Singapore cuts queue time for global rich to set up family offices

Singapore has reduced the wait time for family offices applying for tax incentives from 12 months to three, according to the Monetary Authority of Singapore (MAS). The move was confirmed by MAS Deputy Chairman Chee Hong Tat during a visit to DBS Group Holdings Ltd., as reported by Bloomberg. He said MAS is also working with private banks to help wealthy clients open accounts faster. “We are also working closely with the private banking industry group to see how we can further reduce the time taken for the clients to set up” accounts, he said.

Growth of single family offices
At the UBS Asia Wealth Forum held in Singapore earlier this year, Chee said the number of single family offices in Singapore rose to 2,000 in 2024—up from 1,650 in 2023. This reflects a 21 per cent increase in just one year, according to a Reuters report published in January. “There will be, I think, more interest from investors to look at Singapore as a key node and hub in Asia,” Chee told participants at the forum. “We want to see how we can offer greater variety of investment options, including for people who want to put their wealth here also to grow their wealth,” he added.

Singapore has benefited from strong inflows of wealth into Asia, aided by a favourable tax regime, political stability, and its role as a regional investment base.

Indian diaspora reshapes Singapore’s family office landscape
Nearly 60 per cent of Asia’s family offices are now based in Singapore, The Straits Times reported. Among the high-profile names is the Ambani family, which set up its Singapore family office in 2022. They are joined by a younger wave of Indian entrepreneurs who are now formalising their succession plans through dedicated structures to avoid internal disputes and improve asset governance.

According to DBS Bank, an estimated US$4 trillion (S$5.3 trillion) in wealth is expected to transfer across generations among the Indian diaspora over the next decade. In 2023, about 6,500 high-net-worth Indians moved abroad, with Singapore remaining one of the preferred destinations.

“Singapore is a top destination for ultra-high-net-worth individual Indian families looking to establish a family office outside of India,” said Shee Tse Koon, head of consumer banking and wealth management at DBS.

Many Indian families are now shifting away from traditional holdings like real estate and gold, opting instead for a more diversified mix of public equities, private capital, and start-up investments. According to DBS, Indian family offices have participated in over 200 start-up funding rounds over the past two decades.

This shift in strategy reflects broader concerns over volatility in the real estate sector, both in India and abroad. Family offices are increasingly focused on formalising their wealth management through structures that support trust management and estate planning, ensuring continuity across generations.