Singapore's MAS unveils enhanced tax breaks for single-family offices

The Monetary Authority of Singapore (MAS) is broadening its tax incentives for single-family offices (SFOs) to encourage more substantial, beneficial capital deployment in the country, especially in environmental and social sectors. MAS will recognize two dollars of investment for every concessional capital dollar invested, overseas climate-related investments, and all investments in non-listed Singapore companies, including private credit. Additionally, SFOs will be required to employ at least one non-family investment professional. MAS also launched the Philanthropy Tax Incentive Scheme (PTIS) for family offices, allowing for 100% tax deductions for overseas donations via qualifying intermediaries. As of 2022, Singapore had 1,100 SFOs, which managed around SGD90bn, less than 2% of the total SGD5.4tr assets managed in Singapore.