Singapore has cemented its position as the premier Asian hub for family offices, with the number of single family offices holding Monetary Authority of Singapore (MAS) incentive approvals growing substantially over the past decade. Central to this success are two tax incentive schemes: Section 13O (formerly 13R) and Section 13U (formerly 13X) of the Income [...]
Singapore's two main family office tax incentive schemes — Section 13O (formerly 13R) and Section 13U (formerly 13X) — are the cornerstone of the city-state's appeal to ultra-high-net-worth families seeking a stable, tax-efficient base for their investment holding structures. Since the Monetary Authority of Singapore (MAS) tightened the application criteria in 2023 and again in [...]
For high-net-worth families establishing a Single Family Office (SFO) in Singapore, two tax incentive schemes under the Income Tax Act 1947 sit at the heart of fund structuring: Section 13O and Section 13U. Both exempt qualifying investment income from Singapore tax â but they target different scales of operation, impose different conditions, and suit different [...]
Comparing Section 13O and 13U family office tax incentives in Singapore: AUM thresholds, investment professional requirements, local business spending, and fund residency — with 2025 and 2026 updates.
Singapore has established itself as Asia's leading family office hub, with more than 2,000 single family offices operating under the Monetary Authority of Singapore's (MAS) tax incentive framework by 2026. At the heart of this framework are two fund tax exemption schemes: Section 13O and Section 13U of the Income Tax Act 1947. Both can [...]
For high net worth individuals and families establishing a family office in Singapore, the choice between a Section 13O and a Section 13U fund tax exemption is one of the most consequential structuring decisions they will make. Both schemes offer exemption from Singapore income tax on qualifying investment income, but they differ significantly in their [...]
Singapore offers two parallel tax-exemption schemes for fund vehicles managed by family offices: Section 13O and Section 13U of the Income Tax Act 1947. Both schemes shelter "specified income" derived from "designated investments" from Singapore tax — but they target different sizes of family wealth and impose meaningfully different conditions on assets, hiring, spending, and [...]
Singapore's family office boom over the past five years has been built on two letters of the Income Tax Act 1947: O and U. Section 13O and Section 13U are the two main fund tax exemption schemes that family offices use to shelter qualifying investment income from Singapore tax. They sound similar, and indeed share [...]
Singapore has cemented its reputation as Asia's premier wealth management hub, and at the centre of that story sits the single family office (SFO). For ultra-high-net-worth families, the appeal is straightforward: a politically stable jurisdiction, a deep professional ecosystem, robust regulatory oversight by the Monetary Authority of Singapore (MAS), and two well-defined fund tax incentive [...]
Singapore has, in less than a decade, become the dominant family office hub in Asia. As of 2024, MAS publicly disclosed that more than 2,000 single family offices had received tax incentive approval, up from fewer than 50 in 2018. The trajectory has continued through 2025 and into 2026, fuelled by HNW migration from Hong [...]