Singapore Shortens Wait Time for Wealthy Individuals Setting Up Family Offices

Singapore’s financial regulator is shortening the waiting time for wealthy people seeking to manage assets in the Asian wealth hub. Family offices applying for tax incentives in the city-state now need to wait up to three months versus 12 months previously, Deputy Chairman Chee Hong Tat of the Monetary Authority of Singapore (MAS) said. The MAS is also working with private banks to help their clients open accounts faster.

Chee emphasized the importance of maintaining high standards while making the process convenient for clients. The move aims to address investors' concerns regarding scrutiny on their wealth sources and funds after recent scandals in Singapore. The country adopts a risk-proportionate approach to boost the private banking industry and capture new opportunities.

The MAS recently imposed penalties on financial firms for lapses related to money laundering cases. Singapore authorities seized assets worth billions related to these cases, revealing gaps in the city's defences against illicit money. The country is home to over 2,000 family offices receiving MAS tax incentives, showing significant growth in this sector.

Singapore faces competition from other global wealth management centers like Hong Kong and the UAE. Chee highlighted the potential for multiple wealth management centers globally, each leveraging its strengths to attract wealthy individuals.

Source: Yahoo