Once you decide on Singapore: what to do, and in what order

hnwi.sg is a landing handbook: it answers the practical question of what a high-net-worth family does, and in what order, once it has decided to base itself in Singapore. It covers residency routes, the landing timeline, bank accounts, tax residence, housing, schooling, medical insurance, the family insurance portfolio and an annual compliance calendar. It does not cover wealth-planning methodology, product comparisons or specific solutions; those sit on sister sites in the same network. The full handbook is written in Simplified Chinese; this page is the English summary.

Landing is a sequence of five stages

Most relocation problems come from doing the right things in the wrong order. A bank may ask for a pass before opening an account; a school place may depend on the child's pass; a tax-residence position depends on how many days the family actually spends in Singapore. The handbook therefore organises everything into five stages.

Each stage has its own page in the Chinese handbook. The ten-step process page turns the table into a timeline running from choosing a route to the end of the first year.

Residency routes and family members

Singapore's residency routes rest on employment, entrepreneurship, an investment programme or family ties. Buying property or an insurance policy does not, by itself, create any right to apply. Every route below is assessed by the relevant authority, and none comes with a guarantee of approval.

Family arrangements matter as much as the main pass. EP and S Pass holders earning a fixed monthly salary of at least S$6,000 can apply for Dependant's Passes for a spouse and unmarried children under 21; parents need a Long-Term Visit Pass, which requires a fixed monthly salary of at least S$12,000 (MOM). A dependant spouse who wants to work generally needs their own work pass, although Dependant's Pass holders who set up or run a business can apply for a Letter of Consent, and spouses of ONE Pass holders can work on one. In 2025, 35,352 people were granted permanent residence (Population in Brief 2026, data from ICA).

Bank accounts, tax residence and CRS are three different questions

Families often treat their pass, their tax residence and their CRS reporting jurisdiction as one thing. They are not.

• Pass status decides whether you may live and work in Singapore.
• Tax residence is decided by IRAS. A foreigner is generally resident for a year if they stayed or worked in Singapore for at least 183 days in the previous calendar year, or for three consecutive years, or across two calendar years totalling 183 days of employment (with exceptions for company directors, public entertainers and professionals). The top resident rate is 24% on chargeable income above S$1 million.
• CRS reporting follows tax residence declared to the bank or insurer. Singapore has exchanged financial account information under the Common Reporting Standard since September 2018, and cash-value insurance contracts are reportable.

Opening a bank account involves customer due diligence, including source-of-funds and source-of-wealth checks and a CRS self-certification. For mainland Chinese families, tax residence in Singapore does not automatically end obligations at home: a resident individual under the PRC Individual Income Tax Law must declare foreign income between 1 March and 30 June of the following year. Specialist tax advice in each jurisdiction is essential.

Housing, schooling and medical cover

Housing. Private residential tenancies must be for at least three consecutive months (URA). Foreigners may buy condominium units without approval, but landed homes require prior approval from the Singapore Land Authority, and a foreigner pays 60% Additional Buyer's Stamp Duty on any residential purchase (IRAS, for purchases from 27 April 2023). Permanent residents pay 5% on a first home.

Schooling. International students can apply for government schools through the AEIS and S-AEIS admissions tests or by applying directly to schools; places are not guaranteed and depend on test performance (MOE). Children holding a valid Dependant's Pass or Long-Term Visit Pass do not need a Student's Pass for full-time, non-religious studies (ICA).

Medical cover. MediShield Life automatically covers all Singapore citizens and permanent residents for life. Integrated Shield Plans add a private insurance layer for higher ward classes or private hospitals. Families holding only passes are outside MediShield Life's listed coverage and usually rely on employer group cover or private medical insurance.

Building protection, then keeping everything in good standing

The handbook uses a four-layer reading framework rather than a product list: hospital cover first, then life cover for income and debts, then critical illness, accident, disability, helper and home cover, and finally savings, legacy policies and beneficiary nominations. Employers of migrant domestic workers must buy medical insurance with an annual claim limit of at least S$60,000 and personal accident cover of at least S$60,000 (MOM). Under the Policy Owners' Protection Scheme, guaranteed benefits of Singapore-licensed life insurers are protected up to set caps, which do not extend to investment-linked benefits (SDIC). hnwi.sg does not recommend insurers or products.

After landing, the calendar becomes the main tool:

1. File Singapore income tax between 1 March and 18 April each year.
2. Make SRS contributions by 31 December if you want relief for the following Year of Assessment.
3. Track pass and Re-Entry Permit expiry dates. Since 1 December 2025, a PR who leaves without a valid REP, or whose REP lapses overseas, must apply within 180 days or lose PR status (ICA).
4. Remember that sons who obtain PR through their parents are liable for National Service from age 16½.
5. Keep mainland Chinese filing dates and any other home-country deadlines on the same calendar.

Who this handbook is for

hnwi.sg is written for business owners, senior professionals and family-office principals weighing a move, for families already holding passes who are planning the first year, and for lawyers, accountants and advisers who need a neutral checklist. It is not an immigration agency, law firm, bank or insurer, and it does not submit applications or promise outcomes. All figures are dated and sourced to official pages; check the latest version before acting. If you would like the rules interpreted for your own circumstances, you can register your needs through the contact options on this site.