Singapore Family Offices Face Stronger Competition as Tax Incentives Reviewed

Singapore family offices could benefit from revised investment incentives as the Monetary Authority of Singapore reviews tax concessions while Hong Kong expands measures to attract global wealth managers.

According to the Financial Times, the MAS is considering changes to its 10% fund manager tax concession and additional measures to reduce operating costs for investment funds.

The review comes as Hong Kong proposes broader preferential tax treatment covering funds, family-owned investment holding vehicles and carried-interest income, with qualifying carried interest becoming tax-free.

Singapore has already extended its 13O and 13U fund tax exemption schemes until 2029, while Hong Kong continues promoting direct access to mainland China's capital markets as a key advantage for international investors.

The parallel policy initiatives demonstrate intensifying competition between Asia's two leading wealth management centres to attract family offices, alternative investment managers and cross-border private capital.