Singapore is looking to boost its talent pool by targeting global «rainmakers» across various fields with its new long-term visa.
Last week, Singapore introduced its new visa– the Overseas Networks and Expertise (ONE) pass – which allows holders and their partners to work in the city-state for five years, as part of broader efforts to lure global talent. One of the key requirements to obtain the pass is a minimum monthly salary of S$30,000 ($21,400).
«What we are really hoping to bring to Singapore are the rainmakers,” said Ministry of Manpower Tan See Leng in an interview with «Bloomberg», highlighting the fields of science, technology, engineering, math, finance, arts, culture and sports. «It is an offensive strategy for us.»
No Application Limit
According to Tan, there will be no limit on the number of applicants for the ONE pass, underlining that the focus is on quality rather than quantity of talent. In fact, the supply of such talent is rather limited with about 7,000 qualified individuals currently residing in Singapore.
«There’s hyper competition, and we are very careful about what we reveal because we’re not going after the numbers,» Tan said. «We’re going after really the quality – it’s not the quantity.»
And on Hong Kong, Tan said the rival hub and Singapore are «very similar» and both have demonstrated the ability to «bounce back even stronger» after each crisis in the past several decades.
