The 5-Minute Family Office Guide to Singapore

NEWSLETTER

Family office insights this week:

• Why Singapore is thriving as a family office location

• Strategic Relocation: Building Your Family Office’s Second Base

• Some surprising stats on family offices

• Books: designing your life

• Careers: three well-paid single family office roles

The 5-Minute Family Office Guide to Singapore

Everything you need to know about the family office scene in Singapore

Singapore has always been a hub for private banks and trusts, but in 2019, the administration took the decision to actively attract family offices and it has reaped the rewards.

With its strategic location, pro-business environment, and strong rule of law, Singapore has become a magnet for UHNW families from around the world.

But what’s it really like to run a family office there?

With some insight from local experts, we’ve pulled together everything you need to know—from tax perks and government incentives to lifestyle and talent.

Global incentives, local challenges

Henry Brandts-Giesen, partner at leading law firm Dentons, works with families that relocate to Singapore to advise them on wealth structure options, laws and regulations, taxes and more.

He noted the regional accessibility and excellent infrastructure help it with international business, while political stability, language and culture were equally important.

“Singapore is the archetypal ‘midshore’ jurisdiction, offering a balance between the stringent regulation of onshore jurisdictions and the tax and privacy benefits of offshore centres.”

The region blends regulatory compliance and financial incentives with the global move towards transparency, yet can still offer confidentiality.

"Singapore is imbued with all the qualities sought by family offices. It complies with international regulatory standards while still providing favorable tax regimes and financial incentives."

But the ‘open for business’ stance doesn’t mean everything is simple, and newcomers need to take time to properly educate themselves, especially if setting up new fund structures.

"A common mistake foreign family offices make when setting up in Singapore is underestimating the complexity of the regulatory environment and what is required to fully comply with local laws and regulations."

Pierre Pineau heads up the team at Agreus, a resources and recruitment consultancy that works exclusively with family offices. Having watched the jurisdiction flourish over the last decade, he said that despite remarkable progress there is still room to develop.

“The ecosystem is still in its infancy compared to more established hubs like London or the U.S.,” said Pineau, adding, “Most top-tier wealth managers are present, along with the Big Four and leading law firms, however, there remains room for growth in terms of collaboration, synergies, and events.”

Helping family offices find the dedicated professionals to support them in this increasingly popular location presents its own set of challenges.

"There is still a notable gap in service providers such as concierge companies, private staffing services, multi-family offices, OCIOs and more."

Pineau points out that part of the competitive side to hiring in the family office industry here comes from its infancy.

"The vast majority of family offices have been established since 2017, so as you can imagine this still gives little choice when it comes to hiring and families are obviously going to compete against each other when it comes to hiring"

But setting up an entirely new family office structure might not be necessary for everyone.

Brandts-Giesen notes some families prefer alternative economic structures to take advantage of Singapore’s favorable setup, but with less resource commitment.

“Alternatives include diversifying asset classes through setting up wealth management accounts, or setting up legal structures like trusts, holding companies, and fund management companies to hold and manage privately owned assets.”

Also recently introduced is the DBS Bank Multi-Family Office service, which allows families to set up and manage their own sub-fund but under the DBS umbrella structure, with support from their investment services.

It’s positioned by their Wealth Planning team as a ‘plug-and-play’ option for families considering Singapore, and also a stepping stone towards setting up their own private family office.

Wealthy families that wish to relocate themselves also have options to pursue residency directly, through Singapore’s Global Investor Programme or simply being hired into a new family office structure.

It’s worth noting that Singapore does impose restrictions on foreigner residential property purchases, with certain approvals required, either individually or as part of a family office investment.

Read the full 5-Minute Family Office Guide to Singapore, with a key facts & figures, pros & cons …

𝕏 highlights

A good problem to have: allocating $1 billion annually.

Why everyone wants to work with family offices.

Some surprising family office stats.

 💼 where to work

Three notable family office job opportunities currently open…

Director, Tax - Private Family Office (New York / Single Family Office)

Executive Assistant - Private Family Office (Miami / Single Family Office)

Chief Financial Officer - Private Family Office (Newport Beach / Single Family Office)

📚 what to read

This week, I read Steve Jobs' Life By Design: Lessons to be Learned from His Last Lecture. It focuses on Jobs’ famous 2005 Stanford commencement address and distills key insights on innovation, leadership, and personal purpose.

Next week’s newsletter is on a similar topic: how the wealthy design their lives (or fail to).

📻 what to listen to

In Eye On The Market, Michael Cembalest of J P Morgan analyses investments, policy, markets and economic.

📺 what to watch

The biggest wealth transfer in history is happening right now.

And finally…

This week, our friend Henry Brandts-Giesen of Dentons Famiy Office Group wrote a thought leadership piece Strategic Relocation: Building Your Family Office’s Second Base. It’s a highy insightful look at “alternate economic engines” that reduce home country risk and unlock new growth opportunities.

Next week’s newsletter is a fun one: How the wealthy design their lives.

Family Office Buzz will be back on Monday. Here’s the last edition if you missed it, with stories on how the Vanderbilts lost $200 billion, how family office jobs can be precarious, the money coaches helping Gen Zers give their inheritance away and much more.

Until next week, see you on 𝕏 or LinkedIn.

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