Chairman Monetary Authority of Singapore Board, Tharman Shanmugaratnam
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more



This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.










Singapore MAS Tharman Shanmugaratnam on Family Offices Contribution: 30 Single Family Offices Approved under Global Investor Program, Not Required to be Licensed by MAS, Family Offices Granted Tax Incentives Employ 1,400 Singaporeans & Permanent Residents, 950 Earns Above S$5,000 Monthly, 400 Earns S$2,000 to S$5,000, Less than 50 Earns Below S$2,000

7th July 2023 | Hong Kong

Singapore central bank Monetary Authority of Singapore (MAS) Tharman Shanmugaratnam (Senior Minister & Minister in charge of MAS) reply on family offices contribution in Singapore – 30 single family offices approved under Singapore Global Investor Program (GIP), single family offices (SFOs) not required to be licensed by MAS, family offices granted tax incentives employ 1,400 Singaporeans & Permanent Residents (PR), around 950 earns above S$5,000 monthly, around 400 earns S$2,000 to S$5,000, less than 50 earns below S$2,000 (USDSGD 1.35).  Singapore MAS Tharman Shanmugaratnam: “SFOs are set up by individual investors to manage the assets of their own families and are not required to be licensed by MAS as they do not manage third party assets. MAS therefore does not have data on all SFOs. However, MAS has better data on SFOs that have applied for and been awarded the Section 13O and 13U tax incentives … … SFOs also create well paying jobs locally. As at June 2022, SFOs that have applied for and been awarded the tax incentives employ about 1,400 Singaporeans and permanent residents (PRs). About 900 of these jobs were created in just the last 3 years. These are generally well-paying jobs. Two-thirds of the Singaporeans and PRs employed by SFOs under the Sections 13O and 13U tax incentive schemes earned more than S$5,000 per month. More than 400 earned between S$2,000 and S$5,000 per month, and fewer than 50 earned less than S$2,000 per month … … Singapore Global Investor Program (GIP) – administered by the Economic Development Board (EDB). The programme accords PR status to eligible global investors who intend to drive their businesses and investment growth from Singapore. Since 2020, a small number of about 30 SFO owners have been supported under the GIP based on their investment track record, investment mandate in Singapore, as well as the projected size and experience of their Singapore team. EDB conducts regular reviews to GIP to ensure its effectiveness in attracting only top-tier business leaders who are interested to drive the growth of their businesses and investments from Singapore.  In March this year, MTI and EDB announced changes to the GIP which includes the requirement for SFO applicants to deploy S$50 million of their Asset-Under-Management into four investment categories that would benefit and support the growth of businesses based in Singapore.  Having high net worth and setting up SFOs in Singapore do not guarantee Singapore citizenship (SC) and PR. Each SC and PR application is assessed based on a range of factors. These include the ability to contribute to Singapore, the number of jobs that the applicant and his/her businesses may be able to create in Singapore, special skills/education the applicant may possess, the applicant’s family ties to Singaporeans, the ability to integrate, and the commitment to sink roots in Singapore. Different criteria may apply to different applicants, depending on background and circumstances.”  See below for full statement.  

“ Singapore MAS Tharman Shanmugaratnam on Family Offices Contribution: 30 Single Family Offices Approved under Global Investor Program, Not Required to be Licensed by MAS, Family Offices Granted Tax Incentives Employ 1,400 Singaporeans & Permanent Residents, 950 Earns Above S$5,000 Monthly, 400 Earns S$2,000 to S$5,000, Less than 50 Earns Below S$2,000 “

 



- Article continues below -



Sign Up
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)


The 2024 Investment Day
23rd July Hong Kong | 25th July Singapore

Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Taking place on 23rd July 2024 in Hong Kong, 25th July 2024 in Singapore.
Visit | Register here


The 2024 Family Office Summit
16th Oct Hong Kong | 23rd Oct Singapore

Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here





 

Singapore MAS Tharman Shanmugaratnam on Family Offices Contribution

Chairman Monetary Authority of Singapore Board, Tharman Shanmugaratnam

6th July 2023 – Mr Gan Thiam Poh, Ang Mo Kio GRC: To ask the Prime Minister (a) whether the Ministry has data on the number of jobs that have been created for Singaporeans and permanent residents as a result of the setting up of family offices in Singapore since the scheme was first launched; (b) if so, what is the number; and (c) how many of such Singaporeans and permanent residents earn (i) less than $2,000 monthly (ii) more than $2,000 but less than $5,000 monthly and (iii) more than $5,000 monthly, respectively.

Ms Mariam Jaafar, Sembawang GRC: To ask the Prime Minister (a) whether a study has been done to quantify the contributions of the family offices set up in the past three years to the Singapore economy and how they compare to other groups including citizens and foreigners under employment passes; and (b) if not, whether the Ministry will consider tracking this in the future.

Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:

1. Mr Speaker, my response will cover the questions raised by both Mr Gan Thiam Poh and Ms Mariam Jaafar in today’s Order Paper.

2. I take Ms Mariam’s and Mr Gan’s interest to be in Single Family Offices (SFOs), rather than Multi Family Offices. As previously explained in this House [1] , SFOs are set up by individual investors to manage the assets of their own families and are not required to be licensed by MAS as they do not manage third party assets. MAS therefore does not have data on all SFOs. However, MAS has better data on SFOs that have applied for and been awarded the Section 13O and 13U tax incentives.

3. As previously explained in this House [2] , SFOs contribute in two key ways:

a. One, they create jobs directly when they hire individuals such as investment professionals as their employees.

b. Two, they generate revenue and help create jobs for external service providers such as private banks, and legal, custody, fund administration and tax firms.

4. Moreover, MAS has yesterday just announced changes to the tax incentives for SFOs. These changes are intended to encourage SFOs to channel more of the wealth they manage towards local enterprises, blended finance structures aimed at supporting sustainable development, climate-related investments, and charitable contributions, for the benefit of Singapore, Singaporeans and the region.

5. SFOs also create well paying jobs locally. As at June 2022, SFOs that have applied for and been awarded the tax incentives employ about 1,400 Singaporeans and permanent residents (PRs). About 900 of these jobs were created in just the last 3 years. These are generally well-paying jobs. Two-thirds of the Singaporeans and PRs employed by SFOs under the Sections 13O and 13U tax incentive schemes earned more than S$5,000 per month. More than 400 earned between S$2,000 and S$5,000 per month, and fewer than 50 earned less than S$2,000 per month.

6. As for SFOs’ contributions in the form of revenue generation in other businesses and being a source of capital, MAS currently does not have the data but intends to conduct surveys to obtain a better understanding of these contributions.

7. We understand that Ms Mariam is also interested in a comparison between (i) contributions of foreigners who have set up SFOs who have attained PR or citizenship status through programmes such as the Global Investor Programme or also known as GIP in short, and (ii) the contributions by other citizens and foreigners who have not set up SFOs in Singapore. I should first clarify that the Sections 13O and 13U tax incentive schemes do not accord PR or citizenship status to the foreign owners setting up SFOs here. The conditions that award recepients are subject to do not differ by the residency status of the SFO owners. Accordingly, MAS does not collect such data. What MAS will do is to continue to review the Sections 13O and 13U tax incentive schemes for SFOs to ensure they continue to make meaningful contributions to Singapore.

8. To Ms Mariam’s interest on the GIP, it is a scheme administered by the Economic Development Board (EDB). The programme accords PR status to eligible global investors who intend to drive their businesses and investment growth from Singapore. Since 2020, a small number of about 30 SFO owners have been supported under the GIP based on their investment track record, investment mandate in Singapore, as well as the projected size and experience of their Singapore team. EDB conducts regular reviews to GIP to ensure its effectiveness in attracting only top-tier business leaders who are interested to drive the growth of their businesses and investments from Singapore.

9. In March this year, MTI and EDB announced changes to the GIP which includes the requirement for SFO applicants to deploy S$50 million of their Asset-Under-Management into four investment categories that would benefit and support the growth of businesses based in Singapore.

10. Having high net worth and setting up SFOs in Singapore do not guarantee Singapore citizenship (SC) and PR. Each SC and PR application is assessed based on a range of factors. These include the ability to contribute to Singapore, the number of jobs that the applicant and his/her businesses may be able to create in Singapore, special skills/education the applicant may possess, the applicant’s family ties to Singaporeans, the ability to integrate, and the commitment to sink roots in Singapore. Different criteria may apply to different applicants, depending on background and circumstances.




Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.

Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more.  List hard-to-find financial & private wealth services.

Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]

Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?



Quick Links


2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

Register Below

For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Sign Up / Register


    Investment ProfessionalAdvisorProfessional InvestorFinancial ProfessionalManagementOthers


    $20 million to $100 million AUM$100 million to $300 million AUM$300 million to $1 billion AUM$1 billion to $10 billion AUM$10 billion to $100 billion AUMMore than $100 billion AUM


    Mailing List / Free TrialMonthly SubscriptionYearly SubscriptionMembershipEvents


    2024 Investment Day Hong Kong 23rd July2024 Investment Day Singapore 25th July2024 Investment Day Hong Kong 4th Sept2024 Investment Day Singapore 11th Sept2024 Family Office Summit Hong Kong 16th Oct2024 Family Office Summit Singapore 23rd Oct / 6th Nov












    Web links may be disabled on mobile for security.
    Please click on desktop.










    Caproasia Users

    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs

    Caproasia Platforms | 11,000 Investors & Advisors

    Monthly Roundtable & Networking

    Family Office Programs

    The 2024 Investment Day

    • March 2024 - Hong Kong
    • March 2024 - Singapore
    • June 2024 - Hong Kong
    • June 2024 - Singapore
    • Sept 2024 - Hong Kong
    • Sept 2024 - Singapore
    • Visit: The Investment Day | Register: Click here

    Caproasia Summits

    Contact Us

    For Enquiries, Membership
    [email protected], [email protected]

    For Listing, Subscription
    [email protected], [email protected]

    For Press Release, send to:
    [email protected]

    For Events & Webinars
    [email protected]

    For Media Kit, Advertising, Sponsorships, Partnerships
    [email protected]

    For Research, Data, Surveys, Reports
    [email protected]

    For General Enquiries
    [email protected]





    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014




    Previous articleSingapore Private Equity Fund Tembusu Partners & Independent Financial Service Provider Group Swiss Reuss Private Launch New Multi-Family Office Tembusu Wealth Management, Headed by Managing Partner Jonathan Ng Who is Former Southeast Asia Market Leader at Pictet Wealth Management 
    Next articleSingapore Private Wealth Group WRISE Hires Bank of Singapore Kevin Teng as CEO of WRISE WM Singapore, Appoints Joel Tan & Megan Zhang as Co-Chief Executives of WRISE WM Hong Kong, Target $5 Billion AUM by End of 2023
    Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia