O C F I T B L O G Insurance Singapore Targets High Earners with the Latest Elite Work VISA

Singapore Targets High Earners with the Latest Elite Work VISA

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The government of Singapore is all set to start giving out the new Overseas Networks & Expertise (ONE) Pass from January 2023 with an aim to attract top talent from across the world and end the talent crunch.

The new pass will allow workers with fixed monthly salaries of SGD $30,000 (USD $ 21,878.25) to stay for up to five years and concurrently start, run, or work for multiple companies in the country.

The new ONE Pass is notably more flexible than the current Employment Pass (EP), which is granted for two to three years but tied to one specific job.

In this Pacific Prime CXA article, let’s take a deep dive into the ‘whys’, the ‘whats’, and the ‘hows’ of Singapore’s ONE Pass.

Why is Singapore Launching the ONE?

The new visa program highlights a delicate balance between opening to the world and inviting people from various countries to work in the city-state while also answering pressure to safeguard local jobs.

When announcing the new scheme, Minister for Manpower Tan See Leng told reporters,

“The country cannot leave any room for investors to doubt or question whether it remains open. As a country with little or no natural resources, talent is our only resource, and talent acquisition is an offensive strategy for us.”

The government has also promised to improve the processing of the current EP permits for expats, providing them or updating employers within ten days.

What Does the ONE Mean for Local Companies?

Singapore’s visa changes are designed to give employers more options. Under the country’s current system, companies can apply for EPs for professional managers and executives and S-passes for mid-level skilled workers. Both passes come with monthly salary thresholds that are reviewed over time.

Singapore is not the only country trying to attract fresh talent from overseas. Thailand recently announced a new 10-year visa to attract foreign investors and skilled workers. In the West, the United Kingdom (UK) and Germany have introduced special visas for foreign talents and young graduates.

Who is Eligible?

Singapore’s new visa aims to attract professionals drawing high monthly or annual salaries. The minimum requirement for visa eligibility is SGD $30,000 (USD $ 21,878.25) per month. Those who are eligible will be assessed on whether they bring valuable perspectives and contributions to the economy and society.

However, experienced tech professionals with skills that are high in demand in Singapore with a salary of SGD $10,500 per month can also apply to the ONE program if they meet other criteria.

Moreover, individuals with outstanding achievements in arts and culture, sports, science, and technology, as well as research and academia can also qualify without meeting the minimum salary requirement. Here is a quick overview:

Who is eligible for the ONE pass? Candidates will be assessed on a case-by-case basis. The program seeks those who can bring valuable perspectives and contribute to Singapore’s economy and society.
How to apply? Persons who meet the eligibility criteria can apply directly via the Ministry of Manpower website. Applicants will have to pay a fee of SGD $105 per application.
Minimum salary Earn a fixed monthly salary of at least SGD $30,000 (USD $ 21,878.25) within the last 1 year or will earn a fixed monthly salary of at least SGD $30,000 (USD $ 21,878.25) under an employer based in Singapore with minimum salary exceptions for those with outstanding arts and science achievements.
Duration First-time candidates: 5 years

Subsequent renewals: 5 years

Can the ONE pass be renewed? Yes, if the person applying meets the renewal criteria
Passes for dependents Available for selected family members of ONE pass holders. Spouses of the pass holders can also obtain a letter of consent to work.
Foreign worker levy or quota No foreign worker levy or quota is required
Related eServices and forms Visit the Singapore Global Network (SGN) website to learn more about working in Singapore and the opportunities available.

Required Documents

When you apply for the ONE Pass, you will have to provide several documents to prove your eligibility. This could include monthly pay slips for a consecutive period of 12 months and employment contract with a Singaporean organization or a letter of offer from a prospective employer in Singapore.

Secure Comprehensive Medical Insurance with Pacific Prime

One of the most important things to do when moving to Singapore is to secure medical insurance. As an expat in any foreign country, it is important to ensure that you are insured and have access to hospital networks of your choice.

Singapore is a country with excellent healthcare, but it comes with high costs. Pacific Prime’s latest Cost of Health Insurance Report 2023 identified Singapore as the third most expensive country in the world for health insurance premiums. That is why health insurance in Singapore is important.

Securing a health insurance plan can be a daunting task when you consider all the research and reading you have to do to find the right plan. If you are looking to secure an insurance plan before moving to Singapore, then Pacific Prime CXA can help you!

Pacific Prime is an insurance broker with over 20 years of experience in the industry. Our experts are adept in simplifying the complex insurance process to help you find a suitable plan that meets your medical requirements and budget.

Get in touch with Pacific Prime CXA to know more!

The post Singapore Targets High Earners with the Latest Elite Work VISA appeared first on Pacific Prime Singapore's Blog.

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