Singapore Cuts Family Office Tax Incentive Wait to 3 Months

Singapore will shorten the waiting period for wealthy individuals establishing family offices to access tax incentives from 12 months to just three, the Monetary Authority of Singapore (MAS) has announced. The move is part of broader efforts to streamline regulatory processes and cement Singapore’s status as a leading global wealth hub.

The MAS is also working closely with financial institutions to expedite the opening of bank accounts, addressing delays that have arisen from heightened scrutiny following high-profile money laundering cases. In 2024, the number of single-family offices in Singapore rose to 2,000 — a 21% increase from the previous year — underscoring persistent investor confidence.

Singapore remains attractive due to its stable political climate, favourable tax regime, and strategic position in Asia. However, concerns persist regarding anti-money laundering controls, following the seizure of over USD3bn in illicit assets in a major 2023 scandal.