Singapore Reports More than 2,000 Single Family Offices in Singapore at the End of 2024, 1,700 Singapore Locals Employed by Single Family Offices Awarded with MAS Tax Incentives in 2023, 6 Single Family Offices Awarded SFO Tax Incentives Linked to Singapore $2.2 Billion Money Laundering Case
15th January 2025 | Hong Kong
Singapore has reported more than 2,000 single family offices (SFOs) in Singapore at the end of 2024. In 2024 July, Singapore Deputy Prime Minister & Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong reply to Singapore Parliamentary question (2/7/24) – 6 single family offices awarded SFO tax incentives linked to Singapore $2.2 billion (S$3 billion) money laundering case, tax benefits withdrawn from financial year owners or spouses were charged or convicted, tax benefits prior unable to be clawed back unless breaches of tax incentive conditions, assets forfeited exceeds tax benefits. 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. In 2024 August, MAS received 9 applications & indications of interest in 2024 from single family offices (SFOs) for the new Philanthropy Tax Incentive Scheme (PTIS), with the first reporting cycle on donations to be in 2025. Earlier in 2024 November, the Monetary Authority of Singapore (MAS) is reviewing industry proposal feedback to allow single family offices to give maximum of 10% equity to non-family key employees to allow staff to invest alongside family, with the new incentive to allow family offices to attract & retain staff. In 2024 November, Monetary Authority of Singapore (MAS) Proposed Framework for Single Family Offices (6/11/24) – Key updates include 1) Annual reporting timeline increased to 4 months after financial year-end from current 14 days at end of calendar year, 2) Timeline to notify Singapore MAS after commencement of business increased to 14 days from 7 days, 3) Will recognise family trusts & foundation assets if family office is not appointed to manage assets of charitable organizations, 4) Allows 10% limit of AUM for non-family key employees to co-invest alongside family office, 5) Allows maximum of 10% equity to non-family key employees & 1-year timeline for ex-employees to sell or divest investments, 6) Generation limit of maximum of 5 generations back from youngest generation establishing the family office in Singapore, 7) Allows parents-in-law & siblings-in-law to be included as family, 8) Legally adopted children & stepchildren are already included in definition of family. View MAS Proposed Framework for Single Family Offices here
“ Singapore Reports More than 2,000 Single Family Offices in Singapore at the End of 2024, 1,700 Singapore Locals Employed by Single Family Offices Awarded with MAS Tax Incentives in 2023, 6 Single Family Offices Awarded SFO Tax Incentives Linked to Singapore $2.2 Billion Money Laundering Case “
Singapore Reports More than 2,000 Single Family Offices in Singapore at the End of 2024, 1,700 Singapore Locals Employed by Single Family Offices Awarded with MAS Tax Incentives in 2023, 6 Single Family Offices Awarded SFO Tax Incentives Linked to Singapore $2.2 Billion Money Laundering Case
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