GIFT City Funds for Singapore NRIs: Tax, Eligibility and How to Invest (2026)
By Anup Vatyani, AMFI-registered Mutual Fund Distributor (ARN 106715)
Last reviewed October 2026
The short answer. NRIs in Singapore can invest in GIFT City funds in US Dollars from a Singapore bank account, with no LRS or TCS. Singapore does not tax capital gains, and foreign-sourced income received by resident individuals is generally exempt, so the Indian treatment of the fund matters most. Unlike the UAE dirham, the Singapore dollar floats, so you carry currency risk.
Singapore NRIs and GIFT City: key facts
| Currency | Singapore dollar (floating); most GIFT City funds are in USD |
|---|---|
| Singapore tax on your investment | No capital gains tax; foreign-sourced income of resident individuals generally exempt |
| Tax treaty with India | Yes. A Singapore Certificate of Residence is usually needed to rely on it. |
| LRS or TCS? | No. Those apply only to resident Indians. |
| Main thing to check | That your activity is investing, not trading as a business |
| Lowest fund minimum | USD 500 for some retail funds |
How to invest in GIFT City from Singapore
- 1
Choose a fund
Inbound (India) or outbound (global)
- 2
Confirm Singapore eligibility
In the offer document
- 3
KYC with the fund house
Passport, pass, address proof
- 4
Transfer USD from Singapore
Or SGD converted
- 5
Units allotted
Track on the investor portal
Which GIFT City funds accept NRIs in Singapore?
Based on each fund house's published eligibility, checked 24 October 2026. Offer documents can add conditions, and most exclude sanctioned or FATF-listed countries, so confirm with the fund house before you apply. Listing is not a recommendation.
None of the fund houses we track publishes an exclusion for Singapore residents.
Lower minimums (USD 500 to USD 10,000)
- ABSL India Growth Fund (Aditya Birla Sun Life, inbound): USD 500, then multiples of USD 100.
- Edelweiss Greater China Equity Fund (Edelweiss, outbound): USD 5,000; top-ups USD 500.
- Edelweiss US Technology Equity Fund (Edelweiss, outbound): USD 5,000; top-ups USD 500.
- Marcellus Global Equities Fund (Marcellus, outbound): USD 5,000; top-ups USD 2,000.
- Parag Parikh India Flexi Cap Fund (listed as coming soon) (PPFAS (Parag Parikh), inbound): USD 10,000; top-ups USD 1,000.
- Sundaram India Mid Cap GIFT (Sundaram, inbound): USD 5,000.
- Tata India Dynamic Equity Fund (Tata, inbound): USD 500.
AIFs and restricted funds (higher minimums)
- Bandhan India Large and Mid-cap Fund, India Small Cap Fund and India Government Securities Fund (IFSC) (Bandhan): Not published; ask the fund house.
- HDFC India Flexi Cap, Balanced Advantage, Midcap Opportunities, Small Cap, NIFTY 50 and Diversified Equity FOF (HDFC): Above USD 150,000 (Class A) or above USD 50,000 (Class AR, not for US or UK investors).
- Mirae Asset Global Advantage Fund (Mirae Asset): USD 151,000; USD 25,000 for accredited investors.
- Motilal Oswal GIFT City India Equity Fund of Funds (Motilal Oswal): USD 150,000.
- Nippon India Large Cap Fund GIFT (Nippon India): USD 150,000.
- Phillip India Billion Opportunities Fund (Phillip Capital): Not published; ask the manager.
- The Wealth Company IFSC FoF (The Wealth Company): Not published; ask the fund house.
- Rangoli India Fund (Unifi Capital): Not published; ask the manager.
Full details, minimums and sources: GIFT City fund list.
How Singapore taxes GIFT City funds
- Singapore does not have a capital gains tax, so gains on selling fund units are generally not taxed for individuals who invest rather than trade.
- Foreign-sourced income received in Singapore by resident individuals is generally exempt, except when received through a Singapore partnership.
- If buying and selling is frequent enough to look like a trade, gains can be taxed as business income. Confirm your position with IRAS or an adviser.
India–Singapore tax treaty
India and Singapore have a tax treaty. To claim its benefits you usually need a Certificate of Residence from IRAS, and possibly Form 10F for the Indian side.
Indian tax for NRIs in Singapore
Many GIFT City funds are structured so that non-resident investors bear little or no Indian tax, with tax handled at the fund level; the treatment depends on the fund, so ask for it in writing. Your Indian residential status decides the rest: you are generally non-resident if you spend fewer than 182 days in India in the financial year, but a 120-day test applies if your Indian income exceeds ₹15 lakh. See GIFT City taxation.
Documents NRIs in Singapore are usually asked for
- Passport (and OCI card if you are not an Indian citizen)
- Employment Pass, S Pass, Dependant's Pass or PR card
- Singapore address proof
- PAN, if you have one
- Certificate of Residence, if you want to rely on the treaty
- FATCA and CRS self-certification
Build your own list with the document checklist.
Sending money from Singapore
Transfer US Dollars from a Singapore bank's foreign currency account, or convert Singapore dollars through your bank. Your return in Singapore dollars depends on the fund's markets, USD/SGD and, for inbound funds, the rupee. Redemptions come back in dollars. See redemption and repatriation.
Other countries
Guides for the UAE, the UK, the US, Singapore and Canada, and the Gulf and Australia on the main GIFT City for NRIs page.
Common questions
Can Singapore residents invest in GIFT City funds?
Yes. NRIs and other investors living in Singapore can invest in GIFT City funds that accept them, in US Dollars from a Singapore bank account. None of the fund houses we track publishes an exclusion for Singapore residents; confirm in the offer document.
Are GIFT City funds taxed in Singapore?
Generally not for individuals who invest rather than trade. Singapore does not tax capital gains, and foreign-sourced income received by resident individuals is generally exempt, except through a Singapore partnership.
Do I need a Singapore Certificate of Residence?
Not usually to invest, but you may need one from IRAS to claim benefits under the India–Singapore tax treaty.
Is there currency risk for Singapore NRIs in GIFT City funds?
Yes. Most GIFT City funds are in US Dollars and the Singapore dollar floats, so your return in SGD moves with USD/SGD, and for inbound funds also with the rupee.
Official sources
Rules change. Check the current position with the authority that sets it.
- IRAS — Income received from overseas — Singapore's treatment of foreign-sourced income for individuals.
- Income Tax Department — How to determine if an individual is an NRI — The 182-day, 120-day and deemed-resident tests.
- Income Tax Department, Government of India — The Income-tax Act, including Section 10(4D), and TCS rules.
- IFSCA Directory of regulated entities — Check that a Fund Management Entity is registered.
Have a question about how this works?
Anup Vatyani explains GIFT City fund structures and the investment process in plain English. Educational conversation only, not personalised advice.
Talk to AnupThis page is educational and is not investment, tax or legal advice. Figures and rules are as understood at the date shown and can change; check the official sources and the scheme's offer documents. Investments are subject to market risks; read all scheme-related documents carefully.