Singapore has unveiled updated guidelines for family offices in a bid to attract more ultra-high-net-worth individuals (UHNWIs), focusing on transparency, local investments, and talent development. The move aims to strengthen its status as Asia’s premier wealth hub amid rising regional competition.
In July 2025, the Monetary Authority of Singapore (MAS) rolled out a new regulatory framework for single-family offices operating under the city-state’s tax incentive schemes. The enhanced guidelines require higher local investments and increased transparency from UHNW families seeking residency and tax privileges.
Under the revised Section 13O and 13U tax schemes, family offices must now deploy a minimum of SGD 20 million in local investments, up from the previous SGD 10 million threshold. Additionally, offices must demonstrate clear governance structures, report ESG metrics where applicable, and hire a minimum number of local staff within two years of establishment.
The changes come as Singapore faces growing competition from Hong Kong and Dubai, which are also courting wealthy families with tax incentives, flexible regulations, and global connectivity. However, Singapore’s strong legal system, political stability, and investor-friendly reputation continue to make it a top destination for wealth preservation and legacy planning.
These developments coincide with a surge in global wealth migration. According to Henley & Partners, Singapore is projected to receive over 3,500 HNWIs in 2025 alone, surpassing traditional destinations like the UK and US for new wealth inflows.
Wealth advisory firms view the updated MAS framework as a positive signal. "Singapore is sending a clear message — we welcome wealth, but with responsibility," said Karen Liu, a partner at a regional private wealth law firm.
FAQs
Q1: What is the purpose of the new family office rules in Singapore?
To ensure UHNW families contribute meaningfully to the local economy through investments, employment, and responsible governance.
Q2: Who qualifies for the 13O and 13U tax incentives?
Ultra-high-net-worth individuals setting up family offices with assets under management above certain thresholds and fulfilling local economic substance requirements.
Q3: How do these rules impact global family offices?
They must adjust strategies to meet Singapore’s enhanced expectations, especially regarding local hiring and asset allocation.
Q4: Are these regulations a deterrent?
Not necessarily. For serious long-term players, the clarity and structure are viewed positively and provide confidence in Singapore’s regulatory environment.
Q5: How does Singapore compare with Hong Kong and Dubai?
While Hong Kong and Dubai offer attractive incentives, Singapore’s transparency and rule of law remain key differentiators.
Editor's Note
As the battle for global capital intensifies, Singapore isn’t just relying on low taxes — it’s building a sustainable, responsible, and future-proof financial ecosystem. These new guidelines could shape Asia’s family office landscape for years to come.
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Singapore family office
UHNW migration
MAS regulations 2025
13O 13U tax incentive
local investment requirements
wealth management Asia
residency for investors
Singapore vs Hong Kong
global wealth hubs
Asian financial reforms