001________
More than a quarter of billionaires in the world are from Asia. According to the Billionaire Census Report from Wealth-X in the past two years, Asia has the fastest growth rate of billionaire numbers, with a new billionaire emerging every two days. The Monetary Authority of Singapore has pointed out that the number of family offices in Singapore has increased fivefold from year 2016 to 2020, and the assets under management of family offices have valued over S$62.1 billion.
Singapore has become the primary destination for HNW (High-net-worth) families to set up family offices. Among them including Ray Dalio, an American billionaire and founder of the world's largest hedge fund known as Bridgewater Fund. He set up a family office in Singapore to manage his investment and philanthropy in Asia. Google co-founder Sergey Brin also chose to invest in Singapore to set up his family office. Why do these wealthy families prefer to set up family offices in Singapore?
The Number Of Singapore Family Offices In Between 2017 And 2019 Has Grown
The Number Of Singapore Family Offices In Between 2019 And 2020 Has Grown
The Number Of Singapore Family Offices In Between 2017 And 2019 Has Grown
The Number Of Singapore Family Offices In Between 2019 And 2020 Has Grown
002________
Protection|Confidentiality|Security
Trustworthy global reputation and
well-developed judicial system
Stable and globalized business environment
Utmost confidentiality
in client services
Best location in preserving wealth of HNWI (High-net-worth-individual)
Tax haven
Developed financial and legal infrastructure
Trustworthy global reputation and well-developed judicial system
Stable and globalized business environment
Utmost confidentiality
in client services
Best location in preserving wealth of HNWI (High-net-worth-individual)
Tax haven
Developed financial and legal infrastructure
003________
-Tax exemptions are applicable to Singapore’s family offices and specific investment earnings obtained through fund structures (Section 13O/Section 13D/Section 13U).
-The Government of Singapore has launched substantial taxation agreements in addressing the avoidance of double taxation on investments.
Place of registering fund entities: Singapore
Minimum fund value: SGD 10,000,000 (Increased to SGD 20,000,000 within 2-year grace period)
Annual operating expenses: ≥ SGD 200,000
(Local or Overseas)
Investment Professionals: At least two
Local Investment: 10% of AUM or SGD 10,000,000 (Whichever is lower)
Approval by MAS: Required
Place of registering fund entities: Overseas
Minimum fund value: NIL
Annual operating expenses: NIL
Approval by the MAS: Not required
Place of registering fund entities: SG/Overseas
Minimum fund value: SGD 50,000,000
Annual operating expenses: ≥ SGD 500,000 (Local)
Investment Professionals: At least three
(at least one non-family member)
Local Investment: 10% of AUM or SGD 10,000,000 (Whichever is lower)
Approval by the MAS: Required
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