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As part of its economic revival after the COVID-19 pandemic, Singapore has introduced a new work visa for high-paid expats. Here's all you need to know about this new visa and how it might impact you.
The ONE pass is Singapore's newest response to the economic downturn it suffered through pandemic-enforced restrictions and exclusion of foreign visitors and workers in the effort to keep locals safe. Many foreign firms choose to locate regional headquarters in Singapore, but with tight border laws in place during the pandemic, many expats left the country and the population began to drop.
Under this visa, which will be available from January 1, 2023, holders and partners are entitled to work in Singapore for five years. By implementing this visa, Singapore joins a growing group of nations searching for high achievers to send their economy in the right direction.
If the ONE visa sounds attractive, you might be wondering what you need to do to meet the criteria. The visa is targeted at talented expats who make a good living. Expats who earn at least SGD 30,000 a month are able to secure this visa, as are talented sportspeople, artists, scientists, and academics.
The duration of the pass is for 5 years with a possibility of renewal. The renewal is subject to conditions that can be either the salary of S$30k or having tarted and operating a Singapore-based company that employs at least 5 locals, each earning at least S$5,000.
From January, the visa will be open to include spouses as eligible workers.
If an applicant doesn't have any recent employment in Singapore to show, they must give proof of having worked for, or intending to work for, a business with a good reputation and with a market value of S$700 million or more (market capitalisation of at least US$500 million or an annual revenue of at least US$200 million).
There are many benefits to the ONE visa, not just for the holders themselves, but also for the Singaporean economy.
When visa entitlements begin in January 2023, ONE visa holders will be able to start, work for and operate multiple companies. Not only will this boost their salary, but it will also attract great economic benefits for Singapore itself.
There's also a great benefit when it comes to applying, with reductions in processing time meaning holders can take advantage of their entitlements more quickly.
The ONE visa also benefits employers. In conjunction with its implementation, Singapore's also launched the Fair Consideration Framework scheme, which waives the requirement that jobs must be advertised locally before foreigners are considered. This means that employers now have more room to move in hiring ONE visa holders as they see fit.
And let's not forget Singapore itself. With the unveiling of the visa, Singapore's clearly making steps to improve its economic health, with an influx of expats designed to boost the suffering hospitality, food and beverage industry.
With the unveiling of the ONE visa, Singapore is making it easier than ever for foreigners to settle on their shores. When making the move to Singapore, there's much more to consider than the visa. Expats will naturally need to think about their living arrangements, and whether they'd like to purchase a property or rent.
Singapore has foreseen the projected property demand the ONE visa will bring, and so has begun work on Terra Hill, a freehold development located in Singapore's District 5, a sought-after location which makes city travel and island exploration effortless. Its proximity to the city and to the beautiful 47-hectare Kent Ridge Park ensures Terra Hill residents truly enjoy the best of both worlds. The area's also home to a vast range of amenities, retail hubs, transportation services, restaurants and attractions just waiting to be sampled.
Comprised of five storeys, Terra Hill includes 271 luxury apartments and a range of modern amenities and facilities. Residents can take care of their health when they visit the indoor gym, do some laps in the pool, or explore the open garden space. And when you want to relax, spend some time in the jacuzzi or spa, or simply unwind in the beautiful pavilion. You can even host a celebration for your friends and family by booking a barbecue pit at Terra Hill's clubhouse, or by hosting guests in the welcoming dining pavilion on site.
If you're considering making the move to Singapore, there's really no better time to do it. With the ONE visa, you'll enjoy the best of what the island has to offer, all while making a much-needed contribution to Singapore's economic health and prosperity.