Singapore is attracting family offices thanks to the government's deliberate efforts to woo global wealth and capitalize on growing UHNW interest in Asian markets.
The GIP (Global Investor Programme) was first announced by the Singapore Economic Development Board in 2004. The family office component of the scheme encourages overseas investors to establish a family office in Singapore and apply for immigration after they are authorised. Singapore will also strengthen the long-standing family office structure, particularly by broadening the scope of tax exemption and prolonging the current tax exemption policy until 2024.
The Singapore family office also serves as the government’s high-net-worth immigration programme. The structure of a Singapore family office is that the principle applicant establishes two companies in Singapore, one of which is a fund company and the other is a family office, both of which are owned by him or his family members.
To get the Employment Pass, the fund manager (primary applicant) administers his or his family’s assets through the family office (EP). After 6 months of having an EP, you can apply for Singapore permanent resident status (PR). A family member permit (DP) can be applied for by spouses and unmarried children under the age of 21, while parents can apply for a long-term visit pass (LTVP).
Singapore is quickly becoming the preferred destination for establishing a family office and family funds. It satisfies the requirements of numerous families, including:
- Singapore has a strong regulatory framework
- It has a well-developed financial services industry and infrastructure
- It has stable and pro-business government policies;
- is well-known for transparency; where the family has existing private banking relationships
- where a skilled labour force and talent pool are available
The trend of family offices is projected to continue, and Singapore is well positioned to serve as a hub for these businesses. The ease, efficiency, clarity of succession, and cost savings associated with establishing a family office are not exclusive to billionaires.
How Bluebox can help?
Ultra-high-net-worth clients requirements are becoming more complex, diverse, and competitive. To exceed expectations and increase the efficacy of Family Office Services, we have mobilized a potent combination of global experience, local skill, understanding, and technology.
Our team is well-versed in the issues and has unrivalled experience. Across all of our fund, private wealth, and corporate divisions globally, our dedicated Family Office Services team brings the strength of our offering. We collaborate with family offices and, more importantly, the families they serve to create a framework that is flexible and adaptable.