Private Wealth 2025

SINGAPORE Law and Practice Contributed by: Sim Bock Eng, Josephine Choo, Aw Wen Ni and Vincent Ho, WongPartnership LLP

The Foreign Artistic Talent Scheme Administered by the National Arts Council, this scheme allows recognised international arts profes - sionals who have made significant contributions to Singapore’s arts and cultural scene to apply for and be granted permanent residence in Singapore. The Overseas Networks and Expertise Pass The Overseas Networks and Expertise Pass (the “ONE Pass”) has a duration of five years for first-time suc - cessful candidates and allows for subsequent renew - als of five years. There are various eligibility criteria, including a minimum salary requirement or outstand - ing achievements in business, arts and culture, sports, or academia and research. 7.2 Expeditious Citizenship There are no specific expeditious means of obtaining citizenship in Singapore. 8. Planning for Minors, Adults with Disabilities and Elders 8.1 Special Planning Mechanisms The Mental Capacity Act 2008 (MCA) allows a person who has mental capacity to execute a Lasting Power of Attorney (LPA) to appoint donees who would be authorised to make decisions for them in respect of their personal welfare and/or their property and affairs, in the event that they should lose their mental capac - ity. This allows a person to plan for what they wish to be done, and by whom, in the event that they should lose their mental capacity. For those who are mentally incapable, the MCA allows relatives or persons with interest to apply to court to be appointed as deputies to act on their behalf. The categories of persons who can be donees and depu - ties include professional deputies and donees (who can be lawyers, doctors, accountants, allied health professionals, nurses and social workers). Such vulnerable persons are also typically provided for through trusts set up for their benefit by their loved ones. The Special Needs Trust Company (SNTC) is a non-profit trust company that provides heavily subsi - dised trust services for persons with special needs.

• the applicant’s social and financial “investment” in Singapore that evidences their intention to stay in Singapore for the long term; and • the applicant’s ability to be an asset to Singapore. Dual citizenship is not allowed in Singapore; success - ful applicants are required to renounce their foreign citizenship before attaining Singapore citizenship. Permanent Residency Generally, the spouse or unmarried minor child of a Singapore citizen or permanent resident, or an aged parent of a Singapore citizen, may apply to become a permanent resident. There are also schemes that allow the holders of cer - tain employment and work passes in Singapore and students in Singapore to apply to be permanent resi - dents. Applicants may also apply to be permanent residents under the following schemes. The GIP Administered by the Economic Development Board (EDB), the requirements under this Programme were updated in 2023. With effect from 15 March 2023, the applicant may: • invest at least SGD10 million in a new business entity or in the expansion of an existing business operation in Singapore in certain industries identi - fied in the Programme; • invest and maintain at least SGD25 million in a GIP-approved fund; or • establish a Singapore-based family office with assets under management of at least SGD200 million, of which at least SGD50 million must be invested in certain investment categories within 12 months. Upon compliance with the requirements of the Pro - gramme, permanent residence status will be granted to the applicant, their spouse, and children who are minors.

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