The Monetary Authority of Singapore has revised its Section 13O and 13U tax incentive framework for single-family offices, raising minimum assets under management thresholds while easing certain investment restrictions and adding a local hiring requirement.
Singapore now hosts more than 2,000 single-family offices, having grown from fewer than 400 in 2020. The revised framework is intended to favour offices making a genuine long-term economic commitment to the city-state over those seeking the tax benefit alone.
Industry reaction
Wealth advisors broadly welcomed the changes as a sign of programme maturity rather than retrenchment, noting that Hong Kong and the UAE continue to compete aggressively for the same pool of relocating capital.