The Monetary Authority of Singapore (MAS) announced new stricter criteria for family offices to receive tax incentives in Singapore. The new rules apply as of April 18, 2022.
The updated conditions apply to Section 13O and Section 13U of the Income Tax Act of 1947, which includes increasing the minimum assets under the management of the family office, hiring investment professionals, and mandatory spending on local investments, among others.
For family offices registering under the S13O scheme – locally incorporated structures – the minimum fund size is now at S$10 million (US$7.3 million), at the point of application. Further, the fund must increase its assets under management (AUM) to S$20 million (US$14.6 million) within two years.
Family offices under the S13O scheme must now hire at least two investment professionals (IP). In the event the family office is unable to hire two…
