Family Office Principal track under ONE Pass and GIP — Eligibility and requirements checklist
The Family Office Principal track lets the individual driving a Singapore single family office secure long-term immigration status through the Overseas Networks & Expertise (ONE) Pass or the Global Investor Programme (GIP). This guide explains eligibility, the assets-under-management thresholds, and the documents required to align the family office with the pass application.
What the Family Office Principal track is
The Family Office Principal track under ONE Pass and GIP refers to two distinct routes by which the principal of a Singapore family office obtains residency. The ONE Pass is a five-year Employment Pass variant administered by the Ministry of Manpower for top-tier talent. The Global Investor Programme, administered by the Singapore Economic Development Board, grants Permanent Residence to investors who commit capital, including through the family office route (GIP Option C). Both are frequently paired with a single family office structure holding assets that qualify for the section 13O or section 13U fund tax incentives administered by the Monetary Authority of Singapore.
Who it is for
This track suits high-net-worth principals who intend to base their wealth-management activity in Singapore and want durable immigration status for themselves and their family. It is not a passive visa. The GIP family office option requires the principal to run a family office with substance here, and the ONE Pass expects a demonstrable track record of high earnings or exceptional achievement. Principals structuring the underlying vehicle often compare the family office hiring requirements under 13O, 13U and GIP before committing, and review our companion guide on the Principal track timeline and processing benchmarks.
Eligibility and requirements checklist
For the GIP family office option, the principal must possess at least S$200 million in net investible assets and establish a Singapore family office managing at least S$200 million in assets under management, of which a portion must be deployed locally. The applicant must show entrepreneurial or investment experience and a substantive business track record.
For the ONE Pass, the applicant must earn a fixed monthly salary of at least S$30,000 with an established employer, or demonstrate outstanding achievement in their field. Unlike a standard Employment Pass, the ONE Pass is not tied to a single employer and allows the holder to operate multiple businesses concurrently, which suits a principal running a family office alongside other ventures.
- Net investible assets and AUM evidence (bank statements, portfolio valuations)
- Family office incorporation and fund entity documents
- Business and investment track record
- Fund tax incentive application (13O or 13U) where applicable
- Passports and family relationship documents for dependants
The fund tax incentive linkage
The economic substance of the family office usually rests on a fund tax incentive. Section 13O of the Income Tax Act 1947 exempts specified income of a Singapore-incorporated fund managed by a Singapore family office, subject to minimum spending and professional-headcount conditions. Section 13U covers larger funds with a S$50 million minimum fund size. Meeting the investment-professional headcount for these incentives is exactly what the ONE Pass or an Employment Pass for the principal supports, because the principal and hired professionals provide the local substance the Monetary Authority of Singapore expects.
Cost, timeline and processing benchmarks
Establishing the family office and fund vehicle, plus the incentive application, typically costs S$40,000 to S$120,000 in professional fees, with ongoing annual running costs of S$150,000 or more once local professionals are hired. The GIP application review generally runs 9 to 12 months from a complete submission; the ONE Pass is faster, often decided within 4 to 8 weeks. The fund incentive application to the Monetary Authority of Singapore commonly takes 3 to 6 months. Applicants should budget for parallel workstreams rather than a strict sequence.
Common mistakes and gotchas
The most frequent error is treating the immigration application and the fund incentive as unrelated: reviewers look for coherence between the principal’s declared role and the family office substance. Others underestimate the local-spending and headcount commitments attached to 13O and 13U, or apply for the ONE Pass without the salary evidence to support it. Cross-border personal tax also catches principals out; before relocating, review the Singapore incorporation and residency considerations for foreigners so the personal and corporate positions align. Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.
Official references
Primary sources for this topic include the Monetary Authority of Singapore, the Inland Revenue Authority of Singapore and the Law Society of Singapore. Always confirm current figures and rules against these official sources.
FAQs
Can the ONE Pass holder run a family office and other businesses?
Yes. Unlike a standard Employment Pass tied to one employer, the ONE Pass permits the holder to start and operate more than one company concurrently, which fits a principal managing a family office alongside other interests.
What is the minimum AUM for the GIP family office option?
The Global Investor Programme family office route requires the principal to hold at least S$200 million in net investible assets and to establish a Singapore family office managing at least S$200 million in assets.
Does the family office need a fund tax incentive?
It is not strictly mandatory, but most principals apply for the section 13O or section 13U incentive so that specified fund income is exempt and the structure has the local substance regulators expect.
Can family members be included?
Yes. Both the ONE Pass and GIP allow the principal to sponsor eligible dependants, subject to the relevant pass conditions for spouses and children.
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.