IMMIGRATION / FAMILY OFFICE ROUTE
Family Office Route to Singapore Residency
This is not just an immigration play — it’s a wealth structuring strategy with residency as one of the outcomes. Setting up a genuine family office in Singapore requires real economic substance: local hiring, local investment, local spending. MAS and EDB are rigorous in ensuring that family offices contribute meaningfully to Singapore’s economy.
We coordinate the full engagement — GIP application, family office setup, MAS 13O/13U application, and ongoing compliance — as an integrated service.
Full Engagement
From $75,000
Feasibility Assessment
From $10,000
We coordinate the full engagement — GIP application, family office setup, MAS 13O/13U application, and ongoing compliance — as an integrated service.
GIP Option C eligibility assessment
SFO entity structuring (fund + management company)
MAS 13O/13U tax incentive application
Investment professional hiring and EP applications
Qualifying investment deployment coordination
Ongoing compliance and annual reporting
What’s included in our family office engagement
FEASIBILITY & STRATEGY
GIP APPLICATION
FAMILY OFFICE SETUP
ONGOING COMPLIANCE
This is a multi-disciplinary engagement involving our immigration, tax, legal, and fund services teams. Pricing is based on a detailed proposal after the feasibility assessment.
How it works
Pricing
SELECT SERVICES
Full Family Office + GIP Engagement
From $75,000
Feasibility Assessment (confidential)
From $10,000
GIP Application Only (if SFO already exists)
From $25,000
13O/13U MAS Application
From $15,000
Ongoing Annual Compliance
From $24,000/year
How the family office route to PR works
The Two-Part Structure
The family office route has two parallel workstreams:
1.GIP Application (via EDB) — Applying for PR under GIP Track D (Family Office Principals). Requires S$200M+ in investable assets and a plan to establish an SFO in Singapore.
2.Family Office Setup (via MAS) — Establishing the actual SFO structure, applying for Section 13O or 13U tax incentives, hiring investment professionals, and deploying qualifying investments.
These two processes are related but separate. The GIP grants residency. The SFO structure provides the tax framework and operational base. Both must be established for the full benefit.
1.GIP Application (via EDB) — Applying for PR under GIP Track D (Family Office Principals). Requires S$200M+ in investable assets and a plan to establish an SFO in Singapore.
2.Family Office Setup (via MAS) — Establishing the actual SFO structure, applying for Section 13O or 13U tax incentives, hiring investment professionals, and deploying qualifying investments.
These two processes are related but separate. The GIP grants residency. The SFO structure provides the tax framework and operational base. Both must be established for the full benefit.
GIP Option C Requirements
→ Minimum S$200 million in investable assets (AUM)
→ At least S$50 million must be deployed in qualifying Singapore investments:
SGX-listed equities (excluding REITs and Business Trusts for GIP PR purposes as of 2025)
Qualifying debt securities on MAS’ approved list
Funds distributed by Singapore-licensed managers
Private equity in non-listed, Singapore-based businesses
→ Establish a genuine SFO with physical presence in Singapore
→ Application fee: S$20,000 (EDB) + S$100/applicant (ICA)
→ At least S$50 million must be deployed in qualifying Singapore investments:
SGX-listed equities (excluding REITs and Business Trusts for GIP PR purposes as of 2025)
Qualifying debt securities on MAS’ approved list
Funds distributed by Singapore-licensed managers
Private equity in non-listed, Singapore-based businesses
→ Establish a genuine SFO with physical presence in Singapore
→ Application fee: S$20,000 (EDB) + S$100/applicant (ICA)
MAS 13o VS 13U Tax Incentives
Section 13O (Onshore Fund Scheme):
→ For Singapore-resident funds (e.g., private company, VCC)
→ Minimum AUM: S$20 million in designated investments
→ Minimum 2 investment professionals (Singapore residents)
→ Tiered local business spending from S$200,000/year
→ Requires MAS approval
Section 13U (Enhanced Tier):
→ For larger, more complex structures (including offshore entities)
→ Minimum AUM: S$50 million in designated investments
→ Minimum 3 investment professionals (at least 1 non-family member)
→ Local investment mandate: up to 10% of AUM or S$10M/year
→ Tiered local business spending from S$200,000/year
→ Requires MAS approval
Both schemes provide tax exemption on specified income from designated investments. The choice between 13O and 13U depends on AUM, structure complexity, and investment strategy.
→ For Singapore-resident funds (e.g., private company, VCC)
→ Minimum AUM: S$20 million in designated investments
→ Minimum 2 investment professionals (Singapore residents)
→ Tiered local business spending from S$200,000/year
→ Requires MAS approval
Section 13U (Enhanced Tier):
→ For larger, more complex structures (including offshore entities)
→ Minimum AUM: S$50 million in designated investments
→ Minimum 3 investment professionals (at least 1 non-family member)
→ Local investment mandate: up to 10% of AUM or S$10M/year
→ Tiered local business spending from S$200,000/year
→ Requires MAS approval
Both schemes provide tax exemption on specified income from designated investments. The choice between 13O and 13U depends on AUM, structure complexity, and investment strategy.
Economic Substance Requirements
MAS requires genuine economic substance. A family office in name only will not qualify. You need:
→ Physical office space in Singapore
→ 2–3 investment professionals (IPs) who are Singapore tax residents
→ Minimum local business spending (tiered by AUM, starting at S$200,000/year)
→ Active investment management — not passive holding
→ Regular reporting to MAS
AUM < S$250M: min S$200K local spend
AUM ≥ S$250M: higher tiers apply
SFO spending requirements are generally higher than non-SFO funds — starting at S$500,000 for AUM under S$100M in some structures.
→ Physical office space in Singapore
→ 2–3 investment professionals (IPs) who are Singapore tax residents
→ Minimum local business spending (tiered by AUM, starting at S$200,000/year)
→ Active investment management — not passive holding
→ Regular reporting to MAS
AUM < S$250M: min S$200K local spend
AUM ≥ S$250M: higher tiers apply
SFO spending requirements are generally higher than non-SFO funds — starting at S$500,000 for AUM under S$100M in some structures.
Key considerations for families
Is the family office route worth it purely for residency?
If your only objective is Singapore PR, the family office route is one of the most expensive and operationally complex options. The minimum AUM is S$200 million, with S$50 million that must be actively deployed in Singapore.
However, if you combine the residency objective with wealth structuring, tax optimisation (0% on qualifying investment income under 13O/13U), multi-generational succession planning, and access to Singapore’s financial ecosystem — the family office route delivers value far beyond residency alone.
For families with S$200M+ in assets who would benefit from professional wealth management in a stable, tax-efficient jurisdiction, the residency is an additional benefit of a structure they’d want anyway.
For families below the S$200M threshold, GIP Options A ($10M) or B ($25M) are more practical residency paths.
However, if you combine the residency objective with wealth structuring, tax optimisation (0% on qualifying investment income under 13O/13U), multi-generational succession planning, and access to Singapore’s financial ecosystem — the family office route delivers value far beyond residency alone.
For families with S$200M+ in assets who would benefit from professional wealth management in a stable, tax-efficient jurisdiction, the residency is an additional benefit of a structure they’d want anyway.
For families below the S$200M threshold, GIP Options A ($10M) or B ($25M) are more practical residency paths.
What does ‘economic substance’ actually look like in practice?
MAS and IRAS closely monitor family offices to ensure they’re genuine operations, not shell structures. In practice, substance means:
People: 2–3 investment professionals physically working in Singapore, employed on EPs, earning competitive salaries, and making real investment decisions.
Office: A physical office in Singapore with the infrastructure to manage investments.
Spending: Annual local business spending of S$200,000–$500,000+ depending on AUM — covering salaries, rent, professional services, technology, and other operational costs.
Investment activity: Active portfolio management, not passive holding. MAS expects to see trading activity, investment committee minutes, and evidence of professional management.
Reporting: Annual reporting to MAS on AUM, investment performance, staffing, spending, and compliance.
We set up the operational infrastructure and compliance framework from day one, so your family office meets substance requirements from the start.
People: 2–3 investment professionals physically working in Singapore, employed on EPs, earning competitive salaries, and making real investment decisions.
Office: A physical office in Singapore with the infrastructure to manage investments.
Spending: Annual local business spending of S$200,000–$500,000+ depending on AUM — covering salaries, rent, professional services, technology, and other operational costs.
Investment activity: Active portfolio management, not passive holding. MAS expects to see trading activity, investment committee minutes, and evidence of professional management.
Reporting: Annual reporting to MAS on AUM, investment performance, staffing, spending, and compliance.
We set up the operational infrastructure and compliance framework from day one, so your family office meets substance requirements from the start.
Can I use a VCC (Variable Capital Company) structure?
Yes. The Variable Capital Company (VCC) is an increasingly popular structure for family office fund vehicles in Singapore. Advantages include:
— Flexible capital structure (easy to add/withdraw capital)
— Sub-fund capability (multiple investment strategies under one umbrella)
— Enhanced privacy (shareholder register not publicly accessible)
— Eligible for 13O and 13U tax incentives
— Can be used as a re-domiciliation vehicle for offshore funds
Since 2025, Limited Partnerships (via Section 13OA) are also eligible for 13O incentives, providing another structural option.
We advise on the optimal vehicle based on your investment strategy, family governance requirements, and long-term succession plan.
— Flexible capital structure (easy to add/withdraw capital)
— Sub-fund capability (multiple investment strategies under one umbrella)
— Enhanced privacy (shareholder register not publicly accessible)
— Eligible for 13O and 13U tax incentives
— Can be used as a re-domiciliation vehicle for offshore funds
Since 2025, Limited Partnerships (via Section 13OA) are also eligible for 13O incentives, providing another structural option.
We advise on the optimal vehicle based on your investment strategy, family governance requirements, and long-term succession plan.
How does this connect to Bluebox’s other services?
The family office route is a natural integration point across several Bluebox service lines:
— Immigration: GIP application, EP applications for investment professionals, family DP/LTVP
— Fund Services: VCC/LP structuring, fund administration, NAV calculation, investor reporting
— Tax: 13O/13U application, corporate tax, personal tax for principals, transfer pricing
— Legal: Governance frameworks, investment mandates, employment contracts
— Accounting: Fund accounting, annual financial statements, audit coordination
— Private Client: Personal tax, estate planning, property management
We coordinate all of these as a single engagement team — you don’t need to manage multiple providers.
— Immigration: GIP application, EP applications for investment professionals, family DP/LTVP
— Fund Services: VCC/LP structuring, fund administration, NAV calculation, investor reporting
— Tax: 13O/13U application, corporate tax, personal tax for principals, transfer pricing
— Legal: Governance frameworks, investment mandates, employment contracts
— Accounting: Fund accounting, annual financial statements, audit coordination
— Private Client: Personal tax, estate planning, property management
We coordinate all of these as a single engagement team — you don’t need to manage multiple providers.
Frequently asked questions
What is the minimum AUM for a family office in Singapore?
For the GIP (Option C / PR route): S$200 million. For a standalone SFO with 13O tax incentive (without GIP): S$20 million. For 13U: S$50 million. The GIP threshold is significantly higher than the SFO-only threshold.
Can I set up a family office without applying for GIP?
Yes. Many families establish SFOs in Singapore for wealth management and tax purposes without applying for PR through GIP. You would hold an Employment Pass instead. GIP is only needed if you want PR through the investment route.
Does residential property count toward the S$200M AUM?
No. Direct investments in Singapore residential real estate are excluded from AUM for both GIP and 13O/13U purposes.
How many staff do I need to hire?
For 13O: minimum 2 investment professionals (Singapore tax residents). For 13U: minimum 3 investment professionals (at least 1 non-family member). These are real roles requiring qualified individuals — not nominal appointments.
How long does the full process take?
From initial assessment to operating family office with PR: typically 18–24 months. GIP processing alone takes ~12 months. SFO setup can run in parallel.
Can my family get citizenship through this route?
Yes. After holding GIP PR for at least 2 years, you and your family may apply for Singapore citizenship. Citizenship requires renouncing other citizenships.
You might also need
GIP
Option A (S$10M) and B (S$25M fund). From $25,000
Fund Services
VCC, LP, fund admin, compliance.
Singapore Citizenship
After 2+ years of GIP PR. From $3,000
Private Client Services
Tax, estate, property for UHNW families.