Singapore MAS Chairman Gan Kim Yong on Review of Tax Framework for Single Family Offices: 1) To Reduce Operational Friction & Ensuring Schemes Generate Economic Benefits or Singapore, 2) Post-Industry Feedback Actions Include to Streamline Application Documentation, Simplify Reporting Obligations & Expand Types of Eligible Investments, 3) Single Family Offices Generate Revenue & Create Jobs by Using Financial Products & Services (Private Banks, Fund Managers, Legal Advisors, Tax Advisors, Fund Administrators & Accounting Firms), 4) Platforms to Support Local Communities Include Wealth Management Institute (WMI) Family Office Discovery Series, Global-Asia Family Office Circle, Philanthropy Asia Alliance & ImpactSG, 5) Families Giving to Singapore Community Include Ishk Tolaram Foundation & James Dyson Foundation
15th October | Hong Kong
Singapore Deputy Prime Minister & Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong reply to Singapore Parliamentary question (14/10/25) on review of tax framework for Single Family Offices: 1) To reduce operational friction & ensuring schemes generate economic benefits or Singapore, 2) Post-industry feedback actions include to streamline application documentation, simplify reporting obligations & expand types of eligible investments, 3) Single family offices generate revenue & create jobs by using financial products & services (private banks, fund managers, legal advisors, tax advisors, fund administrators & accounting firms), 4) Platforms to support local communities include Wealth Management Institute (WMI) Family Office Discovery Series, Global-Asia Family Office Circle, Philanthropy Asia Alliance & ImpactSG, 5) Families giving to Singapore community include Ishk Tolaram Foundation & James Dyson Foundation. Gan Kim Yong (14/10/25): “MAS is reviewing the tax schemes for Single Family Offices (SFO) to reduce operational friction and ensuring that the schemes continue to generate economic benefits for Singapore. Taking into account industry feedback, MAS is looking to (i) streamline application documentation, (ii) simplify reporting obligations, and (iii) expand the types of investments eligible under the tax schemes. MAS has not observed a net outflow of SFOs, but it regularly reviews its schemes so that they remain relevant and competitive. Other jurisdictions, including Hong Kong, have similarly announced reviews of their family office frameworks. When families set up and maintain SFOs in Singapore, they use financial products and services offered by external service providers such as private banks, fund managers, legal and tax advisors, fund administrators and accounting firms. This generates business revenue and creates jobs. As SFOs continue to grow in Singapore, there are now more platforms available for them to interact with and support local communities, including through the Wealth Management Institute’s Family Office Discovery Series, the Global-Asia Family Office Circle, as well as other philanthropic organisations and networks, such as Philanthropy Asia Alliance and ImpactSG.” Singapore tax incentive schemes for funds are under sections 13O and 13U of the Income Tax Act.
“ Singapore MAS Chairman Gan Kim Yong on Review of Tax Framework for Single Family Offices: 1) To Reduce Operational Friction & Ensuring Schemes Generate Economic Benefits or Singapore, 2) Post-Industry Feedback Actions Include to Streamline Application Documentation, Simplify Reporting Obligations & Expand Types of Eligible Investments, 3) Single Family Offices Generate Revenue & Create Jobs by Using Financial Products & Services (Private Banks, Fund Managers, Legal Advisors, Tax Advisors, Fund Administrators & Accounting Firms), 4) Platforms to Support Local Communities Include Wealth Management Institute (WMI) Family Office Discovery Series, Global-Asia Family Office Circle, Philanthropy Asia Alliance & ImpactSG, 5) Families Giving to Singapore Community Include Ishk Tolaram Foundation & James Dyson Foundation “
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Singapore MAS Chairman Gan Kim Yong on Review of Tax Framework for Single Family Offices: 1) To Reduce Operational Friction & Ensuring Schemes Generate Economic Benefits or Singapore, 2) Post-Industry Feedback Actions Include to Streamline Application Documentation, Simplify Reporting Obligations & Expand Types of Eligible Investments, 3) Single Family Offices Generate Revenue & Create Jobs by Using Financial Products & Services (Private Banks, Fund Managers, Legal Advisors, Tax Advisors, Fund Administrators & Accounting Firms), 4) Platforms to Support Local Communities Include Wealth Management Institute (WMI) Family Office Discovery Series, Global-Asia Family Office Circle, Philanthropy Asia Alliance & ImpactSG, 5) Families Giving to Singapore Community Include Ishk Tolaram Foundation & James Dyson Foundation
Date: For Parliament Sitting on 14 October 2025
Name and Constituency of Member of Parliament
Ms He Ting Ru, Sengkang GRC
Question
To ask the Prime Minister and Minister for Finance (a) what is the rationale for the Monetary Authority of Singapore’s recently announced plans to ease requirements on the tax framework for single family offices; (b) whether it has seen an outflow of family offices in the last three quarters; and (c) what is the latest assessment of the industry’s impact on our economy and social fabric.
Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:
1. MAS is reviewing the tax schemes for Single Family Offices (SFO)[1] to reduce operational friction and ensuring that the schemes continue to generate economic benefits for Singapore.
2. Taking into account industry feedback, MAS is looking to (i) streamline application documentation, (ii) simplify reporting obligations, and (iii) expand the types of investments eligible under the tax schemes.
3. MAS has not observed a net outflow of SFOs, but it regularly reviews its schemes so that they remain relevant and competitive. Other jurisdictions, including Hong Kong, have similarly announced reviews of their family office frameworks.
4. When families set up and maintain SFOs in Singapore, they use financial products and services offered by external service providers such as private banks, fund managers, legal and tax advisors, fund administrators and accounting firms. This generates business revenue and creates jobs.
5. As SFOs continue to grow in Singapore, there are now more platforms available for them to interact with and support local communities, including through the Wealth Management Institute’s Family Office Discovery Series, the Global-Asia Family Office Circle, as well as other philanthropic organisations and networks, such as Philanthropy Asia Alliance and ImpactSG. There are several examples of families giving back to the community here, including:
- the Ishk Tolaram Foundation which has supported the education and skills training for dyslexic pre-schoolers since 2021 and autistic talent to pursue engineering careers since 2022; and
- the James Dyson Foundation which supports engineering and STEM (Science, Technology, Engineering and Mathematics) education in Singapore for students aged 6 to 25, across primary to tertiary levels.
[1] These are the tax incentive schemes for funds under sections 13O and 13U of the Income Tax Act.
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