Singapore to unveil improved family office tax incentives

SINGAPORE’S central bank will announce improved tax incentives in July to recognise the charitable contributions of family offices – companies that manage wealthy families’ assets, Senior Minister and MAS Chairman Tharman Shanmugaratnam said on Friday (Jun 23).

Family offices will also benefit from making contributions to blended finance, a mix of public and private capital, under the changes, said Tharman at an event held by the Association of Banks in Singapore (ABS).

Investments in climate change solutions locally and overseas will also benefit, he added.

Ultra-high net worth families are increasingly setting up family offices in Singapore as they seek safe havens from political turmoil and economic uncertainty.

The ABS, a trade group of Singapore’s top lenders, on Friday launched a Trade Finance Registry to minimise fraud and duplication in trade financing. REUTERS