The family office principal track under ONE Pass and GIP gives wealthy principals two immigration routes into Singapore: the Overseas Networks & Expertise (ONE) Pass for principals earning at least S$30,000 a month or with strong fund credentials, and the Global Investor Programme (GIP) for those committing S$10 million to S$200 million towards permanent residence. This guide compares both tracks for 2026.
Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.
Why family office principals need a dedicated immigration plan
Setting up a Single Family Office (SFO) in Singapore solves the structuring and tax side — typically through a fund vehicle holding family assets, managed by an SFO company, with tax exemptions under Section 13O or Section 13U of the Income Tax Act 1947. But the principal and family still need the legal right to live and work here. Section 5(1) of the Employment of Foreign Manpower Act 1990 requires any foreigner working in Singapore — including a principal acting as director or portfolio manager of their own SFO — to hold a valid work pass. The two flagship routes in 2026 are the ONE Pass (a work pass) and the GIP (a direct permanent residence route administered by the Economic Development Board).
The family office principal track under ONE Pass and GIP — eligibility compared
ONE Pass. A five-year, employer-independent pass. The standard salary route requires a fixed monthly salary of at least S$30,000 over the last 12 months (or a credible offer at that level). Family office principals who do not draw that salary may qualify on the wealth/credentials route, where the Monetary Authority of Singapore-aligned criteria look at assets under management of the family office — in practice principals of SFOs managing at least S$200 million have been considered. The pass allows the holder to operate, work for and start multiple entities, and spouses can work on a Letter of Consent.
GIP. A permanent residence route with three options as at 2026: Option A — invest at least S$10 million in a new or existing Singapore business; Option B — invest S$25 million in a GIP-select fund; Option C — establish a Singapore-based single family office with assets under management of at least S$200 million, of which at least S$50 million must be deployed in qualifying local investments. Option C is the purpose-built family office principal route, and approval is conditional on meeting deployment milestones.
Cost and timeline — the numbers
- ONE Pass application fee: S$105 per application; issuance S$225. Processing typically 4–8 weeks.
- GIP: application fee around S$10,000; end-to-end approval commonly 9–12 months, with Final Approval conditional on completing the investment within 6 months (extendable).
- SFO setup supporting either route: incorporation and fund structuring typically S$30,000–S$80,000 in professional fees; annual running costs of an SFO commonly S$300,000–S$1 million including staff.
- 13O minimum fund size: S$20 million at application; 13U: S$50 million. Both carry tiered local business spending requirements of S$200,000 to S$1 million a year and local investment expectations.
Step-by-step process for a principal in 2026
- Structure first: incorporate the fund company and SFO manager, and prepare the Section 13O/13U application to MAS with projected AUM, spending and hiring.
- Choose the immigration track: ONE Pass if you want speed and flexibility without committing to PR; GIP Option C if permanent residence for the family is the goal and S$200 million AUM is realistic.
- Prepare evidence: audited statements of wealth, AUM confirmations, track record, business plan and deployment schedule.
- File the application (Ministry of Manpower for ONE Pass; EDB for GIP) and respond to clarification rounds.
- On approval, complete formalities — medicals, pass issuance or PR formalities — and diarise the renewal or milestone-review conditions.
Tax position of the principal
A principal residing in Singapore for 183 days or more becomes tax resident, with progressive personal rates topping out at 24%. Singapore levies no capital gains tax and no estate duty, and fund-level income within a 13O/13U structure is exempt from tax on designated investments. Remuneration drawn as salary from the SFO is taxable employment income. See the detailed guide to personal income tax for expats — resident vs non-resident for how the residence rules apply in the first and final years.
Common mistakes and gotchas
- Applying for GIP Option C before the SFO structure or AUM evidence is in place — EDB expects a substantiated plan, not intentions.
- Assuming the ONE Pass wealth route is automatic at S$200 million AUM; assessments remain discretionary.
- Forgetting that the principal working in the SFO needs a work pass even as a shareholder-director.
- Missing the 13O/13U annual conditions (spending, local investment, AUM), which unravels the tax exemption that justified the structure.
- Overlooking the spouse’s and children’s passes — Dependant’s Passes and Letters of Consent need their own planning.
How this fits the wider structure
Most principals pair the immigration track with a holding and fund architecture — see our guide to Singapore holding company tax optimisation. Where the family also wants an operating presence, a private limited company is the usual vehicle; the walkthrough on Singapore Pte Ltd company registration for foreigners covers directors, share capital and timelines.
Authoritative references: the Monetary Authority of Singapore publishes the family office tax incentive conditions, and the Inland Revenue Authority of Singapore sets out personal and fund tax treatment.
FAQs
Can a family office principal get the ONE Pass without a S$30,000 salary?
Potentially, via the credentials/wealth assessment tied to the family office’s AUM — commonly S$200 million or more — but this route is discretionary and evidence-heavy.
Is GIP Option C faster than applying for PR after years on a work pass?
It is more direct: PR is granted on completing the programme conditions rather than after years of residence, but the S$200 million AUM and S$50 million local deployment thresholds are substantially higher.
Do 13O and 13U applications affect the immigration outcome?
Indirectly, yes. Both EDB and MOM weigh the substance of the Singapore family office — approved tax incentives, local hires and deployed capital all strengthen the immigration case.
Can the spouse work in Singapore?
A ONE Pass holder’s spouse may work on a Letter of Consent. GIP confers PR, after which the spouse (if included) faces no work restrictions.
What happens if AUM falls below the committed level?
GIP status and incentive conditions are reviewed against milestones; shortfalls risk non-renewal of the re-entry permit or loss of the tax exemption, so build buffer into the deployment plan.
Need help with this? Call, SMS or WhatsApp +65 8501 7133, or email [email protected]. Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.