Family offices unstopped by tougher tax rules but face staffing hurdles, longer wait times

SUPER-RICH families looking to park some of their wealth in Singapore are unstopped by a more-stringent criteria to qualify for tax breaks, but may hit roadblocks on staffing and approvals.

While the Monetary Authority of Singapore (MAS) had in April raised the bar for family offices to qualify for tax incentives here – including setting minimum requirements for capital and asset under management, as well as local investments – industry players said family offices have not wavered in their commitment to set up shop in the city-state. 

Tommy Leung, UBS’s co-head of global family and institutional wealth for Asia-Pacific, said family offices understand that regulations change along with the country’s needs.