Advertisement
Singapore has reduced the waiting time for tax incentives for family offices from 12 months to three months. This move aims to attract ultra-rich individuals and strengthen Singapore's position as a global wealth hub. The number of single family offices in Singapore surged to 2,000 in 2024, a 21% increase. Despite growth, the Monetary Authority of Singapore (MAS) has faced scrutiny over anti-money laundering safeguards, leading to fines for financial institutions after a major laundering case. Singapore seeks to balance attracting wealth with maintaining financial integrity.
Singapore has recently streamlined the process for affluent individuals to establish family offices. This initiative aims to attract global wealth and strengthen Singapore's position as a financial hub by reducing the waiting time for tax incentives. Advertisement
The Monetary Authority of Singapore (MAS) has reduced the waiting time for tax incentives for family offices from 12 months to just three months. This effort, along with measures to expedite account setups for wealthy clients, aims to solidify Singapore's position as a global wealth hub.
The number of single family offices in Singapore increased to 2,000 in 2024, reflecting a 21% rise in one year. This growth is linked to Singapore's favorable tax regime, its political stability, and its role as a regional investment base.
The Indian diaspora is influencing Singapore's family office landscape, with nearly 60% of Asia's family offices now based in Singapore. Many Indian families are shifting their investments from traditional holdings like real estate and gold to a more diversified mix of public equities, private capital, and start-up investments. Indian family offices have participated in over 200 start-up funding rounds in the past two decades.
Despite these efforts to attract wealth, Singapore has faced scrutiny regarding its anti-money laundering safeguards. This followed a money laundering case in 2023, which led to the seizure of SGD 3 billion in assets. This stance aims to balance attracting wealth with maintaining financial integrity.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
