MAS to simplify single family office tax scheme

A private banking working group has also been set up.

The Monetary Authority of Singapore (MAS) will review the single family office (SFO) fund tax scheme to simplify its framework and better meet industry needs, Minister for National Development and MAS Deputy Chairman Chee Hong Tat said at the WMI Global-Asia Family Office Summit.

The proposed changes include reducing documentation required for applications, easing reporting requirements, and broadening the range of eligible investments under the scheme.

Chee also announced that a private banking working group, co-led by MAS, has been set up to improve account opening efficiency.

The group will share best practices, promote the use of AI and automation, and identify areas where clearer regulations can cut down on unnecessary checks. These efforts build on existing MAS guidelines and the work of the AML/CFT Industry Partnership.

“Our objective is clear – to ensure that banks in Singapore provide services that are competitive, efficient and which facilitate the needs of legitimate investors whilst maintaining sound regulatory standards,” said Chee.

He added that Singapore remains committed to supporting wealth owners’ operational needs and will continue working closely with industry players to refine its framework.