top of page

New rules on Singapore family office-related tax incentives take effect

The Monetary Authority of Singapore has announced the tightening of requirements for family office-related tax incentives effective April 18. For family offices registering under Section 13O – locally incorporated structures – the minimum fund size has been set at SGD10m (USD7.4m) at the point of application and with the commitment to increase to SGD20m within two years. In addition, such family offices must have a minimum of two investment professionals with a one-year grace period for hiring the second professional and minimum local business spending of SGD200,000, subject to tiered criteria based on the assets under management. As for family offices seeking the 13U qualification, there is a new rule to employ at least one non-family member out of the three required investment professionals. The minimum local business spending has been raised from SGD200,000 to SGD500,000.

bottom of page