Singapore Funds and Family Office Update
26 February 2019
The widely anticipated Budget 2019 was announced on 18 February 2019. It announced vital changes impacting family offices in Singapore.
Existing tax incentives relevant to family offices were refined, expanded and extended, providing greater flexibility for funds and investors, in a move to further attract private clients to choose Singapore as a base for their family offices. The enhancement of the tax schemes also coincides with the new legislation in respect of economic substance which now, may have investors in doubt over their preference of certain asset holding jurisdictions that had been popular in the past. More of this is discussed in this tax alert.
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