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The Monetary Authority of Singapore (MAS) has announced plans to simplify the requirements for single-family offices to qualify for its tax benefit programme. During the Wealth Management Institute’s Global-Asia Family Office Summit on September 29, MAS deputy chairman Chee Hong Tat stated that the regulator is working towards reducing the necessary documents for application to the Single Family Office Fund tax scheme. Additionally, MAS is seeking to ease reporting requirements and broaden the scope of eligible investments for the fund tax scheme, according to Chee.

Chee emphasized that Singapore is projected to be the fastest-growing wealth management hub through 2029, with the financial sector achieving a growth rate of 6.8% in 2024 – more than double the previous year’s growth. Private banking client assets also saw a significant increase of 19% in 2024, with approximately half coming from net new inflows. However, the regulator is not taking this success for granted, with Chee stating, “We certainly will not rest on our laurels.”

In regards to improving efficiency, Chee acknowledged the lengthy waiting times for Single Family Office tax scheme applications, which could take up to a year in the past. He assured that the MAS is aware that this level of efficiency is not acceptable and has since reduced the approval time to three months. Furthermore, the MAS is working with a private banking working group to enhance account opening processes.

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According to UBS Global Wealth Management APAC co-head and UBS Singapore country head Young Jin Yee, Singapore has experienced a “rapid” growth in the number of family offices – from 400 to over 2,000 in the past four years. This demonstrates the country’s increasing appeal to global investors. Young also added, “As the region’s largest wealth manager with three in five APAC billionaires banking with us today, UBS has seen the strong growth of wealth in Singapore. This is where our global connectivity and access will deliver meaningful value to our clients wherever they are in the world.”

To address potential money laundering risks in Single Family Offices, the MAS will propose additional measures. This move reflects the regulator’s commitment to upholding Singapore’s reputation as a trusted and well-regulated financial hub.