MAS eases family office tax rules, widens AML checks as Singapore vies for global wealth

[SINGAPORE] The Monetary Authority of Singapore (MAS) has made it simpler for family offices to qualify for tax incentives, easing hiring and investment requirements even as it tightens scrutiny over the sources of their wealth.

Industry watchers told The Business Times that the changes reflect Singapore’s efforts to remain competitive as a family-office hub, without compromising its reputation as a well-regulated financial centre.

In a circular dated Jul 31 addressed to fund managers, trust companies and banks, MAS detailed changes to the tax incentive schemes for single-family office (SFO) funds, with the new conditions taking effect from Aug 1.