Banking, Residency and Tax Residence: 20 Questions on the EP, PR, GIP, the 183-Day Test and CRS

This page answers the 20 most common questions about opening accounts, obtaining residency and determining tax residence in Singapore. Each answer gives the conclusion first, then the source and its limits. This page does not provide immigration or tax services: passes and residency are decided by the Ministry of Manpower (MOM), the Immigration & Checkpoints Authority (ICA) and the Economic Development Board (EDB) under their own criteria, and tax matters are governed by the Inland Revenue Authority of Singapore (IRAS) and the rules of the relevant jurisdiction. Neither buying insurance nor opening an account is a basis for any residency application. For questions on arranging insurance itself, see Protection: 22 questions; for the overall order of things for newly arrived families, see New residents and cross-border families: 20 questions.

Opening an account: documents, source of funds and deposit insurance

What documents does a foreigner usually need to open a personal bank account in Singapore?

Usually a passport, a pass (such as an EP card), recent proof of address and a tax residency self-certification; each bank sets its own list. Basis: MAS Notice 626 requires banks to obtain, and verify from reliable sources, the customer's full name, identification number, residential address, date of birth and nationality (version of 2024-03-28).

Can non-residents open an account remotely?

They can apply, but whether the process can be completed remotely depends on the conditions each bank publishes. MAS Notice 626 permits non-face-to-face account opening, provided the due diligence is at least as robust as for face-to-face onboarding. Bank-by-bank document lists are at Documents for opening a bank account in Singapore.

How does source of funds differ from source of wealth?

Source of funds is where a particular sum of money came from, such as salary or the proceeds of a property sale. Source of wealth is how your overall assets were built up, such as running a business or an inheritance. Both may be asked about when opening an account or applying for a large policy, and where the customer is a politically exposed person (PEP), institutions must establish both under MAS Notice 626.

How much does Singapore's deposit insurance cover, and are foreign-currency deposits covered?

Generally only Singapore-dollar deposits are covered: up to S$100,000 per depositor per scheme member, with deposits at different branches of the same bank aggregated (MoneySense, updated 2026-09-28; the limit was raised from S$75,000 with effect from 2024-04-01). Foreign-currency deposits, structured deposits, shares and unit trusts are not covered. Insurance policies are dealt with under a separate scheme, the Policy Owners' Protection Scheme (PPF); see Claims and servicing: 20 questions.

How should private banking thresholds be understood?

Private banking thresholds are set by each bank and are not regulatory thresholds. They are often measured in investable assets or assets under management, and banks often require clients to qualify as Accredited Investors (AIs). The two primary criteria for an individual AI are net personal assets above S$2 million or income of at least S$300,000 in the past 12 months, and the individual must actively opt in (MAS, 2015-09-22); criteria based on financial assets are set out in the current text of the Securities and Futures Act. Meeting a threshold does not mean approval.

Further reading: Documents for opening a bank account in Singapore, Priority banking and private banking thresholds

Residency: the EP, ONE Pass, GIP and family offices

The table below summarises the official thresholds only; the full conditions are on each agency's pages.

What is the minimum monthly salary for an Employment Pass (EP), and how will it change in 2027?

The EP minimum qualifying salary rises with age: currently from S$5,600 for most sectors and S$10,700 at age 45 and above, and in financial services from S$6,200 up to S$11,800 (MOM, updated 2026-04-28). For new applications from 2027-01-01 it rises to S$6,000 up to S$11,500, and in financial services S$6,600 up to S$12,700; for renewals, the change applies from 2028-01-01.

What is the COMPASS points framework?

COMPASS is the second stage of the EP assessment. Applications must score 40 points to pass, with criteria covering salary, qualifications, the nationality diversity of the firm's workforce and its support for local employment, plus bonus criteria (MOM). Cases such as a fixed monthly salary of at least S$22,500 are exempt. The rules change from time to time; the MOM website prevails.

Who is the ONE Pass for?

The ONE Pass is for high earners and for people with outstanding achievements in sports, arts and culture, or academia and research: a fixed monthly salary of at least S$30,000 in the past 12 months, or an equivalent salary to be earned with an established company in Singapore (MOM, updated 2026-09-14), with each renewal for 5 years. It allows the holder to work for several companies at once, but whether it is issued is still for MOM to decide.

What are the three current options under the Global Investor Programme (GIP)?

Since 2023-03-15, the GIP has had three options (EDB, 2023-03-02): A, invest at least S$10 million in a new or existing business and meet employment requirements; B, invest S$25 million in a GIP-select fund; C, set up a single family office with AUM of at least S$200 million, of which at least S$50 million is deployed into qualifying investments. The EDB main page does not list the amounts, so check the latest factsheet before applying.

What AUM thresholds apply for a single family office seeking the 13O / 13U tax incentives?

Under MAS FDD Cir 05/2026 (2026-07-31), a single family office's 13O / 13OA fund must have designated investments of at least S$20 million at application and at the end of each basis period, and at least S$50 million for 13U. Funds approved on or after 2026-08-01 must hold a private banking account with a MAS-licensed financial institution at application and in each basis period; funds already enjoying the incentive have transitional arrangements. Requirements on investment professionals, local business spending and capital deployment must also be met, and the incentive is subject to MAS approval.

Can foreigners on an EP join CPF?

Generally not. Employers must pay CPF for citizen and PR employees earning more than S$50 a month, and foreign employees who are neither citizens nor PRs are exempt (CPF Board, 2026-06-22). EP holders start contributing only after becoming PRs, at graduated rates for the first two years and at full rates from the third year (CPF Board). For retirement savings, foreigners can look at voluntary arrangements such as the SRS.

Further reading: Relocation and residency pathways, GIP and single family offices, 13O/13U tax incentives

Tax residence: 183 days, tax rates and dual residence

How do you work out whether you are a Singapore tax resident?

Citizens and PRs are usually tax residents if they reside in Singapore. For foreigners, the general test is whether they stayed or worked in Singapore for at least 183 days in the previous calendar year (IRAS, updated 2026-05-12). Two administrative concessions also apply: employment spanning two calendar years with a continuous stay of at least 183 days, or living and working in Singapore for three consecutive years, can qualify you as a resident. The first concession does not apply to directors, public entertainers or professionals.

What is Singapore's top personal income tax rate?

Resident individuals are taxed at progressive rates. From YA 2024, the top marginal rate is 24%, applying to chargeable income above S$1,000,000 (IRAS, updated 2026-04-27). Non-residents' other income, such as director's fees and consultancy fees, is generally taxed at 24%. Rates may change with the Budget; the figures IRAS publishes for the year prevail.

How is a non-resident's employment income taxed?

A non-resident's employment income is taxed at a flat 15% or at resident progressive rates, whichever gives the higher tax, and non-residents generally cannot claim personal reliefs (IRAS). Residence status is determined for each Year of Assessment, so the same person may be a non-resident one year and a resident the next.

How does tax residence affect buying insurance and claiming tax relief?

The effect is mainly on tax relief and reporting; it generally does not affect whether you can buy insurance. Life Insurance Relief can be claimed only if your CPF contributions in the previous year were less than S$5,000 (IRAS, updated 2026-08-10), so it applies narrowly. Relief on SRS contributions requires tax residence in that year (IRAS, updated 2026-08-14). The tax residency self-certification you give when applying also decides which jurisdiction receives the CRS information.

What if you meet the tax residence tests of two jurisdictions?

You may become a dual tax resident. Singapore has avoidance of double taxation agreements with many countries and territories, and these usually contain tie-breaker rules that look in turn at permanent home, centre of vital interests and habitual abode; the text of the agreement and the decisions of the two tax authorities prevail. Your CRS self-certification must list every jurisdiction of tax residence and tax identification number, and in cross-border situations you should take tax advice in both places.

Further reading: Tax residence, Singapore residency and tax solutions

CRS and reporting: policies, self-certification and overseas income

Will a Singapore policy be reported under the CRS?

Policies with a cash value generally will be. Licensed insurers that issue cash value insurance or annuity contracts are "specified insurance companies" and must report the year-end cash value or surrender value (IRAS, updated 2026-09-09; Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016). Singapore has exchanged information since 2018-09. Pure protection policies without a cash value are usually not reportable accounts, subject to the insurer's determination.

What changes under the amended CRS from 2027?

The amended CRS takes effect in Singapore on 2027-01-01, and Singapore expects to exchange information under the amended standard from 2028 (IRAS, updated 2026-09-09). The amendments come from the OECD's updated text and include extending coverage to certain electronic money products and adding reporting fields; IRAS guidance sets out the details.

Why must the tax residency self-certification be completed truthfully?

Because it decides which jurisdiction receives your account information, and false declarations have legal consequences. IRAS states that knowingly providing false tax residency information can result in a fine of up to S$10,000, imprisonment of up to 2 years, or both (IRAS, updated 2021-10-19). If you do not provide a self-certification, the financial institution may refuse to open the account or may have to report to IRAS. Update it yourself when your residence changes.

Is overseas income remitted to Singapore taxed?

Under Singapore's current rules, foreign-sourced income received by individuals is generally not taxed, including foreign income deposited into a Singapore bank account (IRAS, updated 2026-03-02). Exceptions include income received through a Singapore partnership and overseas employment income that is incidental to Singapore employment. This covers only the Singapore side; whether the income is taxed where it arose or in your previous country of residence is a separate question, so consult a tax professional.

Further reading: CRS and tax identification numbers, Tax residence and CRS for Hong Kong and Singapore VUL

If you need these rules applied to your own situation, you can register an enquiry through the contact options on this site.