Singapore rolls out new foreign work pass track, tax exemptions for asset management industry

Singapore has introduced a new foreign work pass track and tax exemptions for the asset management industry to strengthen its position as a global hub. The Investment Management Track, under the Overseas Networks and Expertise (ONE) Pass framework, targets senior professionals in the industry to attract global leaders and contribute significantly to Singapore's asset management sector. The industry accounts for 15% of Singapore's financial sector output and employs 13% of its workforce.

Minister for National Development Chee Hong Tat emphasized Singapore's commitment to a competitive financial hub. The asset management industry has grown by an average of 7.5% annually over the past five years, reaching nearly S$7 trillion in assets under management. Mr Chee stated that the measures aim to further enhance Singapore's position as an international financial sector.

The new tax exemption will apply to a portion of profit-related returns from fund management services provided to qualifying funds, taking effect in the 2027 assessment year. This targeted approach aims to sharpen Singapore's global competitiveness in the asset management hub. Additionally, a new hedge fund investment programme will support the growth of Singapore's hedge fund ecosystem, attracting global and regional managers and talent to anchor investments in the country.