On April 18, 2022, the latest news on Singapore's immigration policy has been announced. As the best immigration country in Southeast Asia, Singapore has very strict requirements for immigrants. Recently, those who wish to immigrate to Singapore can handle the relevant procedures.

1: Immigration methods to Singapore

1,Such as Singapore Family Office

2,Singapore Tech Pass

3,Singapore Employment Pass

4,Singapore Investment Immigration

Singapore's investment system is gradually improving, with a large number of high-net-worth individuals applying for Singapore Family Office immigration. The Monetary Authority of Singapore has adjusted the application standards for the 13O and 13U projects (starting in 2022, 13R was officially renamed to 13O, and 13X was officially renamed to 13U) to enhance the overall professional level of family offices.

2: New policies for Singapore Family Offices

Effective date: April 18, 2022

1. Adjustment of the 13O policy

1,Adjustment of application thresholds

New policy:The application threshold for 13O is adjusted to 10 million SGD, and the asset management scale must increase to 20 million SGD within two years.

Original policy:5 million SGD threshold, no asset scale increase requirement

The asset management scale includes deposits and financial investments held by the applicant in Singapore private bank accounts, as well as various equity investments made globally.

2,Minimum standard for investment management personnel increased

New policy:The family office must employ at least two investment management personnel, who can be family members or non-family members. If there is only one investment management personnel at the time of application, the standard of hiring two investment management personnel must be met within one year.

Original policy:At least one investment management personnel must be employed.

If the employed investment management personnel are not Singapore citizens/permanent residents/work pass holders, they can apply for a Singapore work pass (EP) simultaneously during the structuring process, meaning the new policy can be paired with at least two EP quotas.

3,Minimum spending threshold for family offices increased

New policy:

1)The annual spending standard for the 13O structure (when the asset management scale is below 50 million SGD is 200,000 SGD, between 50 million and 100 million SGD is 500,000 SGD, and above 100 million SGD is 1 million SGD.)

2)In the case of an increase in the management scale of the 13O structure, there are new spending requirements for the fund company each year. As the management scale increases, the fixed annual expenditure must also increase accordingly.

Original policy:Spending requirement is 200,000 SGD.

4,Restrictions on the investment scope of fund companies

New policy:

1)At least 10% (or 10 million SGD, whichever is lower) of the family office funds must be invested in local investment products in Singapore,

Including:

A)Securities of the Singapore Exchange (SGX)

B)Specific bonds in Singapore

C)Funds issued by qualified fund companies in Singapore

D)Equity of local enterprises or startups in Singapore

2)Further restrictions have been placed on the investment scope of fund companies. If the management scale of the family fund is below 100 million SGD, at least 10% of the funds must be invested in local products in Singapore; if the management scale exceeds 100 million SGD, at least 10 million SGD must be invested in local products in Singapore.

Original policy:No requirements for local investment products in Singapore.

2. Adjustment of the 13U policy

1,Application threshold of 50 million remains unchanged.

2,Investment management personnel must include non-family members.

New policy:The family office must employ at least three investment management personnel. If this requirement cannot be met at the time of application, it must be fulfilled within one year, and one of the investment management personnel must be a non-family member.

Original policy:No requirement for non-family member employment.

3,Minimum spending threshold for family offices increased

New policy: annual spending standard (500,000 SGD when below 100 million SGD, and 1 million SGD when above 100 million SGD.)

Original policy: annual spending standard (200,000 SGD)

4,Restrictions on the investment scope of fund companies

New policy:

At least 10% (or 10 million SGD) of the family office funds must be invested in local investment products in Singapore.

Including:

A)Securities of the Singapore Exchange (SGX)

B)Specific bonds in Singapore

C)Funds issued by qualified fund companies in Singapore

D)Equity of local enterprises or startups in Singapore