{
  "id": 1868150,
  "title": "New foreign work pass track, tax exemption perks to strengthen asset management in Singapore",
  "url": "https://urgent.news/2026/08/19/new-foreign-work-pass-track-tax-exemption-perks-to-strengthen-asset",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-19T05:00:00.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/new-foreign-work-pass-track-tax-exemption-perks-to-strengthen-asset-management-in-singapore"
  },
  "original_language": "en",
  "account": "Singapore aims to bolster its asset management sector with three new measures: a new investment management track under the Overseas Network and Expertise (ONE) Pass framework, a tax exemption for profit-related returns from fund management services, and a new hedge fund investment programme. These initiatives are set to become effective in 2027 and will help solidify Singapore's status as a leading global asset management hub. The industry currently contributes around 15% of the financial sector's output, with annual growth of 7.5% over the past five years. Minister for National Development Chee Hong Tat emphasized that Singapore does not see this competition with Hong Kong as a zero-sum game, as both cities can thrive in the financial services sector. The ONE Pass framework, which is a five-year work visa, aims to attract top global talent, including senior investment professionals and fund managers. A tax exemption will be provided for the profit-related returns from qualifying funds, sharpening Singapore's competitiveness as an asset management hub. Additionally, a new hedge fund investment programme will support the growth of Singapore's hedge fund ecosystem, attracting global and regional hedge fund managers and investment talent.",
  "summary": null,
  "key_points": [
    "New investment management track under Overseas Network and Expertise (ONE) Pass framework",
    "Tax exemption for profit-related returns from fund management services",
    "New hedge fund investment programme to support ecosystem growth"
  ],
  "editors_take": "Singapore's new measures strengthen its asset management sector, bolstering its status as a global hub and sharpening its competitiveness against other financial centres like Hong Kong.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}