Publications

15 Results

Pitfalls Of Holding An EP Under A Sham Working Arrangement

Introduction Professionals looking to live and work in Singapore would typically apply for the Employment Pass (“EP”) under the sponsorship of the employing company. However, the benefits of obtaining an EP, as well as it being a precursor for foreigners looking for longer-term relocation plans to Singapore, have resulted in some individuals intentionally flouting the […]

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The Singapore EntrePass

Introduction The EntrePass, administered by the Ministry of Manpower (“MOM”), is a work visa for foreign entrepreneurs looking to set up and operate businesses in Singapore that are venture-backed or own innovative technologies. This article will elaborate on the objective and purpose of the EntrePass, the eligibility criteria for interested applicants, the passes available for […]

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Becoming A Singaporean

Introduction Obtaining Singapore Citizenship (“SC”) can be done in a number of ways, all of which require proper planning and preparation. The most crucial requirement to apply for SC, amongst others, is for one to first be a Singapore Permanent Resident (“SPR”). At Sim Mong Teck & Partners, the 2 main ways our high-net-worth clients […]

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Family Office Schemes: Singapore vs Hong Kong

Introduction The Singapore tax incentive scheme for single family offices (“SFO”), also referred to as the Section 13O and Section 13U of the Income Tax Act (“SG Scheme”), has been attracting global high-net-worth individuals (“HNWIs”) to Singapore when looking to set up their SFOs for wealth preservation and management. Similarly, Hong Kong has a concessionary […]

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Updates To The S13O/U Tax Incentive Schemes

Introduction On 5 July 2023, the Monetary Authority of Singapore (“MAS”) announced changes to the requirements for the S13O and S13U tax incentive schemes for single family offices (“SFOs”). Notable changes to the qualifying criteria for the schemes include conditions for the fund’s assets under management, hiring of investment professionals, minimum business spending requirement and […]

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Becoming A Singapore Permanent Resident

Introduction  For many people looking to live and work in Singapore for the longer term, obtaining Singapore Permanent Resident (“SPR”) status is a logical step with the many benefits the status confers on foreigners. In Singapore, all SPR applications are regulated and overseen by the Immigration & Checkpoints Authority (“ICA”). This article examines the eligibility […]

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What Happens To The FIS Clients Now?

Introduction The Financial Investor Scheme (“FIS”) was an investment programme that offered Singapore Permanent Residence (“SPR”) status to investors. This article explores what the FIS is, the eligibility criteria for investing in the scheme, the individuals who benefitted from the scheme, the events that led to the termination of the programme and considerations for FIS […]

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COMPASS: Employment Pass Applications Head In A New Direction

Introduction First announced in March 2022, the Complementarity Assessment Framework (“COMPASS”) is a new points-based framework for Employment Pass (“EP”) applications that are regulated by the Ministry of Manpower (“MOM”). It will take effect on 1 September 2023 for new EP applications and from 1 September 2024 onwards for EP renewals. This article will elaborate […]

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Updates To The Global Investor Programme

Introduction On 2 March 2023, Singapore announced changes to the Global Investor Programme (“GIP”) which have since taken effect on 15 March 2023. The residence-by-investment programme offers Singapore Permanent Residence (“SPR”) status to foreign investors who fulfil the qualifying criteria. The March 2023 revisions updated the requirements for the investment options as follows: (A) investing […]

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What’s Next For The Investment Professional In A Family Office?

Introduction In the headwinds of the current socio-political and economic climate, there is a visibly rising trend of high-net-worth families developing their long-term plans to reside in Singapore or looking to obtain alternative residency. With Singapore’s stable governance and established wealth management ecosystem, establishing a single-family office in Singapore is an accessible inroad for Singapore […]

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Singapore’s New One Pass

Introduction One Pass post-01/01/23 We wrote an article back in December of last year about the then-just released Overseas Networks and Expertise Pass (“One Pass”). At the time, only preliminary details about this new scheme were available. As of 1 January 2023, the One Pass has now come into effect and we have more details […]

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Singapore – Having Two Co-Founders Applying For Singapore Permanent Residency Under The Global Investor Programme Option A

Introduction In our July to October articles, we covered the four criteria which ultra-high net worth individuals (“UHNWIs”) can qualify for the Global Investor Programme (“GIP”), a fast-track route for UHNWIs to invest in Singapore and obtain Singapore Permanent Residency (“SPR”). A common query/request among many interested parties concerns the situation where two co-founders of […]

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Road To Singapore Citizenship From Permanent Residency

Introduction The changing of citizenship is an undeniable large step for any person. Citizenship is a legal status that grants a person the right to live in their country of citizenship and access to the protection offered by their government. Better opportunities, tax treatment, and mobility are key reasons for a change of citizenship as […]

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Singapore – The Leading Business Hub for Established Business Owners

Introduction In our previous article, we covered how the Global Investor Programme (“GIP”) serves as a fast-track route for ultra-high net worth individuals (“UHNWIs”) to invest in Singapore and also obtain Singapore Permanent Residency (“SPR”), with our discussion focused on the Founders of Fast Growth Companies qualifying criteria. Be that as it may, we also […]

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