Singapore Family Office Tax Exemption: S$10 Million Fund Size, 2 Investment Professionals & 10% AUM in Local Investment, Effective from 18th April 2022

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Singapore Family Office Tax Exemption: S$10 Million Fund Size, 2 Investment Professionals & 10% AUM in Local Investment, Effective from 18th April 2022

15th April 2022 | Hong Kong

The Monetary Authority of Singapore (MAS) has introduced new family office tax exemption criteria for new applications from 18th April 2022, including a S$10 million minimum fund size (rising to S$20 million in 2 years), hiring 2 investment professionals, minimum of 10% of AUM or S$10 million to be invested in local investments (listed debts / securities, Singapore registered funds, private investments into Singapore companies), and minimum of S$200,000 annual business expenditure.  These are the new criteria for the Singapore Resident Fund Scheme and Enhanced-Tier Fund Tax Exemption Scheme tax incentives, provided for under sections 13O of the Income Tax Act 1947 (ITA) for fund vehicles managed by single family offices (SFOs).  For 13U, the minimum fund size of S$50 million remains, with new criteria including hiring a minimum of 3 investment professionals with at least 1 non-family member, minimum annual business expenditure of S$500,000 and minimum of 10% of AUM or S$10 million to be invested in local investments (listed debts / securities, Singapore registered funds, private investments into Singapore companies).   These new criteria comes into effect for all new applications from 18th April 2022 (Monday).

“ Family Office Tax Exemption: S$10 Million Fund Size, 2 Investment Professionals & 10% AUM in Local Investment“

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New Singapore Family Office Tax Exemption

These new criteria comes into effect for all new applications from 18th April 2022 (Monday).

13O:

For 13O, there is a S$10 million minimum fund size (rising to S$20 million in 2 years), hiring 2 investment professionals, minimum of 10% of AUM or S$10 million to be invested in local investments (listed debts / securities, Singapore registered funds, private investments into Singapore companies), and minimum of S$200,000 annual business expenditure.  These are the new criteria for the Singapore Resident Fund Scheme and Enhanced-Tier Fund Tax Exemption Scheme tax incentives, provided for under sections 13O of the Income Tax Act 1947 (ITA) for fund vehicles managed by single family offices (SFOs). 

13U:

For 13U, the minimum fund size of S$50 million remains, with new criteria including hiring a minimum of 3 investment professionals with at least 1 non-family member, minimum annual business expenditure of S$500,000 and minimum of 10% of AUM or S$10 million to be invested in local investments (listed debts / securities, Singapore registered funds, private investments into Singapore companies).  These are the new criteria for the Singapore Resident Fund Scheme and Enhanced-Tier Fund Tax Exemption Scheme tax incentives, provided for under sections 13U of the Income Tax Act 1947 (ITA) for fund vehicles managed by single family offices (SFOs).

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