Family offices bring credit to Singapore

It is significant that the Monetary Authority of Singapore (MAS) will step up incentives and requirements to encourage single family offices (SFOs) to contribute more to environmental and social causes as well as to jobs here. About 1,100 SFOs – with each office handling the assets of only one wealthy family – were awarded tax incentives at the end of 2022. This figure was up from 700 at the end of 2021. The presence of so many SFOs attests to the attractiveness of Singapore’s geographic location, its economic and political stability, its protective rule of law, the quality of its medical and education systems, and its ability to handle the coronavirus pandemic without having caused widespread social dislocation.

All this is why the Republic is a destination of choice for the very wealthy, who face no shortage of locations for immigration where both they and their wealth will be safe.

The latest move by the MAS

will offer more opportunities to family offices to participate in an evolving economy and society. It will also sharpen the competitive edge of Singapore’s reputational advantage as a global wealth management and family office hub. This hub flourishes by offering a nurturing environment which includes tax benefits and a light-touch regulatory regime for investment activities carried out by family offices.