Work in Progress to Meet Family Office Tax Benefit Requirements in Singapore
The Monetary Authority of Singapore (MAS) is churning the wheels to make it easier for single-family offices to meet Family Office Tax Benefit Requirements and enjoy related tax advantages.
MAS states that some family offices had waited more than a year for their tax scheme approvals in the past, something it admitted was far from efficient. MAS has since shortened approval times to around three months and is simplifying the documentation needed for applications. The regulator is also reviewing reporting rules and plans to expand the range of investments that qualify under the scheme.
A Commitment to Global Wealth
MAS remains committed to keeping Singapore competitive as a global wealth hub and will continue improving efficiency and transparency for investors. The country’s financial sector grew by 6.8% in 2024, while private banking assets rose 19%, with nearly half of that growth from new client inflows.
A private banking working group, co-led by MAS, is further enhancing account-opening processes to make the process smoother for investors. Singapore’s family office sector has grown rapidly, rising from about 400 in 2020 to over 2,000 today, showing its strong global appeal.
Let Us Help You Secure Your Future
If you need expert help understanding or meeting Family Office Tax Benefit Requirements, contact 3E Accounting today. Our professional team can guide you through every step to ensure smooth compliance and maximum tax advantages.
