Family Office in Singapore

Tax regime

Tax-incentive schemes for family-office funds

Sections 13O and 13U of the Income Tax Act exempt qualifying investment income earned by approved fund vehicles. Updated MAS conditions (April 2022 revision, with subsequent guidance) require minimum AUM, local business spending, and minimum investment professional headcount — calibrated by scheme.

No capital-gains tax; territorial-leaning income tax

Singapore does not levy a general capital-gains tax. Foreign-sourced income is generally exempt subject to certain conditions when remitted. Headline corporate rate is 17%; personal income tax is progressive up to 24%.

GST and stamp-duty considerations

Goods and Services Tax applies at 9% (2024 rate). Stamp duty applies to transfers of Singapore real property and shares; Additional Buyer's Stamp Duty has been progressively raised to dampen residential demand.

Key regulations

• Income Tax Act — Sections 13O & 13U

  Tax-incentive schemes for funds managed by Singapore-based fund managers serving family offices. Conditions set by MAS, applications coordinated with the Singapore Economic Development Board.

• Securities and Futures Act (SFA) — fund management licensing

  Single-family-office structures may rely on licensing exemption (Class Licensing under SFA), but multi-family or external mandates require a Capital Markets Services (CMS) licence.

• Variable Capital Companies Act (VCC)

  VCC structure introduced in 2020 — flexible fund vehicle widely adopted by family offices and managers. Permits umbrella structures with segregated sub-funds.

  Effective January 2020

Substance & residency

Substance for Section 13O / 13U schemes is enforced through MAS guidelines: minimum fund AUM (S$20M+ depending on scheme; S$50M+ at higher tiers), minimum local-spend thresholds (typically S$200,000+), and minimum count of investment professionals based in Singapore.

Beyond the schemes, Singapore's general tax-residency test applies to entities (place of control and management) and individuals (physical presence ≥183 days). Family-office staff supporting a structure typically obtain Employment Pass status.