diff --git a/packages/svelte2tsx/src/svelte2tsx/index.ts b/packages/svelte2tsx/src/svelte2tsx/index.ts
index 68a688bef..b5e2a9e65 100644
--- a/packages/svelte2tsx/src/svelte2tsx/index.ts
+++ b/packages/svelte2tsx/src/svelte2tsx/index.ts
@@ -166,11 +166,13 @@ export function svelte2tsx(
     }
 
     if (moduleScriptTag || scriptTag) {
-        const allowed = exportedNames.hoistableInterfaces.getAllowedValues();
         for (const [start, end, globals] of rootSnippets) {
             const hoist_to_module =
                 moduleScriptTag &&
-                (globals.size === 0 || [...globals.keys()].every((id) => allowed.has(id)));
+                (globals.size === 0 ||
+                    [...globals.keys()].every((id) =>
+                        exportedNames.hoistableInterfaces.isAllowedReference(id)
+                    ));
 
             if (hoist_to_module) {
                 str.move(
diff --git a/packages/svelte2tsx/src/svelte2tsx/nodes/HoistableInterfaces.ts b/packages/svelte2tsx/src/svelte2tsx/nodes/HoistableInterfaces.ts
index 7ee4de9b9..bca4a25ce 100644
--- a/packages/svelte2tsx/src/svelte2tsx/nodes/HoistableInterfaces.ts
+++ b/packages/svelte2tsx/src/svelte2tsx/nodes/HoistableInterfaces.ts
@@ -5,8 +5,9 @@ import MagicString from 'magic-string';
  * Collects all imports and module-level declarations to then find out which interfaces/types are hoistable.
  */
 export class HoistableInterfaces {
-    private import_value_set: Set<string> = new Set();
-    private import_type_set: Set<string> = new Set();
+    private module_types: Set<string> = new Set();
+    private disallowed_types = new Set<string>();
+    private disallowed_values = new Set<string>();
     private interface_map: Map<
         string,
         { type_deps: Set<string>; value_deps: Set<string>; node: ts.Node }
@@ -18,6 +19,7 @@ export class HoistableInterfaces {
         value_deps: new Set<string>()
     };
 
+    /** should be called before analyzeInstanceScriptNode */
     analyzeModuleScriptNode(node: ts.Node) {
         // Handle Import Declarations
         if (ts.isImportDeclaration(node) && node.importClause) {
@@ -30,9 +32,7 @@ export class HoistableInterfaces {
                 node.importClause.namedBindings.elements.forEach((element) => {
                     const import_name = element.name.text;
                     if (is_type_only || element.isTypeOnly) {
-                        this.import_type_set.add(import_name);
-                    } else {
-                        this.import_value_set.add(import_name);
+                        this.module_types.add(import_name);
                     }
                 });
             }
@@ -41,9 +41,7 @@ export class HoistableInterfaces {
             if (node.importClause.name) {
                 const default_import = node.importClause.name.text;
                 if (is_type_only) {
-                    this.import_type_set.add(default_import);
-                } else {
-                    this.import_value_set.add(default_import);
+                    this.module_types.add(default_import);
                 }
             }
 
@@ -54,40 +52,17 @@ export class HoistableInterfaces {
             ) {
                 const namespace_import = node.importClause.namedBindings.name.text;
                 if (is_type_only) {
-                    this.import_type_set.add(namespace_import);
-                } else {
-                    this.import_value_set.add(namespace_import);
+                    this.module_types.add(namespace_import);
                 }
             }
         }
 
-        // Handle top-level declarations
-        if (ts.isVariableStatement(node)) {
-            node.declarationList.declarations.forEach((declaration) => {
-                if (ts.isIdentifier(declaration.name)) {
-                    this.import_value_set.add(declaration.name.text);
-                }
-            });
-        }
-
-        if (ts.isFunctionDeclaration(node) && node.name) {
-            this.import_value_set.add(node.name.text);
-        }
-
-        if (ts.isClassDeclaration(node) && node.name) {
-            this.import_value_set.add(node.name.text);
-        }
-
-        if (ts.isEnumDeclaration(node)) {
-            this.import_value_set.add(node.name.text);
-        }
-
         if (ts.isTypeAliasDeclaration(node)) {
-            this.import_type_set.add(node.name.text);
+            this.module_types.add(node.name.text);
         }
 
         if (ts.isInterfaceDeclaration(node)) {
-            this.import_type_set.add(node.name.text);
+            this.module_types.add(node.name.text);
         }
     }
 
@@ -103,9 +78,7 @@ export class HoistableInterfaces {
                 node.importClause.namedBindings.elements.forEach((element) => {
                     const import_name = element.name.text;
                     if (is_type_only) {
-                        this.import_type_set.add(import_name);
-                    } else {
-                        this.import_value_set.add(import_name);
+                        this.module_types.add(import_name);
                     }
                 });
             }
@@ -114,9 +87,7 @@ export class HoistableInterfaces {
             if (node.importClause.name) {
                 const default_import = node.importClause.name.text;
                 if (is_type_only) {
-                    this.import_type_set.add(default_import);
-                } else {
-                    this.import_value_set.add(default_import);
+                    this.module_types.add(default_import);
                 }
             }
 
@@ -127,9 +98,7 @@ export class HoistableInterfaces {
             ) {
                 const namespace_import = node.importClause.namedBindings.name.text;
                 if (is_type_only) {
-                    this.import_type_set.add(namespace_import);
-                } else {
-                    this.import_value_set.add(namespace_import);
+                    this.module_types.add(namespace_import);
                 }
             }
         }
@@ -167,9 +136,9 @@ export class HoistableInterfaces {
                 }
             });
 
-            if (this.import_type_set.has(interface_name)) {
-                // shadowed; delete because we can't hoist
-                this.import_type_set.delete(interface_name);
+            if (this.module_types.has(interface_name)) {
+                // shadowed; we can't hoist
+                this.disallowed_types.add(interface_name);
             } else {
                 this.interface_map.set(interface_name, {
                     type_deps: type_dependencies,
@@ -193,9 +162,9 @@ export class HoistableInterfaces {
                 generics
             );
 
-            if (this.import_type_set.has(alias_name)) {
-                // shadowed; delete because we can't hoist
-                this.import_type_set.delete(alias_name);
+            if (this.module_types.has(alias_name)) {
+                // shadowed; we can't hoist
+                this.disallowed_types.add(alias_name);
             } else {
                 this.interface_map.set(alias_name, {
                     type_deps: type_dependencies,
@@ -209,29 +178,21 @@ export class HoistableInterfaces {
         if (ts.isVariableStatement(node)) {
             node.declarationList.declarations.forEach((declaration) => {
                 if (ts.isIdentifier(declaration.name)) {
-                    this.import_value_set.delete(declaration.name.text);
+                    this.disallowed_values.add(declaration.name.text);
                 }
             });
         }
 
         if (ts.isFunctionDeclaration(node) && node.name) {
-            this.import_value_set.delete(node.name.text);
+            this.disallowed_values.add(node.name.text);
         }
 
         if (ts.isClassDeclaration(node) && node.name) {
-            this.import_value_set.delete(node.name.text);
+            this.disallowed_values.add(node.name.text);
         }
 
         if (ts.isEnumDeclaration(node)) {
-            this.import_value_set.delete(node.name.text);
-        }
-
-        if (ts.isTypeAliasDeclaration(node)) {
-            this.import_type_set.delete(node.name.text);
-        }
-
-        if (ts.isInterfaceDeclaration(node)) {
-            this.import_type_set.delete(node.name.text);
+            this.disallowed_values.add(node.name.text);
         }
     }
 
@@ -281,13 +242,26 @@ export class HoistableInterfaces {
                     continue;
                 }
 
-                const can_hoist = [...deps.type_deps, ...deps.value_deps].every((dep) => {
-                    return (
-                        this.import_type_set.has(dep) ||
-                        this.import_value_set.has(dep) ||
-                        hoistable_interfaces.has(dep)
-                    );
-                });
+                let can_hoist = true;
+
+                for (const dep of deps.type_deps) {
+                    if (this.disallowed_types.has(dep)) {
+                        this.disallowed_types.add(interface_name);
+                        can_hoist = false;
+                        break;
+                    }
+                    if (this.interface_map.has(dep) && !hoistable_interfaces.has(dep)) {
+                        can_hoist = false;
+                    }
+                }
+
+                for (const dep of deps.value_deps) {
+                    if (this.disallowed_values.has(dep)) {
+                        this.disallowed_types.add(interface_name);
+                        can_hoist = false;
+                        break;
+                    }
+                }
 
                 if (can_hoist) {
                     hoistable_interfaces.set(interface_name, deps.node);
@@ -301,11 +275,7 @@ export class HoistableInterfaces {
                 ...this.props_interface.type_deps,
                 ...this.props_interface.value_deps
             ].every((dep) => {
-                return (
-                    this.import_type_set.has(dep) ||
-                    this.import_value_set.has(dep) ||
-                    hoistable_interfaces.has(dep)
-                );
+                return !this.disallowed_types.has(dep) && !this.disallowed_values.has(dep);
             });
 
             if (can_hoist) {
@@ -328,7 +298,7 @@ export class HoistableInterfaces {
         if (!this.props_interface.name) return;
 
         for (const generic of generics) {
-            this.import_type_set.delete(generic);
+            this.disallowed_types.add(generic);
         }
 
         const hoistable = this.determineHoistableInterfaces();
@@ -362,8 +332,8 @@ export class HoistableInterfaces {
         }
     }
 
-    getAllowedValues() {
-        return this.import_value_set;
+    isAllowedReference(reference: string) {
+        return !this.disallowed_values.has(reference);
     }
 
     /**
diff --git a/packages/svelte2tsx/test/svelte2tsx/samples/snippet-module-hoist-1.v5/expectedv2.ts b/packages/svelte2tsx/test/svelte2tsx/samples/snippet-module-hoist-1.v5/expectedv2.ts
index 69587fe79..0c2610728 100644
--- a/packages/svelte2tsx/test/svelte2tsx/samples/snippet-module-hoist-1.v5/expectedv2.ts
+++ b/packages/svelte2tsx/test/svelte2tsx/samples/snippet-module-hoist-1.v5/expectedv2.ts
@@ -18,6 +18,11 @@ import { imported } from './x';
      { svelteHTML.createElement("div", {});module; }
 };return __sveltets_2_any(0)};  const hoistable7/*Ωignore_positionΩ*/ = ()/*Ωignore_startΩ*/: ReturnType<import('svelte').Snippet>/*Ωignore_endΩ*/ => { async ()/*Ωignore_positionΩ*/ => {
      { svelteHTML.createElement("div", {});imported; }
+};return __sveltets_2_any(0)};  const hoistable8/*Ωignore_positionΩ*/ = ()/*Ωignore_startΩ*/: ReturnType<import('svelte').Snippet>/*Ωignore_endΩ*/ => { async ()/*Ωignore_positionΩ*/ => {
+     { svelteHTML.createElement("div", {});global; }
+};return __sveltets_2_any(0)}; const hoistable9/*Ωignore_positionΩ*/ = (props: HTMLAttributes<HTMLDivElement>)/*Ωignore_startΩ*/: ReturnType<import('svelte').Snippet>/*Ωignore_endΩ*/ => { async ()/*Ωignore_positionΩ*/ => {  };return __sveltets_2_any(0)}; const hoistable10/*Ωignore_positionΩ*/ = (foo)/*Ωignore_startΩ*/: ReturnType<import('svelte').Snippet>/*Ωignore_endΩ*/ => { async ()/*Ωignore_positionΩ*/ => {
+  const bar = foo;
+  bar;
 };return __sveltets_2_any(0)};function render() {
   const not_hoistable/*Ωignore_positionΩ*/ = ()/*Ωignore_startΩ*/: ReturnType<import('svelte').Snippet>/*Ωignore_endΩ*/ => { async ()/*Ωignore_positionΩ*/ => {
      { svelteHTML.createElement("div", {});foo; }
@@ -40,6 +45,12 @@ async () => {
 
 
 
+
+
+
+
+
+
 
 
 
diff --git a/packages/svelte2tsx/test/svelte2tsx/samples/snippet-module-hoist-1.v5/input.svelte b/packages/svelte2tsx/test/svelte2tsx/samples/snippet-module-hoist-1.v5/input.svelte
index 924dc61aa..fd7c1c4fd 100644
--- a/packages/svelte2tsx/test/svelte2tsx/samples/snippet-module-hoist-1.v5/input.svelte
+++ b/packages/svelte2tsx/test/svelte2tsx/samples/snippet-module-hoist-1.v5/input.svelte
@@ -35,6 +35,19 @@
     <div>{imported}</div>
 {/snippet}
 
+{#snippet hoistable8()}
+    <div>{global}</div>
+{/snippet}
+
+{#snippet hoistable9(props: HTMLAttributes<HTMLDivElement>)}
+    Referencing global types
+{/snippet}
+
+{#snippet hoistable10(foo)}
+  {@const bar = foo}
+  {bar}
+{/snippet}
+
 {#snippet not_hoistable()}
     <div>{foo}</div>
 {/snippet}