Over 1,000 jobs created by tax-incentivised SFOs in 1H22, MAS reveals

More than 400 of those employed by SFOs earn $2,000-$5,000 per month.

Tax-incentivised single-family offices (SFOs) have employed 1,400 Singaporeans and permanent residents as of June 2022. Of the 1,400, 900 were created over the last three years.

This was revealed by revealed Senior Minister and Minister in charge of Monetary Authority of SIngapore (MAS), Tharman Shanmugaratnam in response to questions from the Parliament.

Recently, MAS expanded the scope of tax incentives for SFOs to encourage them to “deploy capital more purposefully to benefit the Lion City and the region, as well as increase contributions towards the environment and social causes.”

According to Shanmugaratnam, more than 400 of those employed by SFOs earn $2,000-$5,000 per month and fewer than 50 earn less than $2,000 monthly.

"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," Shanmugaratnam added.

Meanwhile, Shanmugaratnam clarified that "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," he said.

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