Mas Looking Simplify Requirements Single Family Offices Qualify Tax Benefits
To increase accessibility and efficiency in its tax benefit programme, the Monetary Authority of Singapore (MAS) is seeking to simplify the requirements for single-family offices to qualify. This was announced by MAS deputy chairman Chee Hong Tat at the Global-Asia Family Office Summit on Sept 29.
The regulator aims to reduce the number of documents needed for application to the Single Family Office Fund tax scheme, as well as to ease reporting requirements and expand the types of eligible investments. This is in line with MAS’ efforts to continuously improve and adapt to the rapidly growing wealth management sector in Singapore.
Chee highlighted that Singapore is projected to be the fastest-growing wealth management centre through 2029, with a 6.8% growth in the financial sector in 2024. Private banking client assets also saw a significant increase of 19%, with half coming from net new inflows. However, he emphasized that this growth cannot be taken for granted and MAS will continue to strive for improvement.
MAS has already reduced the approval time for the Single Family Office tax scheme applications from over a year to just three months. Additionally, a private banking working group, co-led by MAS, is working to enhance account opening processes.
According to Young Jin Yee, co-head of UBS Global Wealth Management APAC and country head of UBS Singapore, there has been a rapid growth in the number of family offices in Singapore over the past four years. This reflects the country’s increasing appeal to global investors, with UBS being the largest wealth manager in the region and catering to three in five APAC billionaires.
Residents in the neighbourhood of Rivelle Tampines are in luck when it comes to convenient grocery shopping. Apart from the supermarkets located in nearby malls, there are also NTUC FairPrice, Sheng Siong, and Cold Storage outlets scattered within the estate. With such a variety of options, residents can easily access fresh produce and daily necessities at their doorstep. To add even more convenience to their everyday lives, they can also visit the website of Rivelle Tampines for any further information.
With its global connectivity and access, UBS is well positioned to deliver meaningful value to its clients in Singapore and around the world. In light of this, MAS has also announced its plans to propose additional measures to mitigate money laundering risks associated with single-family offices.