Singapore Cuts Family Office Setup To Three Months

Singapore has reduced the waiting time for wealthy individuals and families to set up family offices and obtain tax incentives from up to 12 months to just three months, according to Deputy Chairman Chee Hong Tat of the Monetary Authority of Singapore (MAS). This initiative aims to bolster Singapore's status as a global wealth management hub while the country increases regulatory scrutiny after a S$3 billion money laundering scandal in 2023. MAS is collaborating with private banks to expedite account openings for high-net-worth clients without compromising regulatory standards. The number of family offices in Singapore surged to 2,000 in 2024, reflecting growing international interest. MAS has imposed penalties on several major financial institutions and revoked tax incentives from family offices implicated in illicit activities. These actions highlight Singapore's commitment to both efficiency and financial integrity.