Single Family Offices Awarded Tax Incentives and Plans for Licensing of These Offices under Securities and Futures Act

Assoc Prof Jamus Jerome Lim asked the Prime Minister and Minister for Finance (a) over the past four years, how many singe family offices (SFOs) that have been set up have been awarded tax incentives; (b) whether MAS has any plans to seek SFO licensing and regulation under the Securities and Futures Act (SFA), similar to multifamily offices; and (c) if not, what considerations may lead MAS to decide to do so.

The number of Single Family Offices (SFOs) awarded tax incentives grew from 400 as at end 2020 to over 2,000 as at end 2024.

SFOs manage only the monies of the family and do not serve third-party clients and, thus, are not subject to licensing under the Securities and Futures Act (SFA). This is similar to the approach taken by other major jurisdictions. Notwithstanding, as set out in the Monetary Authority of Singapore's (MAS') response to the consultation paper on "Proposed Framework for Single Family Offices", MAS will be introducing a licensing class exemption framework for SFOs which will require them to notify MAS of their presence and comply with specific requirements to ensure that all SFOs are subject to anti-money laundering controls.