Tax Incentives for Single Family Offices (SFOs)

Written by Tricor Group | Jul 18, 2023

Incentives for Single Family Offices in Singapore

The family office ecosystem in Asia has experienced a boom in significance. Singapore has been quick to cement its reputation as a favorable destination for the world’s wealthiest to safely locate and grow their assets.

To encourage single family offices (SFOs) to deploy capital “ more purposefully to benefit Singapore and the region”, the Monetary Authority of Singapore (MAS) announced adjustments to its attractive tax incentives on July 5, 2023, encouraging SFOs to:

Participate in blended finance structures;
Contribute more towards creating jobs and value for the Singaporean economy;
Invest in local businesses and the local equity market;
Invest in climate-related projects; and
Support local charities and non-profit entities.

More than 1,100 family offices have been awarded tax incentives by the MAS as at the end of 2022, up from 700 at the end of 2021.

HOW CAN TRICOR HELP?

Tap into Tricor’s vast knowledge of local and global regulations, financial, tax and compliance to plan your legacy, short- and long-term goals. Our expert teams can help with family office formation, governance, accounting and tax compliance.

The breadth and depth of our services, combined with our extensive knowledge and practical experience, allows us to tailor innovation solutions to meet your family wealth planning needs.

Download Tricor Singapore's
'Tax Incentives for Single Family Offices' to learn more.

CONTACT US

For more information, please contact our Tricor Singapore team:

Cyprian Lee
Assistant Manager, Commercial, Tricor Singapore
cyprian.lee@sg.tricorglobal.com
(65) 6978 0623

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