A fund managed by a Singapore family office may, subject to the following conditions, enjoy full tax exemption on specific income from designated investments:
1.Minimum Assets Under Management (AUM):
At the time of application and throughout the incentive period, the minimum AUM of designated investments must reach S$20 million.
2.Investment Professionals:
At least two investment professionals must be employed, of whom at least one must be a non-family member.A qualified investment professional must be employed as a portfolio manager, research analyst, or trader; must receive a monthly salary of more than S$3,500; and must spend more than 50% of their time on qualifying activities. Qualifying investment professionals must maintain Singapore tax resident status throughout the incentive period.
3.Local Business Expenditure:
Tiered business expenditure, with a minimum local business expenditure of S$200,000.
● When AUM is below S$50 million: annual expenditure requirement of at least S$200,000, to be met through local business expenditure.
● When AUM is between S$50 million and S$100 million: annual expenditure requirement of at least S$500,000, to be met through local business expenditure (minimum S$200,000), qualifying donations, grants, blended finance, and structures with significant Singapore entity involvement (counted at 2x), totalling at least S$500,000.
● When AUM reaches or exceeds S$100 million: annual expenditure requirement of at least S$1,000,000, to be met through local business expenditure (minimum S$200,000), qualifying donations, grants, blended finance, and structures with significant Singapore entity involvement (counted at 2x), totalling at least S$1,000,000.
4.Capital Deployment Requirement:
TInvest in the following asset types, in an amount equal to the lower of S$10 million or 10% of AUM:
● Equities, Real Estate Investment Trusts (REITs), business trusts, or exchange-traded funds listed on MAS-approved exchanges;
● Qualifying debt securities;
● Unlisted funds distributed by MAS-licensed financial institutions;
● Investments in unlisted Singapore operating companies;
● Climate-related investments; and
● Blended finance structures aimed at supporting sustainable development with significant Singapore entity involvement.
The applicable multipliers for different investment types are as follows:
● 2x: Deeply concessional capital with significant Singapore financial institution involvement in blended finance structures.[Note: "Deeply concessional capital" refers to capital that: (i) generates no returns; or (ii) absorbs first-loss ahead of any other equity (including other lower-return concessional capital), with a return lower than that of any other equity. "Blended finance" includes structures substantially arranged, managed, executed, or originated in Singapore, meaning: (a) more than half of the entities involved must be MAS-licensed entities; or (b) more than half of the total revenue generated must be attributable to Singapore-licensed entities; or (c) more than half of the costs incurred must be paid to Singapore entities.]
● 1.5x: Equities listed on MAS-approved exchanges; exchange-traded funds (ETFs) with a primary investment mandate to invest in Singapore equities listed on MAS-approved exchanges (provided the main fund is listed on a MAS-approved Singapore exchange); unlisted funds distributed by MAS-licensed financial institutions with a primary investment mandate to invest in Singapore equities listed on MAS-approved exchanges; and concessional capital with significant Singapore financial institution involvement in blended finance structures. [Note: "Primary investment mandate" means benchmarked against a Singapore index (e.g., Straits Times Index or MSCI Singapore Index), or where a MAS-licensed financial institution certifies to the fund manager that at least 50% of investments are in Singapore-listed equities. "Concessional capital" refers to financing where the financier accepts a below-market return or assumes above-market risk relative to commercial financiers. Concessional capital may be: I. Lower return (but still greater than 0): (a) equity with a return lower than other ordinary or preference shares or debt; (b) a debt tranche with a return lower than other tranches with similar credit terms; or II. Subordinated in liquidation or payment: (a) second-loss equity (excluding deeply concessional capital) with a return equal to or lower than other ordinary shares or debt; (b) subordinated debt with a return equal to or lower than senior debt or debt with similar credit terms; or III. Lower returns and/or higher risk due to timing: (a) early injection of concessional debt prior to commercial debt; (b) deferred repayment of concessional debt; or equity with deferred dividend or principal payments relative to other equity holders.]
● 1x: REITs, business trusts, or ETFs listed on MAS-approved exchanges (without a primary Singapore-equity investment mandate); qualifying debt securities; unlisted funds distributed by MAS-licensed financial institutions (without a primary Singapore-equity investment mandate); investments in unlisted Singapore operating companies; climate-related investments; and non-concessional capital with significant Singapore financial institution involvement in blended finance structures.[Note: "Climate-related investments" means investments primarily (i.e., more than 50%) in activities classified under the green or transition categories of the Singapore-Asia Taxonomy or any other internationally recognised taxonomy. Investments may be used for overseas purposes.]
5.Private Banking Account:
At the time of application and throughout the incentive period, the fund must maintain a private banking account with a MAS-licensed financial institution.
6.MAS Approval:
Prior approval from the Monetary Authority of Singapore must be obtained. Any material changes to the investment strategy must be notified to MAS.
A fund managed by a Singapore family office may, subject to the following conditions, enjoy full tax exemption on specific income from designated investments:
1.Minimum Assets Under Management (AUM):
At the time of application and throughout the incentive period, the minimum AUM of designated investments must reach S$50 million.
2.Investment Professionals:
At least three investment professionals must be employed, of whom at least one must be a non-family member. A qualified investment professional must be employed as a portfolio manager, research analyst, or trader; must receive a monthly salary of more than S$3,500; and must spend more than 50% of their time on qualifying activities. Qualifying investment professionals must maintain Singapore tax resident status throughout the incentive period.
3.Local Business Expenditure:
Tiered business expenditure, with a minimum local business expenditure of S$200,000.
● When AUM is below S$50 million: annual expenditure of at least S$200,000 through local business expenditure.
● When AUM is between S$50 million and S$100 million: at least S$500,000 (local business expenditure minimum S$200,000, plus qualifying donations, grants, blended finance, and structures with significant Singapore entity involvement counted at 2x).
● When AUM reaches or exceeds S$100 million: at least S$1,000,000 (local business expenditure minimum S$200,000, plus qualifying donations, grants, blended finance, and structures with significant Singapore entity involvement counted at 2x).
4.Capital Deployment Requirement:
TInvest in the following asset types, in an amount equal to the lower of S$10 million or 10% of AUM:
● Equities, Real Estate Investment Trusts (REITs), business trusts, or exchange-traded funds listed on MAS-approved exchanges;
● Qualifying debt securities;
● Unlisted funds distributed by MAS-licensed financial institutions;
● Investments in unlisted Singapore operating companies;
● Climate-related investments; and
● Blended finance structures aimed at supporting sustainable development with significant Singapore entity involvement.
The applicable multipliers for different investment types are as follows:
● 2x: Deeply concessional capital with significant Singapore financial institution involvement in blended finance structures.[Note: "Deeply concessional capital" refers to capital that: (i) generates no returns; or (ii) absorbs first-loss ahead of any other equity (including other lower-return concessional capital), with a return lower than that of any other equity. "Blended finance" includes structures substantially arranged, managed, executed, or originated in Singapore, meaning: (a) more than half of the entities involved must be MAS-licensed entities; or (b) more than half of the total revenue generated must be attributable to Singapore-licensed entities; or (c) more than half of the costs incurred must be paid to Singapore entities.]
● 1.5x: Equities listed on MAS-approved exchanges; exchange-traded funds (ETFs) with a primary investment mandate to invest in Singapore equities listed on MAS-approved exchanges (provided the main fund is listed on a MAS-approved Singapore exchange); unlisted funds distributed by MAS-licensed financial institutions with a primary investment mandate to invest in Singapore equities listed on MAS-approved exchanges; and concessional capital with significant Singapore financial institution involvement in blended finance structures. [Note: "Primary investment mandate" means benchmarked against a Singapore index (e.g., Straits Times Index or MSCI Singapore Index), or where a MAS-licensed financial institution certifies to the fund manager that at least 50% of investments are in Singapore-listed equities. "Concessional capital" refers to financing where the financier accepts a below-market return or assumes above-market risk relative to commercial financiers. Concessional capital may be: I. Lower return (but still greater than 0): (a) equity with a return lower than other ordinary or preference shares or debt; (b) a debt tranche with a return lower than other tranches with similar credit terms; or II. Subordinated in liquidation or payment: (a) second-loss equity (excluding deeply concessional capital) with a return equal to or lower than other ordinary shares or debt; (b) subordinated debt with a return equal to or lower than senior debt or debt with similar credit terms; or III. Lower returns and/or higher risk due to timing: (a) early injection of concessional debt prior to commercial debt; (b) deferred repayment of concessional debt; or equity with deferred dividend or principal payments relative to other equity holders.]
● 1x: REITs, business trusts, or ETFs listed on MAS-approved exchanges (without a primary Singapore-equity investment mandate); qualifying debt securities; unlisted funds distributed by MAS-licensed financial institutions (without a primary Singapore-equity investment mandate); investments in unlisted Singapore operating companies; climate-related investments; and non-concessional capital with significant Singapore financial institution involvement in blended finance structures.[Note: "Climate-related investments" means investments primarily (i.e., more than 50%) in activities classified under the green or transition categories of the Singapore-Asia Taxonomy or any other internationally recognised taxonomy. Investments may be used for overseas purposes.]
5.Private Banking Account:
At the time of application and throughout the incentive period, the fund must maintain a private banking account with a MAS-licensed financial institution.
6.MAS Approval:
Prior approval from the Monetary Authority of Singapore must be obtained. The fund may not simultaneously enjoy other tax incentives.
7.Structural Flexibility:
The fund may be established in the form of a company, trust, limited partnership, or Variable Capital Company (VCC).
Single Family Office (SFO)
※ A Single Family Office is a private entity established to manage the assets and investments of a single family. Family assets are held within a fund vehicle, and investment decisions may be made internally by family members or determined in consultation with external financial advisers.
※ Key Characteristics: An SFO that manages assets exclusively for a single family is considered to be managing its own assets and is therefore exempt from the requirement to hold a Capital Markets Services (CMS) licence. This exemption is the fundamental characteristic that distinguishes an SFO from other fund management entities.
Multi-Family Office (MFO)
※ A Multi-Family Office serves multiple unrelated families, providing wealth management and family office services through the pooling of resources.
※ Key Characteristics: Unlike an SFO, an MFO manages third-party assets and is therefore subject to regulation under the Securities and Futures Act, and must hold the corresponding fund management licence.
An MFO may choose to register as one of the following types:
● Licensed Fund Management Company (LFMC): may provide services to accredited investors or institutional investors;
● Venture Capital Fund Manager (VCFM): focused on venture capital fund management, serving accredited investors only.
※ An EP holder whose fixed monthly salary meets the threshold stipulated by the Ministry of Manpower (MOM) (currently at least S$6,000) may apply for a Dependant's Pass (DP) for their legally married spouse and unmarried children under the age of 21 (including legally adopted children), allowing them to reside in Singapore. EP holders with a monthly salary of S$12,000 or above may also apply for a Long-Term Visit Pass (LTVP) for their parents.
※ Where the relevant conditions are met, the main EP applicant may further apply for Permanent Residence(PR). In the PR application, a spouse and unmarried children under the age of 21 fall within the family member categories listed by the Immigration & Checkpoints Authority(ICA). Parents and adult children are generally not included as accompanying family members in an EP holder's PR application.
※ Although the applicant's parents and children aged 21 and above are not eligible to apply for PR as accompanying family members, parents may, subject to meeting the income requirements, apply for a Long-Term Visit Pass(LTVP) to reside in Singapore on a long-term basis.
※ Establish a compliant family office structure with substantive operations, and obtain approval from the Monetary Authority of Singapore for the relevant fund tax incentive scheme (e.g., 13O / 13OA / 13U).
※ Continuously satisfy the relevant regulatory and tax incentive requirements applicable to the family office, including substantive conditions such as assets under management (AUM), local investment professional staffing, and annual operational expenditure.
※ When undergoing review by the Immigration & Checkpoints Authority (ICA) of Singapore, the applicant should demonstrate genuine ties to Singapore, including factors such as long-term residence, business participation, and economic contribution.
※ In the event of special circumstances, promptly communicate with a Goldden Group immigration consultant to formulate a plan in advance.
※ Goldden Group immigration consultants will tailor immigration solutions to suit each client's individual circumstances, and clients are required to cooperate proactively in providing the necessary documentation for the application.
※ The family office structure and tax incentives themselves do not directly confer Permanent Residence eligibility; PR approval is independent in nature and subject to comprehensive discretionary assessment.
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