Introduction: Banking for Non-Residents in Singapore
Singapore is a global hub for high-net-worth individuals (HNWIs) and institutional investors seeking secure banking solutions, wealth management, and tax-efficient investment opportunities. For non-residents, especially those from the UK and UAE, Singapore’s banking sector offers robust privacy, multi-currency accounts, and tailored financial services.
Understanding your investor classification under the Monetary Authority of Singapore (MAS) is crucial for determining eligibility and accessing the right banking products. MAS defines three main types of investors under the Securities and Futures Act (SFA), each with specific criteria and privileges.
Investor Types Defined by MAS
According to MAS, investors are classified into three primary categories:
- Accredited Investors (AI)
- Expert Investors (EI)
- Institutional Investors (II)
These classifications impact the range of investment products available and the level of regulatory protection. Here’s a closer look at each category:
1. Accredited Investors (AI)
An individual qualifies as an Accredited Investor if they meet at least one of the following criteria:
- Annual Income: At least SGD 300,000 in the preceding 12 months.
- Net Personal Assets: Exceeding SGD 2 million, with a cap of SGD 1 million attributable to their primary residence.
- Net Financial Assets: Exceeding SGD 1 million, held in cash, securities, or other liquid assets (MAS Classification).
Advantages for Accredited Investors:
- Access to a broader range of investment products, including private equity, hedge funds, and structured products.
- Potentially lower regulatory protections, requiring greater financial literacy.
Example:
A Latin American entrepreneur with USD 5 million in liquid assets qualified as an Accredited Investor, enabling them to open a private banking account in Sinapore with OCBC for wealth management and bespoke financial planning.
2. Expert Investors (EI)
Expert Investors include:
- Individuals or entities engaged in acquiring, disposing, or holding capital markets products as part of their business.
- Trustees of trusts specifically prescribed by MAS.
- Other individuals or entities as designated by MAS (ANZ Singapore Guide).
Key Features:
- Access to sophisticated investment options, including derivatives and alternative assets.
- Designed for professionals and organizations with advanced financial expertise.
Example:
A UK asset management firm operating under Expert Investor classification gained access to Singapore’s derivative markets, enhancing their Southeast Asia portfolio strategies.
3. Institutional Investors (II)
Institutional Investors represent large-scale financial entities and public bodies, including:
- Licensed Banks: Entities under the Banking Act.
- Insurance Companies: Registered under the Insurance Act.
- Pension Funds: Managing retirement assets.
- Collective Investment Schemes: Regulated by MAS.
- Government and Statutory Bodies: Such as the Singapore Government and its agencies.
- Capital Markets Services License Holders: Firms authorized to operate in the securities and derivatives markets (Funderbeam Classification).
Benefits for Institutional Investors:
- Privileged access to exclusive capital market opportunities.
- Tailored solutions for large-scale asset management and international expansion.
Example:
A UK-based pension fund set up an institutional account with DBS to manage investments in Asian real estate, leveraging Singapore’s robust capital market infrastructure.
Why Classifications Matter for Non-Residents
The investor classification determines the types of financial services and products you can access in Singapore:
| Investor Type | Key Benefits | Regulatory Protection |
|---|---|---|
| Accredited Investors | Access to high-risk, high-reward products like hedge funds | Limited compared to retail investors |
| Expert Investors | Advanced market opportunities (e.g., derivatives, alternative investments) | Lower protection due to professional expertise |
| Institutional Investors | Comprehensive solutions for large-scale asset management | Tailored frameworks, minimal retail-level protection |
How Non-Residents Can Open a Singapore Bank Account
For non-residents, especially those classified under AI, EI, or II, opening a bank account involves meeting specific compliance requirements:
1. Private Banking for HNWIs
Private banking in Singapore caters to non-residents willing to deposit a minimum of USD 2 million.
Requirements:
- Proof of Wealth: Bank statements, tax filings, or business ownership documentation.
- KYC Compliance: Passport, proof of address, and financial declarations.
- Tax Transparency: Submission of tax identification numbers for international reporting.
Features:
- Dedicated relationship managers.
- Access to global investment portfolios and family office solutions.
Example:
A UAE entrepreneur deposited USD 2.5 million with Standard Chartered Priority Banking, gaining tailored investment opportunities and estate planning services.
2. Offshore Banking for Corporate Clients
Non-resident companies can open accounts to manage trade, investments, or regional operations.
Key Requirements:
- Certificate of Incorporation (from the company’s home country).
- Board resolution authorizing account opening.
- Beneficial ownership details.
Benefits:
- Simplified cross-border transactions.
- Tax-efficient solutions under Singapore’s Double Taxation Agreements (DTAs).
Example:
A UK logistics company opened a corporate account at OCBC, enabling efficient management of Southeast Asian operations.
The Role of Easy Global Banking
Navigating Singapore’s banking environment can be challenging for non-residents. Easy Global Banking specializes in simplifying the process:
- Eligibility Assessment: Determining your investor type under MAS regulations.
- Document Preparation: Ensuring all required documentation is accurate and notarized.
- Banking Partner Selection: Matching you with the right financial institution based on your needs.
Conclusion: Your Gateway to Banking Excellence in Singapore
Singapore’s banking system offers unmatched opportunities for non-residents, particularly those classified as Accredited Investors, Expert Investors, or Institutional Investors. Whether you’re a high-net-worth individual looking for private banking services, a corporate entity managing regional operations, or an institutional investor seeking capital market opportunities, Singapore provides a secure, tax-efficient, and globally connected financial environment.
However, navigating the process can be complex. Understanding your investor classification and meeting the stringent compliance requirements is critical. That’s where Easy Global Banking can help. With tailored solutions for non-residents, we simplify account opening, ensuring a seamless experience from start to finish.
Ready to get started? Visit Easy Global Banking’s page dedicated to opening a bank account in Singapore to access expert advice and unlock the full potential of Singapore’s world-class financial services.
Don’t wait—make your move to banking excellence today!
References
- Monetary Authority of Singapore. (2025). Investor Classifications.
- ANZ Singapore. (2025). Expert Investor Information.
- Funderbeam. (2025). Institutional Investor Overview.
