Tax Exemption on Specified Income from Designated Investments, derived by an Approved Person Arising from funds managed by a fund manager in SG.
Conditions:
- Approval required from MAS
- Has a minimum fund size of SGD $50 million at the point of application
- The Family Office employs at least three investment professionals (which can be family members)
- At least SGD $200,000 local business spending per year
- Uses a SG-based fund administrator if the fund is a SG incorporated and tax resident company (holds CMS licence, or express exemption from CMS licence)
- Cannot concurrently enjoy other tax incentives
- No change in investment strategy/objective after being approved by MAS
To Incorporate:
- Fund (Singapore/Offshore) to own assets
- Family Office (Singapore) to manage the Fund
Examples of Designated Investments:
- Stocks and Shares
- Bonds, Notes, Commercial papers, Treasury bills and Certificates of Deposits
- Exchange traded funds or any other securities
Examples of Specified Income:
- Dividend
- Interest
- Coupons
- Gains from sale of securities