Singapore's ONE Pass and New Investment Management Track

Singapore continues to refine its immigration framework to support strategic industries and attract highly skilled global talent. The latest example is a new Investment Management Track under the Overseas Networks & Expertise (ONE) Pass, designed to better align eligibility requirements with compensation practices commonly used in the asset management sector. 

Announced in fall 2026 by Singapore’s Minister for National Development, the new track recognizes that many senior investment professionals earn a significant portion of their compensation through bonuses, carried interest, profit-sharing arrangements and other performance-based incentives rather than fixed salary alone. 

While the announcement provides important details about the new pathway, key questions remain regarding implementation and its potential impact on employers and global talent. 

Regina Tung, Advisory and Compliance Director, shares what is known so far, highlights areas where further guidance may be needed and discusses key considerations for organizations seeking to attract and retain investment management professionals in Singapore. 

What Is Singapore’s ONE Pass? 

Introduced in 2023, the Overseas Networks & Expertise (ONE) Pass is Singapore’s premier work authorization pathway for highly accomplished individuals. The pass is designed to attract top global talent across sectors such as: 

• Business 
• Technology 
• Science 
• Research 
• Sports and the arts. 

Unlike many employer-sponsored work authorization routes, ONE Pass holders benefit from greater flexibility, including the ability to work for multiple companies and pursue entrepreneurial activities. Applicants must generally meet prescribed salary or talent criteria and demonstrate a strong track record of achievement in their field. 

About the New Investment Management Track 

The new Investment Management Track under Singapore’s ONE Pass framework is expected to take effect in late January 2027. 

Rather than creating a new work authorization category, the track introduces a specialized pathway within the existing ONE Pass framework for senior investment professionals. The change is intended to better align eligibility requirements with compensation structures commonly used in the asset management industry while maintaining the high standards associated with the ONE Pass. 

Under the new track, eligible applicants may satisfy the ONE Pass’s S$30,000 monthly compensation requirement through a combination of: 

• At least S$15,000 in fixed monthly salary; and 
• Variable compensation that brings total monthly remuneration to at least S$30,000. 

The update recognizes that many investment professionals receive a significant portion of their earnings through bonuses, carried interest, profit-sharing arrangements and other performance-based incentives rather than fixed salary alone. 

The new track remains part of the existing ONE Pass framework but introduces several important distinctions for qualifying investment professionals: 

Unlike many employer-sponsored work authorization routes, ONE Pass holders benefit from greater flexibility, including the ability to work for multiple companies and pursue entrepreneurial activities. Applicants must generally meet prescribed salary or talent criteria and demonstrate a strong track record of achievement in their field. 

About the New Investment Management Track 

The new Investment Management Track under Singapore’s ONE Pass framework is expected to take effect in late January 2027. 

Rather than creating a new work authorization category, the track introduces a specialized pathway within the existing ONE Pass framework for senior investment professionals. The change is intended to better align eligibility requirements with compensation structures commonly used in the asset management industry while maintaining the high standards associated with the ONE Pass. 

Under the new track, eligible applicants may satisfy the ONE Pass’s S$30,000 monthly compensation requirement through a combination of: 

• At least S$15,000 in fixed monthly salary; and 
• Variable compensation that brings total monthly remuneration to at least S$30,000. 

The update recognizes that many investment professionals receive a significant portion of their earnings through bonuses, carried interest, profit-sharing arrangements and other performance-based incentives rather than fixed salary alone. 

The new track remains part of the existing ONE Pass framework but introduces several important distinctions for qualifying investment professionals: 

While the Investment Management Track introduces greater flexibility in how compensation is assessed, it remains a highly selective pathway. The earnings history requirement is intended to demonstrate sustained performance and ensure the pathway continues to target established investment professionals with strong track records. 

How the New ONE Pass Track Could Impact Asset Management Employers

According to Regina Tung, the update reflects Singapore’s efforts to align immigration requirements more closely with compensation practices across the investment management industry.

Many senior investment professionals receive a significant portion of their remuneration through performance-based compensation rather than fixed salary. By recognizing variable compensation as part of the qualifying threshold, Singapore is creating a framework that better reflects how investment talent is rewarded while continuing to maintain a high bar for eligibility.

Tung noted that the change may provide greater flexibility for asset management firms seeking to attract or relocate senior professionals whose compensation packages are heavily weighted toward bonuses, carried interest or profit-sharing arrangements. 

The update demonstrates Singapore’s continued focus on attracting highly skilled talent in strategic sectors while tailoring immigration pathways to industry-specific workforce needs.

What Remains Unknown  

Will the Investment Management Track Have Different Renewal Rules?

The existing ONE Pass can generally be renewed for an additional five years. However, it remains unclear whether renewal requirements for Investment Management Track holders will differ from those that apply under the broader ONE Pass framework. 

Until further guidance is issued, several possibilities exist: 

• Renewal could continue to focus primarily on fixed salary. 
• Total compensation, including bonuses and carried interest, could be considered. 
• A separate renewal framework could be introduced for Investment Management Track holders. 

For employers and applicants considering the new pathway, future guidance on renewals may be important for long-term workforce planning and talent retention strategies. 

Can Bonuses and Carried Interest Count Toward ONE Pass Eligibility?

Singapore authorities have not yet provided detailed information on how variable compensation will be assessed for eligibility purposes. Additional clarification may be needed regarding how bonuses, carried interest and other incentive-based compensation will be measured, as well as what supporting documentation applicants will need to provide. 

Investment Management Track Launch Date and Next Steps

Additional guidance on the new track is expected ahead of its January 2027 launch. Employers and mobility professionals should monitor future announcements for further details on application requirements, supporting documentation and implementation procedures. 

Connection to Permanent Residence Pathways 

The announcement may also be viewed alongside Singapore’s broader efforts to attract and retain long-term investment and business leadership talent. During the same announcement, officials highlighted opportunities available to qualifying founders, equity partners and senior decision-makers within global asset management firms through Singapore’s existing permanent residence pathways. 

Taken together, these initiatives suggest a dual objective: 

• Attract highly skilled investment professionals through the enhanced ONE Pass framework; and 
• Encourage long-term commitment and economic contribution through pathways that support long-term residence in Singapore. 

Singapore ONE Pass Investment Management Track: What Employers Should Watch Next

As Singapore continues to refine immigration pathways for strategically important sectors, the Investment Management Track highlights a broader trend toward more targeted, industry-specific approaches to attracting global talent. 

For organizations navigating evolving immigration requirements, understanding how policy changes align with workforce and mobility strategies will be increasingly important.  

At Envoy Global, we combine experienced legal teams with purpose-built technology to simplify immigration for companies and the global talent they depend on. Our holistic, proactive immigration services are designed to help organizations stay compliant, adapt to changing regulations and confidently support their international workforce, all while putting people first. 

Reach out today to learn how we can support your company’s immigration needs and help you stay ahead in a rapidly evolving immigration landscape.