cool foreign demand in Singapore’s property market, especially from U.S. and regional investors. However, it could also increase demand from Singaporeans investing overseas. Additionally, rental yields might become more attractive to locals as domestic currency appreciation reduces the incentive to park money abroad. 
<h3>4. Pressure on Exporters, Boost for Importers</h3>
A stronger SGD may hurt Singapore-based exporters, whose goods become more expensive to foreign buyers. On the flip side, importers — especially those relying on raw materials and global supply chains — would benefit from reduced costs, boosting profitability in consumer goods, technology, and retail sectors.
<h2>Could This Be Good for National Investment Vehicles like Temasek and GIC?</h2>
Absolutely — a stronger SGD, particularly one approaching parity with the USD, could present significant advantages for Singapore’s sovereign wealth funds: Temasek Holdings and the Government of Singapore Investment Corporation (GIC).
<h3>1. Enhanced Global Purchasing Power</h3>
With a stronger SGD, both Temasek and GIC would benefit from increased purchasing power when acquiring assets overseas. This could enable them to buy high-quality foreign assets, businesses, and strategic stakes at a relatively lower cost in SGD terms, especially in USD- or EUR-denominated markets.
<h3>2. Better Currency Risk Management</h3>
Currency fluctuations are a major risk factor for global investment funds. A stronger and more stable SGD would allow Temasek and GIC to take more calculated currency exposure without the fear of sharp depreciation, which could erode returns when converting profits back to SGD. In fact, it could increase net returns on foreign investments when those assets appreciate in local currency and are converted back at a favorable rate.
<h3>3. Attraction of Global Partners</h3>
A strong SGD, reflecting national economic strength, enhances Singapore’s credibility as a co-investor in global markets. This may allow Temasek and GIC to form more influential partnerships with top-tier institutions, accessing exclusive deals and co-investment opportunities.
<h3>4. Strategic Rebalancing of Portfolios</h3>
A strong SGD environment might also prompt the sovereign funds to rebalance toward more global growth sectors — such as <a href="https://iasg.com.sg/green-economy-the-push-for-sustainability-in-singapore/">green energy</a>, <a href="https://iasg.com.sg/ai-regulation-why-it-is-needed-its-opportunities/">artificial intelligence</a>, <a href="https://iasg.com.sg/significance-of-biotechnology-and-healthcare-industry-in-singapore/">biotech</a>, and infrastructure — in economies where the exchange rate offers leverage. It becomes easier to take bold, long-term positions with reduced currency drag.
However, they may also need to manage the downside risk of lower SGD returns from existing overseas investments if local currencies weaken against a rising SGD.
<h2>What Can Global Investors Do to Still Profit from Singapore if SGD = USD?</h2>
For global investors looking to profit from Singapore even as the SGD strengthens toward parity with the USD, here are a few strategies to consider:
<h3>1. Focus on Singapore-Based Companies with Global Exposure</h3>
Investors should focus on Singaporean companies with significant international business exposure. These companies will benefit from a strong SGD when profits are converted back, especially in USD- or EUR-denominated markets. Sectors such as <a href="https://iasg.com.sg/quantum-computing-the-next-big-tech/">technology</a>, <a href="https://iasg.com.sg/strengths-challenges-of-singapore-logistics-industry/">logistics</a>, financial services, and pharmaceuticals may continue to thrive, as Singapore’s strong currency may lower operational costs for companies with global supply chains.
<h3>2. Look for Export-Oriented Sectors</h3>
While a stronger SGD could hurt traditional exporters, there are niche sectors where global demand continues to grow, and a strong SGD can still present opportunities. Investors should consider companies in industries like <a href="https://iasg.com.sg/singapores-push-into-advanced-manufacturing/">advanced manufacturing</a>, <a href="https://iasg.com.sg/semiconductor-industry-in-singapore-its-opportunities/">semiconductors</a>, and electronics, where competitive advantages are driven by innovation, rather than just pricing power. A strong SGD could also act as a barrier to entry for global competitors, benefiting local companies.
<h3>3. Leverage Singapore’s Investment Funds </h3>
Investors can still profit through Singapore’s Global Investor Programme (GIP), a government-endorsed initiative designed to attract high-net-worth individuals who can contribute significantly to the nation’s economy. These funds consist of a variety of local companies across 25 industries that an investor may choose to invest in. In the context of SGD/USD nearing parity, savvy investors can use GIP funds to:
<ul>
<li style="font-weight: 400;" aria-level="1">Diversify out of USD-denominated assets</li>
<li style="font-weight: 400;" aria-level="1">Access Singapore’s fast-growing sectors with institutional backing</li>
<li style="font-weight: 400;" aria-level="1">Secure long-term residency via Singapore Permanent Residency in one of the world’s most stable and business-friendly nations</li>
<li style="font-weight: 400;" aria-level="1">Gain exposure to ASEAN growth while anchored in a low-risk regulatory environment</li>
</ul>
<h3>4. Consider Diversified Regional Investment Vehicles</h3>
Singapore is a regional financial hub, and many international investors use the country as a gateway to Southeast Asia and Asia-Pacific markets. Even with a stronger SGD, Singapore-based investment vehicles can provide exposure to high-growth regions where currency fluctuations may not have as pronounced an effect, offering global investors a way to gain regional diversification. 
<h3>5. Real Estate and Asset Management</h3>
While real estate prices may become more expensive in SGD terms, the long-term stability of Singapore’s real estate market — backed by strong legal frameworks, transparency, and high demand — could make it an attractive asset class for long-term investors. Additionally, real estate investment trusts (REITs) listed in Singapore could still provide steady returns, especially if the underlying properties are well-managed.
<h2>Investment Strategies in a Strong SGD Environment</h2>
Investors should consider:
<ul>
<li style="font-weight: 400;" aria-level="1">Hedging strategies for currency risk, especially when investing in export-oriented stocks or foreign-denominated assets.</li>
<li style="font-weight: 400;" aria-level="1">Shifting toward sectors less affected by exchange rates, such as domestic services, tech, healthcare, and ESG-focused investments.</li>
<li style="font-weight: 400;" aria-level="1">Capitalising on outbound investment opportunities, particularly in undervalued international markets that benefit from a strong SGD.</li>
</ul>
<h2>SGD/USD Parity: Realistic or Speculative?</h2>
While SGD = USD remains a theoretical possibility rather than a short-term forecast, the structural strength of Singapore’s economy and its currency management policies make further SGD appreciation plausible. A strong SGD — if it edges toward parity with the USD — would reshape investment strategies, economic flows, and the global positioning of Singapore’s institutions.
For national investment vehicles like Temasek and GIC, such a currency shift could be a major tailwind — boosting their global competitiveness, improving acquisition potential, and enhancing long-term return profiles.
Regardless of parity, the prospect of a rising SGD should signal to investors that Singapore’s financial muscle is growing — and adapting to this new reality will be key to staying ahead in a dynamic global market. Global investors can still find ways to profit from Singapore’s economic growth, particularly by focusing on companies with international exposure, leveraging Singapore’s investment vehicles, and maintaining a diversified portfolio in the region.
Disclaimer: Please note that this article is not financial advice and should not be taken as a guide. For proper guidance on investment and wealth management, please contact licensed financial experts or email IASG at <a href="mailto:info@iasg.com.sg">info@iasg.com.sg</a> for help on business incorporation, Singapore family office set up, and/or Global investor Programme (GIP).
The post <a rel="nofollow" href="https://iasg.com.sg/the-possibility-of-a-sgd-usd-parity-and-its-effects-on-investments/">The Possibility of a SGD/USD Parity and Its Effects on Investments</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
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<post-id xmlns="com-wordpress:feed-additions:1">9081</post-id> </item>
<item>
<title>8 Reasons Why Foreigners Want Singapore Citizenship</title>
<link>https://iasg.com.sg/8-reasons-why-foreigners-want-singapore-citizenship/</link>
<dc:creator><![CDATA[Nurshila Rahim]]></dc:creator>
<pubDate>Fri, 09 May 2025 07:02:14 +0000</pubDate>
<category><![CDATA[PR & Citizenship]]></category>
<guid isPermaLink="false">https://iasg.com.sg/?p=9078</guid>
<description><![CDATA[There are a few caveats to being a Singaporean but many still want to apply for Singapore Citizenship. We list 8 compelling reasons why in this article.
The post <a rel="nofollow" href="https://iasg.com.sg/8-reasons-why-foreigners-want-singapore-citizenship/">8 Reasons Why Foreigners Want Singapore Citizenship</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></description>
<content:encoded><![CDATA[Singapore is one of the most desirable countries in the world for foreigners seeking stability, opportunity, and a high quality of life. While many expatriates initially come for work or business, a significant number eventually become Permanent Residents and consider taking the next big step – becoming a Singapore citizen. But what drives this decision? Below are several compelling reasons why foreigners are choosing to call Singapore home, not just temporarily, but for life.
<h2>1. High Standard of Living</h2>
Singapore consistently ranks among the top countries in global liveability indexes. With world-class infrastructure, a highly efficient public transportation system, low crime rates, and access to top-tier healthcare, it offers a secure and comfortable lifestyle. Clean streets, green spaces, and strict law enforcement make it a safe haven for individuals and families alike. People from neighbouring Asian countries like Indonesia, Malaysia, and Vietnam may find that life is an upgrade in Singapore as compared to their home countries.
<h2>2. Political and Economic Stability</h2>
Singapore is known for its political transparency, low corruption levels, and a pro-business environment. Its stable government and robust legal system provide predictability, which is particularly attractive to professionals, entrepreneurs, and investors looking for long-term security. Becoming a citizen gives foreigners full access to this stability without the uncertainty of visa renewals or changing immigration policies. 
This stability translates to <a href="https://iasg.com.sg/safety-first-ranks-expats-seeking-singapore-permanent-residence-citizenship/">safety and security</a> from all types of crimes and internal instability such as riots and violence, making it safe for all ages and ethnicities.
<h2>3. Exceptional Education System</h2>
For foreigners with families, Singapore’s education system is a major draw. The country boasts one of the best public education systems in Asia, and its universities are globally recognised. As a citizen, children enjoy priority placement in public schools, lower tuition fees, and access to various government grants and subsidies. 
<h2>4. Generous Government Subsidies and Benefits</h2>
Singaporean citizens receive various financial incentives that are not available to permanent residents (PRs) or foreigners. These include:
<ul>
<li style="font-weight: 400;" aria-level="1">Public Housing subsidies under the Housing & Development Board (HDB) schemes.
</li>
<li style="font-weight: 400;" aria-level="1">Healthcare subsidies under MediShield Life and access to the Community Health Assist Scheme (CHAS).
</li>
<li style="font-weight: 400;" aria-level="1">CPF (Central Provident Fund) contributions by both employee and employer for retirement, medical, and housing support. Citizens also benefit from government grants for first-time homebuyers, education support, and child-raising incentives.</li>
</ul>
<h2>5. Greater Career and Business Opportunities</h2>
While permanent residents can work and run businesses in Singapore, citizens have greater priority when it comes to hiring. Due to a growing, <a href="https://iasg.com.sg/with-local-resentment-will-sg-continue-to-be-a-business-hub/">loud dissent</a> amongst Singaporeans since past years, the government has implemented policies that limit foreign hires and encourage local hires instead. Local companies may also prefer hiring citizens for long-term roles due to the reduced administrative burden.
Citizenship in Singapore offers significant advantages for entrepreneurs, particularly when it comes to accessing government support and scaling their businesses. As a citizen, you are eligible for a broader range of government grants, funding schemes, and incentives that are often limited or unavailable to non-citizens or permanent residents. This can be especially valuable in the early stages of business growth, where financial support and access to resources can make a critical difference. Additionally, being a citizen can enhance your credibility when dealing with local institutions, partners, and clients, opening doors to strategic collaborations and market opportunities that accelerate expansion.
Singapore is also renowned for its ease of doing business, consistently ranking among the top countries globally for starting and operating a company. The process of incorporating a business is straightforward, efficient, and digital-friendly, often taking no more than a day with minimal red tape. On top of that, Singapore offers a highly attractive and competitive tax environment for businesses. Corporate tax rates are capped at 17%, with various exemptions and incentives that can reduce the effective tax rate even further—especially for startups and SMEs. For entrepreneurs who hold citizenship, these advantages combine to create a pro-business ecosystem that supports sustainable growth and long-term success.
<h2>6. Easier Travel and a Powerful Passport</h2>
The Singapore passport is among the most powerful in the world, offering visa-free or visa-on-arrival access to over 190 countries. For frequent travellers or global professionals, this is a huge advantage. Additionally, citizens benefit from streamlined immigration procedures and consular protection abroad.
Foreign nationalities from neighbouring countries who want to become a Singapore citizen can easily travel back home within a few hours from Singapore to visit friends and family. <a href="https://nowboarding.changiairport.com/discover-changi/changi-airport-2024-airport-service-quality-wins.html" target="_blank" rel="noopener">Singapore’s Changi airport has the best connectivity in the region</a>, enabling easy travel for leisure, business and in this case, familial proximity.
<h2>7. Strong Sense of National Identity and Belonging</h2>
Many foreigners who live in Singapore long-term develop a strong emotional connection to the country. They appreciate its multicultural society, meritocratic values, and sense of order. Becoming a citizen often reflects a commitment to being part of Singapore’s future and contributing to its continued success.
<h2>8. Long-Term Security for the Family</h2>
<a href="https://iasg.com.sg/singapore-citizenship/">Citizenship</a> provides peace of mind for foreigners who wish to settle permanently. Their children can grow up with full access to the nation’s resources, and family reunification becomes easier. In contrast, PR status needs to be renewed periodically and can be subjected to revocation under certain conditions.
Many parents also pursue citizenship for the future of their children. Singaporean citizens have priority access to the world-class public schools, scholarships, and tertiary education. Securing citizenship can open more doors for the next generation than might be available in the family’s country of origin.
<h2>Why Choose Singapore Over Other Wealthy Nations?</h2>
When considering global alternatives, Singapore stands out from other developed countries like the USA, the UK, Switzerland, Hong Kong, and China for several reasons:
<ul>
<li style="font-weight: 400;" aria-level="1">USA: While the U.S. offers economic opportunities, its immigration process is complex, lengthy, and often uncertain. Healthcare costs and housing are also extremely high, and crime rates are comparatively elevated. 
</li>
<li style="font-weight: 400;" aria-level="1">UK: The UK’s political landscape has been volatile in recent years, particularly with Brexit. Public services like healthcare and education face ongoing funding challenges and long wait times.
</li>
<li style="font-weight: 400;" aria-level="1">Switzerland: While safe and wealthy, Switzerland has high living costs and a more closed-off path to citizenship, often requiring over a decade of residency, deep integration, and canton-level approval.
</li>
<li style="font-weight: 400;" aria-level="1">Hong Kong: Once an attractive hub, recent political shifts have led to reduced autonomy and increased uncertainty for residents. Many foreigners have chosen to relocate due to concerns over civil liberties.
</li>
<li style="font-weight: 400;" aria-level="1">China: Although it offers economic prospects, China’s immigration and citizenship policies are restrictive. Foreigners cannot obtain Chinese citizenship easily, and the regulatory environment can be unpredictable.
</li>
</ul>
In contrast, Singapore strikes a rare balance: it is modern, efficient, welcoming to global talent, and offers a well-defined path to PR and eventual citizenship. Its blend of Asian values and global outlook makes it a unique choice for those seeking both opportunity and peace of mind.
<h2>Why Do Foreigners Sacrifice Their Nationality To Become a Singapore Citizen?</h2>
For many, the decision to give up their original nationality in favour of Singapore citizenship is not made lightly – it is a calculated and deeply personal choice driven by long-term aspirations and practical benefits. Singapore’s policy does not allow dual citizenship, which means applicants must renounce their previous nationality to be granted full citizenship. Despite this, thousands still make the transition each year. 
For those from politically unstable or economically fragile countries, trading in a passport can feel like stepping into long-term peace of mind. People from Myanmar, the Philippines, and India would benefit from the peace and abundance of opportunity in Singapore as compared to their home countries.
Furthermore, Permanent Residents (PRs) do not get the same level of healthcare subsidies, housing grants, or government support as citizens. Renouncing other citizenship unlocks full access to these benefits, making life even better in Singapore.
<h2>Becoming a Singapore Citizen</h2>
For many foreigners, becoming a Singapore citizen is not just a legal upgrade – it’s a life-changing decision rooted in a desire for belonging, opportunity, and long-term security. With its remarkable quality of life, stable governance, and inclusive society, Singapore continues to be a beacon for those seeking not just a place to live, but a country to call home.
The post <a rel="nofollow" href="https://iasg.com.sg/8-reasons-why-foreigners-want-singapore-citizenship/">8 Reasons Why Foreigners Want Singapore Citizenship</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
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<post-id xmlns="com-wordpress:feed-additions:1">9078</post-id> </item>
<item>
<title>Financial Industry in Singapore and the Role of Immigration</title>
<link>https://iasg.com.sg/financial-industry-in-singapore-and-the-role-of-immigration/</link>
<dc:creator><![CDATA[Nurshila Rahim]]></dc:creator>
<pubDate>Fri, 02 May 2025 01:56:30 +0000</pubDate>
<category><![CDATA[Business News]]></category>
<guid isPermaLink="false">https://iasg.com.sg/?p=9074</guid>
<description><![CDATA[Find out more about the financial industry in Singapore, how immigration plays a role, and opportunities for foreign talents in Singapore's financial landscape.
The post <a rel="nofollow" href="https://iasg.com.sg/financial-industry-in-singapore-and-the-role-of-immigration/">Financial Industry in Singapore and the Role of Immigration</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></description>
<content:encoded><![CDATA[Singapore, often dubbed the “Switzerland of Asia,” has consistently positioned itself as a premier global financial hub. With a strong regulatory framework, political stability, robust infrastructure, and strategic geographic location, the city-state has become a magnet for financial institutions and investors. However, one of the less-discussed yet vital contributors to this success is immigration. The inflow of global talent, high-net-worth individuals, and foreign businesses plays a fundamental role in shaping the financial landscape of Singapore.
<h2>Key Sectors in Singapore’s Financial Industry</h2>
Singapore’s financial services industry comprises several core segments:
<ul>
<li style="font-weight: 400;" aria-level="1">Banking: Over 200 banks operate in Singapore, offering a full suite of services from retail and corporate banking to investment and private banking.
</li>
<li style="font-weight: 400;" aria-level="1">Asset and Wealth Management: Singapore manages over S$5.4 trillion in assets, making it a leading wealth management centre in Asia.
</li>
<li style="font-weight: 400;" aria-level="1">Insurance and Fintech: The city has become a leading hub for fintech innovation, with hundreds of startups and a favorable regulatory environment. The insurance sector is equally vibrant, catering to both individual and corporate clients.
</li>
<li style="font-weight: 400;" aria-level="1">Capital Markets: The <a href="https://www.sgx.com/" target="_blank" rel="noopener">Singapore Exchange (SGX)</a> is a key gateway for capital flow between Asia and the world, with equities, derivatives, commodities, and REITs forming the bulk of its operations. </li>
</ul>
<h2>Regulatory Environment</h2>
Singapore’s financial sector is overseen by the Monetary Authority of Singapore (MAS), which plays a dual role as central bank and financial regulator. The MAS has earned global praise for its prudence, transparent policies, and support for innovation, which together create a secure yet dynamic environment for financial growth. 
<h2>Immigration’s Role in Shaping the Financial Sector</h2>
Immigration plays a multifaceted and indispensable role in strengthening Singapore’s financial ecosystem. Here’s how:
<h3>1. Talent Inflow and Workforce Diversity</h3>
The finance sector thrives on expertise in risk management, regulatory compliance, trading, investment strategies, data science, and technology. To meet the talent demand, Singapore attracts thousands of skilled professionals from around the globe, including:
<ul>
<li style="font-weight: 400;" aria-level="1">Investment bankers
</li>
<li style="font-weight: 400;" aria-level="1">Financial analysts
</li>
<li style="font-weight: 400;" aria-level="1">Compliance officers
</li>
<li style="font-weight: 400;" aria-level="1">Wealth managers
</li>
<li style="font-weight: 400;" aria-level="1">Fintech developers 
</li>
</ul>
These professionals bring diverse perspectives, global experience, and specialised knowledge that contribute to innovation and global connectivity. 
To attract top global talent, Singapore launched the <a href="https://iasg.com.sg/overseas-networks-expertise-pass-one-pass/">Overseas Networks & Expertise (ONE) Pass</a> in January 2023. 4200 and 3000 ONE Passes were approved in 2023 and 2024 respectively. One of the top sectors approved are <a href="https://iasg.com.sg/work-pass-updates-q1-2025/">professionals from the financial sector</a>.
<h3>2. Attracting High-Net-Worth Individuals (HNWIs)</h3>
Singapore is a <a href="https://iasg.com.sg/why-global-millionaires-are-moving-to-singapore/">preferred destination for HNWIs</a> seeking political stability, efficient governance, and wealth protection. Many HNWIs relocate under schemes like the <a href="https://iasg.com.sg/global-investor-programme/">Global Investor Programme (GIP)</a>, which allows individuals to obtain <a href="https://iasg.com.sg/singapore-pr/">permanent residency</a> by investing in local businesses or funds.
These individuals:
<ul>
<li style="font-weight: 400;" aria-level="1"><a href="https://iasg.com.sg/single-family-office/">Establish family offices
</a></li>
<li style="font-weight: 400;" aria-level="1">Invest in local startups and financial products
</li>
<li style="font-weight: 400;" aria-level="1">Contribute to the asset and wealth management sector
</li>
<li style="font-weight: 400;" aria-level="1">Increase demand for legal, tax, and private banking services</li>
</ul>
Investment from HNWIs provide funds for local startups and businesses, create jobs, and thus, prosper the economy. Due to the complexities of handling large amounts of wealth, wealth management experts are needed. As Singapore’s financial sector is still growing, top global experts are not readily available in the local workforce, prompting the government to source globally. As expats work and live in Singapore, more businesses benefit. As a result, immigration directly stimulates growth across several financial subsectors.
<h3>3. Business and Corporate Immigration</h3>
Many multinational corporations (MNCs) and financial institutions set up their regional headquarters in Singapore. To do this, they often bring in key personnel under Employment Passes (EPs) via intra-company transfer programs. The presence of such firms:
<ul>
<li style="font-weight: 400;" aria-level="1">Spurs demand for business banking and corporate financing
</li>
<li style="font-weight: 400;" aria-level="1">Encourages product innovation in areas like trade finance and treasury services
</li>
<li style="font-weight: 400;" aria-level="1">Increases participation in capital markets and cross-border investment</li>
</ul>
<h3>4. Consumer Market Growth</h3>
New immigrants, whether they are professionals, entrepreneurs, or families, become consumers of financial products:
<ul>
<li style="font-weight: 400;" aria-level="1">Banking services
</li>
<li style="font-weight: 400;" aria-level="1">Insurance policies
</li>
<li style="font-weight: 400;" aria-level="1">Investment instruments
</li>
<li style="font-weight: 400;" aria-level="1">Retirement and savings plans 
</li>
</ul>
They expand the retail financial services base, increasing revenue and customer acquisition for financial institutions.
<h3>5. Driving Fintech and Innovation</h3>
<a href="https://iasg.com.sg/smart-nation-plan-how-can-singapore-achieve-its-goals/">Singapore’s Smart Nation initiative</a> and push toward a cashless society have fostered a thriving fintech ecosystem. Immigrants, including startup founders, tech engineers, and digital strategists, play a significant role in:
<ul>
<li style="font-weight: 400;" aria-level="1">Developing blockchain solutions
</li>
<li style="font-weight: 400;" aria-level="1">Launching digital banks
</li>
<li style="font-weight: 400;" aria-level="1">Advancing AI-powered financial advisory services 
</li>
</ul>
This influx of global tech-savvy talent keeps Singapore at the forefront of financial innovation.
<h2>Future Outlook</h2>
Immigration will continue to play a central role in Singapore’s financial growth strategy. The following trends are likely:
<ul>
<li style="font-weight: 400;" aria-level="1">Rising demand for digital finance professionals as AI and data analytics take center stage.
</li>
<li style="font-weight: 400;" aria-level="1">Increased presence of family offices and global investment firms, bolstered by immigration-friendly investment schemes.
</li>
<li style="font-weight: 400;" aria-level="1">Regional expansion via Singapore, as foreign companies use it as a launchpad into Southeast Asia. 
</li>
</ul>
Singapore’s success lies in its ability to integrate global talent while nurturing local capabilities – a delicate yet crucial balance.
<h3>Competition For Singapore PR Applications Amongst Financial Professionals</h3>
The significant influx of foreign financial professionals attracted by Singapore’s status as a global financial hub causes the landscape for PR applications within the financial sector to become increasingly competitive. Many of these professionals possess impressive credentials, international work experience, and strong educational backgrounds, raising the bar for all applicants within this field.
Given the rising volume of applications from similarly qualified individuals, it is crucial for foreign financial professionals to approach their Singapore PR submission strategically. A well-prepared application should highlight unique strengths, such as niche expertise, leadership roles, community involvement, or contributions to the local economy and workforce. Tailoring the application to align with Singapore’s national priorities such as financial innovation, digital transformation, and economic resilience can also strengthen one’s case.
Additionally, working with a reputable immigration consultancy such as IASG can offer valuable insights and help navigate the nuances of the application process. With more professionals vying for limited PR slots, standing out requires more than just qualifications; it demands a compelling, well-documented narrative that demonstrates both professional value and long-term commitment to Singapore’s growth.
<h2>Role of Immigration in Singapore’s Financial Industry</h2>
Immigration is not merely a supplement to Singapore’s financial sector – it is a cornerstone of its evolution. By drawing in global expertise, capital, and innovation, immigration fuels the city’s ascent as a world-class financial powerhouse. As long as Singapore maintains its open yet calibrated approach, the symbiosis between immigration and finance will remain a strategic asset in the nation’s continued prosperity.
The post <a rel="nofollow" href="https://iasg.com.sg/financial-industry-in-singapore-and-the-role-of-immigration/">Financial Industry in Singapore and the Role of Immigration</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></content:encoded>
<post-id xmlns="com-wordpress:feed-additions:1">9074</post-id> </item>
<item>
<title>Why Global Millionaires Are Moving to Singapore</title>
<link>https://iasg.com.sg/why-global-millionaires-are-moving-to-singapore/</link>
<dc:creator><![CDATA[Nurshila Rahim]]></dc:creator>
<pubDate>Wed, 30 Apr 2025 02:51:14 +0000</pubDate>
<category><![CDATA[Investment News]]></category>
<guid isPermaLink="false">https://iasg.com.sg/?p=9062</guid>
<description><![CDATA[Singapore is the chosen place for global millionaires to move to due to its business and investment-friendly policies. Find out how this benefits Singapore.
The post <a rel="nofollow" href="https://iasg.com.sg/why-global-millionaires-are-moving-to-singapore/">Why Global Millionaires Are Moving to Singapore</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></description>
<content:encoded><![CDATA[Singapore has emerged as a top destination for the world’s wealthiest individuals. The city-state, known for its political stability, world-class infrastructure, and business-friendly environment, is experiencing a steady influx of global millionaires who are choosing it not just as a financial hub, but also as a place to live, invest, and thrive. 
In 2024, there were <a href="https://dollarsandsense.sg/many-millionaires-billionaires-singapore/" target="_blank" rel="noopener">333,204 millionaires</a> (including 49 billionaires) in Singapore, about 5% of the total population. 
<h2>Political and Economic Stability</h2>
Amid global uncertainty, Singapore’s consistent political leadership and pro-business policies stand out. The nation ranks high in global indices for ease of doing business and economic competitiveness. Its resilience during global crises, including the COVID-19 pandemic, has reinforced its reputation as a stable base for long-term planning. 
<h3>Proven Crisis Management</h3>
Singapore’s ability to manage global crises with efficiency and transparency is a major factor inspiring confidence among global millionaires.
During the 2008 Global Financial Crisis, Singapore acted swiftly to stabilise its economy through a combination of fiscal stimulus, support for banks, and workforce programs. As a result, it rebounded faster than many developed nations.
More recently, during the COVID-19 pandemic, Singapore was globally recognised for its effective handling of public health measures and economic support. The government rolled out more than S$100 billion in relief packages to support businesses, safeguard jobs, and accelerate digital transformation. At the same time, the healthcare response was structured, science-driven, and marked by transparent communication, which helped maintain public trust and social stability.
In the face of global supply chain disruptions, Singapore has leveraged its strategic location and port infrastructure to remain a key logistics and trade hub. Its proactive planning and investments in digitalisation have further strengthened its appeal as a safe, efficient, and future-ready environment for business continuity.
<a href="https://iasg.com.sg/how-will-the-us-trade-war-affect-singapore/">US’s global tariffs</a> and the 10% imposed tariffs on goods export from Singapore to the US is expected to dampen Singapore’s economic growth. Due to Singapore’s high reliance on trade – at over 300% of its GDP, investments, businesses, jobs and even inbound immigration are at risk. To combat future issues and a looming recession, the government has plans to set up a <a href="https://www.straitstimes.com/business/economy/singapores-new-taskforce-to-address-immediate-tariff-shock-and-also-plan-for-the-future" target="_blank" rel="noopener">task force</a> to tackle the changing global trade to help businesses and workers cope with the upcoming challenges.
Such displays of decisive governance and strategic foresight have made Singapore stand out in an increasingly unpredictable world—a quality that HNWIs deeply value when choosing where to base their lives and assets.
<h3>Growing Financial Ecosystem</h3>
Singapore has evolved into one of Asia’s leading financial centres. It hosts a growing ecosystem of private banks, wealth management firms, fintech companies, and family offices. The Monetary Authority of Singapore (MAS) has also introduced initiatives to attract asset managers and enhance the city’s appeal as a hub for managing generational wealth.
<h3>Influx of Family Offices and Investment Migration</h3>
In recent years, Singapore has seen a boom in the establishment of family offices – private wealth management firms set up by ultra-rich families. The number of single-family offices in Singapore was 400 in 2020 but has increased to more than 2000 in 2024, a span of less than 5 years. The Global Investor Program (GIP), which allows eligible investors to gain permanent residency, has further accelerated this trend.
<h2>How Singapore Benefits from the Influx of Global Millionaires</h2>
<h3>Strengthening the Financial and Wealth Management Sector</h3>
Singapore’s financial sector is one of the most developed in the world, and the arrival of millionaires only enhances its standing. Private banking, asset management, and family office services see increased demand, bringing in billions in managed assets. As a result, Singapore continues to cement its reputation as a global wealth management hub, rivalling financial centres like Switzerland and <a href="https://iasg.com.sg/is-hong-kong-a-better-financial-hub-than-singapore/">Hong Kong</a>.
<h3>Driving the Luxury Real Estate Market</h3>
High-net-worth individuals often invest in luxury residential properties, which fuels demand in the high-end property segment. This investment not only increases property values but also generates significant revenue through property taxes and stamp duties. These funds can then be redirected toward national infrastructure, housing initiatives, and social programs.
<h3>Creating High-Value Jobs</h3>
The presence of wealthy individuals stimulates employment across several key sectors, including finance, legal services, real estate, hospitality, and luxury retail. Furthermore, there is growing demand for specialised skills in areas like wealth management, investment advisory, and lifestyle concierge services. This creates opportunities for local talent and attracts global professionals, raising the skill level of the workforce.
<h3>Contributing to Tax Revenue</h3>
Despite Singapore’s relatively low income tax rates and lack of capital gains tax, HNWIs still contribute substantially through indirect taxes such as the Goods and Services Tax (GST) and property-related levies. Their spending on luxury goods, fine dining, education, and services channels money back into the local economy, providing a steady stream of revenue for public spending.
<h3>Enhancing International Influence and Reputation</h3>
Hosting a global elite boosts Singapore’s international profile as a secure, business-friendly, and strategically located nation. This branding has a ripple effect – attracting multinational corporations, foreign direct investment, and international talent. In turn, this solidifies Singapore’s role as a key player on the global stage. 
<h3>Fostering Philanthropy and Innovation</h3>
Many millionaires are active in philanthropy, contributing to causes such as education, healthcare, and the arts. Others support the local startup ecosystem through angel investment and venture capital. This influx of private capital and social responsibility enriches Singapore’s cultural and innovation landscape, paving the way for long-term societal benefits. 
<h3>Building Economic Resilience</h3>
Wealthy individuals often have diverse income streams and international portfolios, making them more resilient to local economic fluctuations. Their presence helps Singapore diversify its economic base and provides a buffer during global downturns. This stability, in turn, boosts investor confidence and strengthens the local currency.
<h3>Why Global Millionaires Choose Singapore</h3>
As geopolitical tensions rise and taxation increases in traditional wealth centers like the U.S., U.K., and parts of Europe, Singapore’s allure continues to grow. For many millionaires and billionaires, the decision to move to Singapore is not just about escaping volatility, it’s about securing a future in a country that values innovation, integrity, and opportunity. 
For enquiries on setting up a company or family office in Singapore, email to <a href="mailto:info@iasg.com.sg">info@iasg.com.sg</a>. 
The post <a rel="nofollow" href="https://iasg.com.sg/why-global-millionaires-are-moving-to-singapore/">Why Global Millionaires Are Moving to Singapore</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
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<post-id xmlns="com-wordpress:feed-additions:1">9062</post-id> </item>
<item>
<title>Dependant’s Pass: Visa for Foreign Families in Singapore</title>
<link>https://iasg.com.sg/dependants-pass-visa-for-foreign-families-in-singapore/</link>
<dc:creator><![CDATA[Nurshila Rahim]]></dc:creator>
<pubDate>Fri, 18 Apr 2025 01:22:43 +0000</pubDate>
<category><![CDATA[Work Pass]]></category>
<guid isPermaLink="false">https://iasg.com.sg/?p=9058</guid>
<description><![CDATA[The Dependent's Pass (DP) is a visa for foreign families that are tied to a main Work Pass holder in Singapore. Find out its eligibility and how to get it.
The post <a rel="nofollow" href="https://iasg.com.sg/dependants-pass-visa-for-foreign-families-in-singapore/">Dependant’s Pass: Visa for Foreign Families in Singapore</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></description>
<content:encoded><![CDATA[Singapore, known for its vibrant economy, high quality of life, and strong expat community, has long been a preferred destination for global professionals. To support these foreign talents and make relocation more family-friendly, Singapore offers the Dependant’s Pass (DP) — a visa scheme that allows eligible family members of foreign professionals to live in the country. 
<h2>What is the Dependant’s Pass?</h2>
The Dependant’s Pass is an immigration pass issued by Singapore’s Ministry of Manpower (MOM). It allows spouses and children of eligible work pass holders to reside in Singapore for the duration of the main work pass holder’s stay.
<h2>Who is Eligible?</h2>
To apply for a Dependant’s Pass, the <a href="https://iasg.com.sg/work-pass/">main work pass holder</a> – an Employment Pass or S Pass holder, must earn a minimum fixed monthly salary of S$6,000, and must be sponsored by a Singapore-registered company. This threshold ensures that the applicant can support their dependants financially.
Dependants of the <a href="https://iasg.com.sg/overseas-networks-expertise-pass-one-pass/">Overseas Networks and Expertise (ONE) Pass</a> and <a href="https://iasg.com.sg/entrepass/">EntrePass holders</a> are also eligible.
Eligible family members include:
<ul>
<li style="font-weight: 400;" aria-level="1">Legally married spouse </li>
<li style="font-weight: 400;" aria-level="1">Unmarried children under 21 years old, including those who are legally adopted. </li>
</ul>
<h2>Dependant’s Pass Application Process</h2>
The Dependant’s Pass application can be made either by the employer of the main pass holder or an employment agent (EA).
The process involves submitting these documents below:
<ul>
<li style="font-weight: 400;" aria-level="1">Passport copies</li>
<li style="font-weight: 400;" aria-level="1">Marriage certificate (for spouse)</li>
<li style="font-weight: 400;" aria-level="1">Birth/adoption certificate (for children)</li>
<li style="font-weight: 400;" aria-level="1">Vaccination verifications (for children aged 12 years and below)</li>
<li style="font-weight: 400;" aria-level="1">Passport-sized photograph</li>
<li style="font-weight: 400;" aria-level="1">Details of the main pass holder’s employment </li>
</ul>
Applications are submitted online and processing typically takes about 3 weeks for S Pass and EP holders’ dependants and about 8 weeks for dependants of EP (Sponsorship), PEP or EntrePass holders.
<h2>Validity and Renewal</h2>
The Dependant’s Pass is usually valid for the same duration as the main pass holder’s Employment Pass or S Pass. 
Dependant’s Pass renewals can be submitted up to 6 months before the S Pass or EP expires. For dependants of Employment Pass (Sponsorship) and EntrePass holders, renewal applications can be made up to 3 months before the pass expires.
<h2>Can Dependant’s Pass Holders Work in Singapore? </h2>
While a Dependant’s Pass does not automatically allow the holder to work in Singapore, they may apply for:
<ul>
<li style="font-weight: 400;" aria-level="1">A separate Work Pass typically a Work Permit, S Pass or Employment Pass (EP), depending on the type of job and employer. This includes those working remotely for a Singapore-registered employer. The relevant qualifying salary, dependency ratio ceiling and levy will apply.</li>
<li style="font-weight: 400;" aria-level="1">A Letter of Consent (LOC) for business owners of a Singapore-registered company such as sole proprietor, partner, or company director with at least 30% shareholding. The business must employ at least one Singaporean or permanent resident earning at least the prevailing local qualifying salary and make contributions to the employee’s Central Provident Fund accounts for at least three months.</li>
</ul>
Dependant’s Pass holders who work remotely for an overseas foreign company do not need to apply for a work pass.
Previously, dependants of S Pass holders had to apply for a relevant work pass in order to work in Singapore, while dependants of skilled foreign professionals or entrepreneurs on Employment Passes, EntrePasses or Personalised Employment Passes can apply for a letter of consent. However, that <a href="https://www.straitstimes.com/singapore/budget-debate-dependants-pass-holders-will-need-formal-work-pass-to-work-in-singapore" target="_blank" rel="noopener">changed in May 2021</a>.
<h2>Can Dependant’s Pass Holders Study in Singapore?</h2>
For children, the DP enables them to enrol in public or private schools in Singapore and there is no need for an additional Student’s Pass. However, a Student’s Pass is required if the child is enrolling in a government-approved religious school. 
<h2>Can Dependant’s Pass Holders Apply for Singapore PR?</h2>
Yes, Dependant’s Pass holders can <a href="https://iasg.com.sg/singapore-pr/">apply for Singapore PR</a>, but they do so through the primary work pass holder’s application. If the work pass holder is applying for PR, they can include their dependants in the same application.
<h2>Visa for Foreign Families of Work Pass Holders in Singapore</h2>
Singapore’s Dependant’s Pass offers an efficient pathway for foreign professionals to bring their immediate families along, reinforcing the country’s commitment to attracting global talent while maintaining a high standard of immigration governance.
If you’re planning to work in Singapore and want your family by your side, understanding the DP scheme is essential. With proper documentation and planning, the process is smooth and straightforward — one more reason why Singapore remains a top destination for global professionals and their families.
The post <a rel="nofollow" href="https://iasg.com.sg/dependants-pass-visa-for-foreign-families-in-singapore/">Dependant’s Pass: Visa for Foreign Families in Singapore</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></content:encoded>
<post-id xmlns="com-wordpress:feed-additions:1">9058</post-id> </item>
<item>
<title>Is ONE Pass a Good Alternative to Singapore PR?</title>
<link>https://iasg.com.sg/is-one-pass-a-good-alternative-to-singapore-pr/</link>
<dc:creator><![CDATA[Nurshila Rahim]]></dc:creator>
<pubDate>Fri, 11 Apr 2025 07:37:23 +0000</pubDate>
<category><![CDATA[Work Pass]]></category>
<guid isPermaLink="false">https://iasg.com.sg/?p=9047</guid>
<description><![CDATA[Immigration@SG discusses the possibility of ONE Pass as an alternative to Singapore PR for HNWIs who wants more future options or got their PR rejected.
The post <a rel="nofollow" href="https://iasg.com.sg/is-one-pass-a-good-alternative-to-singapore-pr/">Is ONE Pass a Good Alternative to Singapore PR?</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></description>
<content:encoded><![CDATA[Singapore has long been a top destination for global talent, offering a dynamic economy, excellent infrastructure, and a high quality of life. Many professionals looking to work and live in Singapore long-term often consider the option of obtaining Permanent Residency (PR). While PR provides benefits such as public housing, healthcare, and education subsidies, the ONE Pass presents a viable alternative to Singapore PR for those who do not plan to become Singapore citizens but want to take advantage of the country’s economic opportunities.
<h3>Understanding the ONE Pass</h3>
The Overseas Networks & Expertise (ONE) Pass is a <a href="https://iasg.com.sg/overseas-networks-expertise-pass-one-pass/">special work pass</a> introduced by Singapore in January 2023, designed to attract top-tier talent across various sectors, including business, arts and culture, sports, academia and research. 
In its inaugural year, nearly 4,200 applications were approved. In 2024, <a href="https://iasg.com.sg/work-pass-updates-q1-2025/">approximately 3,000 ONE Passes were issued</a>, with about one in six granted to new entrants to Singapore’s workforce. The <a href="https://www.channelnewsasia.com/watch/tan-see-leng-overseas-networks-expertise-pass-one-pass-4918151" target="_blank" rel="noopener">majority of pass holders</a> are employed in the financial and insurance services, information and communication, and professional services sectors.
<h3>Why ONE Pass is a Strong Alternative to PR</h3>
 
<table>
<tbody>
<tr>
<td></td>
<td style="text-align: center;">ONE Pass</td>
<td style="text-align: center;">Singapore PR</td>
</tr>
<tr>
<td>Length of Stay</td>
<td>Grants a five-year stay in Singapore with the possibility of renewal, making it a suitable alternative for those who wish to live in Singapore long-term but do not seek citizenship.</td>
<td>Provides indefinite stay but requires a commitment to integrating into Singaporean society, including CPF contributions and potential military service obligations for male dependents. Re-Entry Permit needs to be renewed if planning to go overseas.</td>
</tr>
<tr>
<td>Work Flexibility</td>
<td>Holders can work for multiple employers or start their own business without additional approvals.</td>
<td>Freedom in career choices with more job and business opportunities available.</td>
</tr>
<tr>
<td>Taxation & CPF Contributions</td>
<td>Holders are taxed as foreigners and do not contribute to CPF, allowing them to maximise earnings.</td>
<td>Requires CPF contributions but provides access to CPF-related benefits such as funds for public housing and healthcare.</td>
</tr>
<tr>
<td>Family Benefits</td>
<td>Allows spouses and children to stay in Singapore on a Dependant’s Pass or Long-Term Visit Pass (LTVP), making it a practical choice for families.</td>
<td>Spouses and children can apply for PR and enjoy full residency rights.</td>
</tr>
<tr>
<td>Housing & Property Ownership</td>
<td>May only buy private properties, renting is the norm.</td>
<td>Can purchase resale HDB flats as a family unit or engaged couple and have fewer property ownership restrictions. </td>
</tr>
</tbody>
</table>
<h3>Who Should Choose ONE Pass?</h3>
ONE Pass is ideal for individuals who:
<ul>
<li style="font-weight: 400;" aria-level="1">Prefer work flexibility without being tied to an employer.</li>
<li style="font-weight: 400;" aria-level="1">Are high-income earners or industry leaders seeking a long-term but non-permanent residence in Singapore.</li>
<li style="font-weight: 400;" aria-level="1">Want to avoid CPF contributions.</li>
<li style="font-weight: 400;" aria-level="1">Do not plan to settle permanently in Singapore but need a strategic base for work and business.</li>
<li style="font-weight: 400;" aria-level="1">Want the option to retire elsewhere.</li>
</ul>
<h3>Who Should Choose Singapore PR?</h3>
PR is better suited for individuals who:
<ul>
<li style="font-weight: 400;" aria-level="1">Want the security of long-term residency and potential citizenship.</li>
<li style="font-weight: 400;" aria-level="1">Prefer CPF savings and its benefits – housing, healthcare, retirement funds.</li>
<li style="font-weight: 400;" aria-level="1">Need stability for family members, including housing, education and healthcare subsidies.</li>
<li style="font-weight: 400;" aria-level="1">Plan to integrate into Singaporean society and contribute long-term.</li>
<li style="font-weight: 400;" aria-level="1">Aware of Singapore’s mandatory military service for eligible second-generation men.</li>
</ul>
<h3>ONE Pass as an Alternative to Singapore PR</h3>
For professionals who wish to capitalise on Singapore’s economic opportunities without committing to citizenship in future, the ONE Pass is a strong alternative to PR. It offers a long enough duration of stay of five years, with renewal options while providing significant work flexibility and financial advantages.
While PR remains the best choice for those seeking permanent settlement, the ONE Pass caters to high-earning professionals who value mobility and economic benefits over long-term residency commitments. Depending on individual goals, ONE Pass can be a more practical solution for those leveraging Singapore as a business and professional hub without the long-term obligations of PR.
The approval rate for Singapore PR is around 30% annually, which is highly competitive. PR holders are required to live like a Singaporean and assimilate into the local culture, making up the Singaporean core. PR holders, therefore, are usually serious candidates for future citizenship. 
The post <a rel="nofollow" href="https://iasg.com.sg/is-one-pass-a-good-alternative-to-singapore-pr/">Is ONE Pass a Good Alternative to Singapore PR?</a> appeared first on <a rel="nofollow" href="https://iasg.com.sg">Immigration@SG</a>.
]]></content:encoded>
<post-id xmlns="com-wordpress:feed-additions:1">9047</post-id> </item>
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