There are generally no restrictions governing cross-border portfolio investments. There are no exchange controls under Monetary Authority of Singapore (MAS) authority.

Capital Inflow

There are no restrictions on the purchase of money-market instruments, bonds, or equity shares by nonresidents. Foreign currency receipts by domestic firms may be held in foreign currency.

Capital Outflow

There are no restrictions on repatriation of capital and profits. Residents are also allowed to invest in securities abroad.

Nonresidents are allowed to issue bonds and equity shares. However, while all rated or unrated foreign entities are allowed to issue bonds in the domestic market, issues by unrated companies may only be sold to “sophisticated” investors (as defined under the Companies Act).
SGD proceeds of an initial public offering (IPO) or bond issuance for offshore use by nonresident financial institutions need not be converted into foreign currency prior to outward remittance.

For more details on regulations pertaining to foreign investments, refer to the section on Rules and Regulations>Market Regulation>Currency Exchange Controls.