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On July 5, 2023, the Managing Director of the Monetary Authority of Singapore (MAS), Ravi Menon, announced that MAS already has tax incentives to encourage SFOs to create jobs, generate demand for domestic service providers and channel capital to enterprises here.
Incentives will also be adjusted to deploy their capital more meaningfully to benefit Singapore and the region with enhancements in five areas.
MAS will also take additional measures to combat money laundering in the SFO sector, which it identifies as a key risk when it comes to wealth inflows into Singapore.
Some 1,100 SFOs – which each handles the assets of only one wealthy family – had been awarded tax incentives by the Monetary Authority of Singapore (MAS) as at end 2022. This figure was up from 700 at end 2021.
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