Singapore Family Office Tax Rules to Be Eased Amid Global Competition

Singapore family office tax rules will be eased to attract more global wealth as rival hubs such as Hong Kong, Dubai and Malaysia step up competition, Deputy Chairman Chee Hong Tat said. The Monetary Authority of Singapore is considering cutting paperwork, loosening reporting requirements and broadening eligible investments for single family offices. More than 2,000 family offices have already secured exemptions under the 13O and 13U schemes, with approval times now averaging three months compared with over a year previously. Despite tighter scrutiny following a 2023 money-laundering scandal, family offices in Singapore have expanded rapidly. The proposed adjustments reflect efforts to balance compliance with competitiveness as the city-state strengthens its role in global wealth management.