Singapore MAS Chairman Gan Kim Yong: Single Family Offices Do Not Qualify for Tax Incentives for Investments in Local Shophouses or Immovable Properties, Family Offices Have Little Impact on Commercial Properties, Residential Properties & Inflation
3rd July 2024 | Hong Kong
Singapore Deputy Prime Minister & Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong reply to Singapore Parliamentary question (2/7/24) – Single family offices do not qualify for tax incentives for investments in local shophouses or immovable properties, and family offices have little impact on commercial properties, residential properties & inflation. Gan Kim Yong (2/7/24): “Investments made by single family offices in local shophouses or any Singapore immovable properties are not eligible investments under the tax incentive schemes for single family offices. Accordingly, there is little impact on demand on local shophouses and properties arising from such schemes. It has also been explained in earlier Parliamentary Sittings that family offices have little impact on commercial and residential properties and inflation.”
“ Singapore MAS Chairman Gan Kim Yong: Single Family Offices Do Not Qualify for Tax Incentives for Investments in Local Shophouses or Immovable Properties, Family Offices Have Little Impact on Commercial Properties, Residential Properties & Inflation “
Singapore MAS Chairman Gan Kim Yong: Single Family Offices Do Not Qualify for Tax Incentives for Investments in Local Shophouses or Immovable Properties, Family Offices Have Little Impact on Commercial Properties, Residential Properties & Inflation
Date: For Parliament Sitting on 2 July 2024
Name and Constituency of Member of Parliament
Mr Derrick Goh, MP, Nee Soon GRC
Question:
To ask the Prime Minister and Minister for Finance (a) whether investments by foreign family offices for local shophouses and assets qualify for the Fund Tax Incentive Scheme; and (b) what is being done and whether more will be done to minimise the impact of such investments on local asset demand and inflation.
Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:
1. Investments made by single family offices in local shophouses or any Singapore immovable properties are not eligible investments under the tax incentive schemes for single family offices.
2. Accordingly, there is little impact on demand on local shophouses and properties arising from such schemes. It has also been explained in earlier Parliamentary Sittings that family offices have little impact on commercial and residential properties and inflation
Oral reply by MAS to Parliamentary Question (9 May 2023) on wealth inflows and family offices; Written reply by MND to Parliamentary Question (9 Jan 2023) on investment by family offices in property pre- and post- COVID-19 pandemic
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