Family Office Principal track under ONE Pass and GIP — Timeline and processing benchmarks
The family office principal track under ONE Pass and GIP lets the founder or key principal of a Singapore single family office secure long-term residence while the office applies for tax incentives. This guide sets out the eligibility, salary and investment thresholds, timelines and the interaction between immigration status and the Section 13O and 13U regimes.
Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.
This guide is written for the practitioners and business owners who deal with this in Singapore, with current 2026 figures, timelines and the statutory references that matter.
Why principals combine a family office with an immigration track
Setting up a single family office in Singapore usually pairs a fund vehicle applying for tax incentives with a personal residence pathway for the principal who directs it. The two most relevant pathways are the Overseas Networks and Expertise Pass (ONE Pass) administered by the Ministry of Manpower and the Global Investor Programme (GIP) administered by the Economic Development Board.
The choice depends on whether the principal wants an employment-based pass tied to earnings (ONE Pass) or a direct route to Permanent Residence linked to investment (GIP). Many principals begin on ONE Pass and pursue GIP once the family office is capitalised.
ONE Pass eligibility and salary threshold
The ONE Pass is a five-year personalised work pass for high earners. The qualifying benchmark is a fixed monthly salary of at least S$30,000 (S$360,000 a year) with an established employer, or a demonstrable track record for those establishing a new entity such as a family office. The pass is issued under the Employment of Foreign Manpower Act 1990 and its regulations.
Unlike the Employment Pass, the ONE Pass is not tied to a single employer and allows the holder to run or work across multiple companies, which suits a principal directing both the family office and portfolio companies. The dependant’s pass covers spouse and children.
GIP thresholds for family office principals
The Global Investor Programme offers Permanent Residence to investors who commit substantial capital. For the family office route, the principal must establish a Singapore-based single family office with assets under management of at least S$200 million, of which at least S$50 million is deployed across specified categories including Singapore-listed equities, qualifying funds and private enterprises.
Numerical summary. ONE Pass: S$30,000 monthly salary threshold, five-year validity, renewable. GIP family office option: S$200 million AUM, S$50 million deployment, PR granted on approval. Government processing typically runs eight to twelve weeks for ONE Pass and six to nine months for GIP, excluding document preparation.
Interaction with Section 13O and 13U tax incentives
The family office fund vehicle itself usually applies to the Monetary Authority of Singapore for exemption under Section 13O or Section 13U of the Income Tax Act 1947. Section 13O covers funds managed by a Singapore family office with a minimum fund size of S$20 million, while Section 13U covers larger mandates with a S$50 million fund size and higher business-spending and headcount requirements.
The immigration track and the tax incentive are assessed separately but are commonly presented together, because the principal’s residence supports the substance requirements MAS expects — genuine management and control exercised from Singapore.
Timeline, cost and common mistakes
A realistic end-to-end timeline is three to six months from engagement to an approved principal pass and a submitted 13O/13U application. Professional setup costs for the family office structure commonly range from S$40,000 to S$120,000 depending on complexity, excluding ongoing compliance.
Common mistakes include applying for GIP before the family office is genuinely capitalised, understating business substance, and assuming the ONE Pass salary can be paid from the fund without proper employment arrangements. Principals also underestimate the personal tax residency consequences of spending more than 183 days in Singapore.
Related guides
- Family Office Hiring in Singapore 2026: EP, PEP, ONE Pass and Sensitive Roles
- Section 13O vs 13U: Comparing Singapore Family Office Tax Incentives (2026)
- Complete Guide to Setting Up a Family Office in Singapore 2026: Section 13O vs 13U, MAS Requirements and Costs
Official references
FAQs — Family office principal track under one pass and gip
Can a principal hold ONE Pass and later apply for GIP?
Yes. Many principals begin on the ONE Pass for immediate flexibility, then apply for GIP Permanent Residence once the family office meets the S$200 million assets-under-management threshold.
Does the family office tax incentive guarantee immigration approval?
No. The Section 13O or 13U incentive and the ONE Pass or GIP are assessed by different agencies against different criteria, though genuine Singapore substance strengthens both.
What salary must a ONE Pass principal earn?
The benchmark is a fixed monthly salary of at least S$30,000, or an equivalent demonstrable track record where a new family office entity is being established.
How long does GIP approval take?
Government processing commonly runs six to nine months, on top of the time needed to establish and capitalise the family office structure.
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.