Singapore has recently increased the threshold for the Global Investor Programme as an attempt to raise the bar for ultra-high-net-worth individuals and families to relocate to Singapore.
Singapore is considered one of the best Asian countries to live in. Widely known for its incredible scenery, clean streets, safe neighbourhoods and excellent healthcare system, Singapore is a popular destination for expats. Coincidentally, Singapore is also a popular jurisdiction for Family Offices. It has a robust Family Office ecosystem and financial infrastructures that offers a multitude of investment opportunities and caters to the various needs of Family Offices. Additionally, Singapore’s political stability and strong rule of law make it an ideal destination for Family Offices to boom. The country is often viewed as a “safe haven” amid rising geopolitical tensions and uncertainties in the post-pandemic world. As a result, many high-net-worth individuals and families are now seeking to relocate to Singapore by setting up a Family Office.
Singapore’s Global Investor Programme, also known as the ‘Golden Visa’, grants permanent residency status to people who drive economic growth in the country. Eligible applicants can apply under one of the three options to obtain permanent residency status for up to three generations of their family members. Option C of the Global Investor Programme is targeted at Family Office Principals or high-net-worth individuals looking to set up their Family Office in Singapore. Under the new changes, applicants that chose option C are required to establish a Singapore-based Family Office with Assets Under Management (AUM) of at least S$200 million.
A successful Global Investor Programme candidate would be issued a re-entry permit for five years upon the approval of their permanent residency. This re-entry permit enables the holder to retain their status while travelling. One of the revised renewal conditions of the re-entry permit has a direct impact on the recruitment of Family Offices in Singapore. Applicants that chose option C are now required to hire at least 5 incremental Family Office professionals, of which at least 3 must be Singapore citizens, by the fifth year of their permanent residency status. The new stringent requirements are anticipated to attract high-quality investors that are genuinely interested in establishing roots in Singapore and creating employment opportunities for the local workforce.
With the exceptional talent pool in Singapore, it may not seem difficult to fulfil the new requirements as there is an abundance of highly competent professionals. However, Family Office is by nature a very personal workplace unlike other corporations, it is crucial to hire a cultural fit that shares the same culture and values. Moreover, roles within Family Offices can be multifaceted, candidates are often required to go above and beyond what their job title suggests. Family Offices also require a high level of discretion and confidentiality as generational wealth is at stake. This requires candidates to possess a unique set of skills and attributes. These factors have posed challenges to recruitment for Family Offices. As a result, hiring for a Family Office from scratch can be challenging.
With the help of a recruitment specialist, you will have a structured approach to hiring and identifying the most qualified candidates for your Family Office. Ultimately, finding the right candidate for a Family Office takes time and effort, and investing in the recruitment process will pay off in the long run by bringing competent and trustworthy staff on board. Agreus is an established full-service resources and recruitment consultancy dedicated to working exclusively with Family Offices. We have established a global presence and have recently expanded to Asia by setting up an office in Singapore. We offer a bespoke service that is tailored to each Family Office, and we specialise in placing entry-level through to executive-level professionals within investments, legal, finance and operational roles. For a more tailored conversation about hiring for your Family Office, please do not hesitate to get in touch.
To read more about the issues and challenges of Family Office recruitment please visit: