Singapore to Ease Applications for Family Office Tax Scheme
Singapore's financial regulator will look to simplify the framework for its single family office tax scheme by easing documentation and reporting requirements.
The Monetary Authority of Singapore (MAS) is seeking to simplify the framework for its family office tax scheme, according to Chee Hong Tat, Singapore’s minister for national development and MAS deputy chairman.
«Some of you may remember waiting over a year for your Single Family Office tax scheme applications. MAS recognizes that this is not the standard of efficiency that we should provide to our clients,» Chee said during opening remarks at the WMI (Wealth Management Institute) Global-Asia Family Office Summit.
«We have worked hard to improve this, and today, most new applications are approved within three months. And we are not stopping there.»
Simplified Framework, New Working Group
MAS is reviewing the tax scheme parameters with the aim of simplification and better alignment with industry needs. Areas of focus include reducing documents needed for application, easing reporting requirements and expanding the types of eligible investments. A private banking working group co-led by the regulator has also been formed to improve account-opening efficiency by sharing best practices, adopting AI and automation, and highlighting potential areas that may need greater regulatory clarity.
«I think all of you chose Singapore because we have high standards. We have a regulatory environment that you can trust, and we won’t shift away from that. At the same time, we will ease the process, make it less tedious, quicker and more efficient. This way, we can achieve an environment that is pro-business and efficient, has high standards, and is trusted,» Chee added.
