Publications

15 Results

Legacy Planning – The Pivotal Role Of Wills In The Creation, Protection And Distribution Of Your Estate

  Introduction Legacy Planning stands as an indispensable compass that navigates the complexities of estate management for the prosperity of the future generations. Within this strategic framework, Estate Creation, Estate Protection and Estate Distribution emerge as the fundamental pillars, each playing a distinct role in shaping a comprehensive and enduring legacy; and binding these three […]

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Residential Property Tax In 2024

Introduction As part of the 2-step increase in residential property tax in Singapore announced in the Singapore Budget 2022, residential property tax rates would be increased again commencing 1 January 2024. Property tax is calculated on a progressive scale. We set out below the residential property tax rate for owner occupied properties and non-owner-occupied properties […]

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Pitfalls Of Holding An EP Under A Sham Working Arrangement

Introduction Professionals looking to live and work in Singapore would typically apply for the Employment Pass (“EP”) under the sponsorship of the employing company. However, the benefits of obtaining an EP, as well as it being a precursor for foreigners looking for longer-term relocation plans to Singapore, have resulted in some individuals intentionally flouting the […]

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The Singapore EntrePass

Introduction The EntrePass, administered by the Ministry of Manpower (“MOM”), is a work visa for foreign entrepreneurs looking to set up and operate businesses in Singapore that are venture-backed or own innovative technologies. This article will elaborate on the objective and purpose of the EntrePass, the eligibility criteria for interested applicants, the passes available for […]

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A Single Global Will vs Multiple Jurisdictional Wills: Which Is Better?

Introduction In the complex world of legacy planning, the decision to draft a will is a vital step that ensures one’s hard-earned assets and cherished possessions are distributed according to his/her wishes after his/her demise. With globalization occurring at such a rapid pace and more individuals having assets in multiple jurisdictions, therein lies a common […]

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Becoming A Singaporean

Introduction Obtaining Singapore Citizenship (“SC”) can be done in a number of ways, all of which require proper planning and preparation. The most crucial requirement to apply for SC, amongst others, is for one to first be a Singapore Permanent Resident (“SPR”). At Sim Mong Teck & Partners, the 2 main ways our high-net-worth clients […]

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Business Succession Planning: Keeping Your Business Alive With The Next Generation

Introduction In the dynamic world of business, one constant remains true: change is inevitable. While entrepreneurs and business owners are often focused on the day-to-day operations and growth of their enterprises, they frequently overlook the one crucial aspect that can have a significant impact on their legacy and the future of their businesses – business […]

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Family Office Schemes: Singapore vs Hong Kong

Introduction The Singapore tax incentive scheme for single family offices (“SFO”), also referred to as the Section 13O and Section 13U of the Income Tax Act (“SG Scheme”), has been attracting global high-net-worth individuals (“HNWIs”) to Singapore when looking to set up their SFOs for wealth preservation and management. Similarly, Hong Kong has a concessionary […]

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Preserving Legacies Beyond Wills: The Power of Legacy Letters

Introduction In an age where more individuals are starting to recognise the importance of legacy planning, legacy letters, together with the will and lasting power of attorney, become essential tools for a holistic legacy plan. While wills handle the distribution of assets, legacy letters play a very different role, providing the writer the opportunity to […]

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