Singapore to Simplify SFO Tax Incentives as Family Office Competition Intensifies

Singapore SFO tax incentive reforms are likely to move ahead as the Monetary Authority of Singapore seeks to keep the city competitive as a global wealth hub despite heightened scrutiny, industry observers said.

Singapore has strengthened its reputation through swift and transparent handling of a SGD3bn (USD2.2bn) money-laundering case in 2023 and scrutiny linked to Cambodia’s Prince Group, reinforcing confidence in governance standards.

MAS has proposed streamlining documentation, easing certain reporting requirements and expanding eligible investments under the Singapore SFO tax incentive framework, while potentially requiring clearer proof of source of wealth.

Advisers said the aim is to balance competitiveness with Hong Kong and Dubai while preserving regulatory integrity.