The 5-Minute Family Office Guide to Singapore (Full Guide)

NEWSLETTER

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 high-net-worth 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.

Singapore: Facts & Figures, Pros & Cons

The Basics

• Population: ~5.9 million

• GDP & Economic Growth Rate: ~$500 billion USD; growth rate ~1–3%

• Main Industries: Financial services, tech, trade, biotech, real estate

• Number of HNWIs & UHNWIs: ~300,000 HNWIs; >5,000 UHNWIs

• Number of Expats & Major Expat Communities: ~29% of population; significant expat groups from China, India, UK, USA, and Australia

• Official & Widely Spoken Languages: English (official), Mandarin, Malay, Tamil

• Time Zone: Singapore Standard Time (GMT+8)

• Transport: 8-hour flight to Sydney, 6 hours to Tokyo, 13 hours to London

Family Office Scene 🏦

The Singapore family office scene is booming. There are now over 2,000 family offices, up from just 400 in 2020.

Key factors:

• Political stability

• Strong rule of law

• Access to Southeast Asia & India

• Pro-investor policies

• Government incentives for SFOs (13O/13U tax exemptions)

• Strong local and international talent pool

• A fast-growing wealth advisory ecosystem (legal, tax, fund services, banks)

There’s also a growing emphasis on impact investing, philanthropy, and next-gen wealth planning, with the Singapore government actively promoting family office involvement in regional development and ESG.

Tax 💰

Setting up a family office in Singapore does have tax advanages, but Singapore is not tax-free, it’s tax-smart.

• No capital gains tax

• No inheritance tax

• No wealth tax

• Corporate tax capped at 17%

• Personal income tax maxes out at 22% (lower for foreigners on short stays)

• Single Family Offices (SFOs) can apply for tax exemptions (13O/13U schemes) on qualifying investment income

There are no foreign exchange controls, and the Monetary Authority of Singapore (MAS) supports inbound capital with clear, investor-friendly regulations.

New initiatives like the Variable Capital Company (VCC) framework allow for more flexible fund structuring.

Lifestyle ️🌆

Singapore offers one of the highest quality-of-life standards in Asia.

It’s ultra-clean, super safe, and incredibly efficient. Think luxury shopping, Michelin-star restaurants, elite healthcare, and international schools—all within 30 minutes.

• Top-tier infrastructure

• Low crime rates

• Diverse, global community

• Tropical climate year-round

• English-speaking society

• Excellent connectivity for travel (Changi Airport is consistently ranked #1)

And yes—there’s no chewing gum allowed, but the streets are spotless.

Pros & Cons

Pros:

✅ Strong regulatory & legal framework
✅ No capital gains or inheritance taxes
✅ Access to regional investment opportunities (ASEAN, India, China)
✅ Government-backed tax incentive schemes (13O, 13U)
✅ World-class infrastructure and quality of life
✅ Fast-growing family office ecosystem
✅ Ease of doing business

Cons:

⚠️️ Not tax-free (unlike some offshore jurisdictions)
⚠️️ High cost of living and office setup
⚠️️ Increased scrutiny on source of wealth (driven by anti-money laundering)
⚠️️ Limited space for physical assets like large estates or vineyards
⚠️ ️Stringent regulatory requirements for obtaining tax incentives
⚠️️ Growing competition for local talent

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