Shahnaz Khan

Singapore’s family office boom is more than a headline. It is a structural shift in Asia’s wealth landscape. The has signalled continued momentum, and by 2024 the number of single-family offices reached roughly 2,000, up from about 1,650 the previous year. That growth, paired with Singapore’s ascent to the world’s fourth wealthiest city with about 242,400 millionaires, underscores why the ecosystem now needs to build beyond tax and regulatory incentives towards a robust “3L” infrastructure for lifestyle, legacy and leadership. 

Policy foundations: why capital Is choosing Singapore
Singapore’s policy stack for family offices is unusually comprehensive. The Section 13O/13U fund tax incentives provide tax exemption for qualifying funds managed by Singapore-based managers. These schemes were extended to 31 December 2029, adding predictability for planners. Complementing this is the Variable Capital Company (VCC) structure, which gives managers dividend and capital flexibility and a scalable umbrella/sub-fund framework. For significant principals, the Global Investor Programme (GIP) includes an Option C track to set up a Singapore SFO with S$200 million ($154 million) AuM, of which S$50 million must be deployed in specified local investments. Together, these tools anchor capital and talent onshore. (Sources: Monetary Authority of Singapore, DLA Piper, Default, Economic Development Board.)

Policy fine-tuning is ongoing. MAS introduced a three-month approval regime for family office tax-incentive confirmations, materially shortening set-up timelines. And to channel wealth into purposeful giving, Singapore launched the Philanthropy Tax Incentive Scheme (PTIS) which is a 100 per cent deduction (subject to caps/conditions) for qualifying donors, now running until 31 December 2028. This is key in formalising Singapore’s role as a regional hub for strategic philanthropy. (Sources: Monetary Authority of Singapore, KPMG Assets, EY.)

At the same time, the regulatory perimeter is tightening. MAS has issued additional guidance on AML/CFT good practices and continues to raise standards for intermediaries which is critical for safeguarding the hub amid rapid inflows. (Sources: Allen & Gledhill, Monetary Authority of Singapore.) A robust environment lowering barriers of financial entries with tightening security sounds like a heaven for the inflow of the UHNW into Singapore. 

A strengthening compliance regulatory environment
Alongside tax and structuring incentives, Singapore has reinforced its compliance framework across multiple areas. In July 2025, MAS introduced revised AML/CFT Notices and Guidelines for financial institutions and variable capital companies (VCCs), effective 1 July this year. These updates broaden requirements to include proliferation financing risk assessments, stronger identification of beneficiaries and “trust relevant parties,” and more rigorous screening of sources of funds. 

MAS also issued Circular AMLD 12/2024, directing CEOs to ensure that audit functions are properly resourced, that regular AML/CFT risk assessments are maintained, and that audit scopes reflect inherent money-laundering and terrorism-financing risks.

Beyond MAS, the compliance ecosystem is being strengthened across the industry. Trustees and trust companies are now expected to meet higher standards in verifying effective controllers, understanding legal arrangements, and maintaining clear documentation. 

The Anti-Money Laundering/Counter-Financing of Terrorism Industry Partnership (ACIP) and Regulated  Dealers have published a best-practice paper on Counter-Proliferation Financing, providing guidance to financial and non-financial institutions on managing CPF risks, though it is not legally binding. Meanwhile, capability-building initiatives led by the Wealth Management Institute, the Law Society of Singapore, and government bodies are preparing lawyers, trustees, and wealth managers with specialised programmes in governance, cross-border compliance, AML/CFT, ESG, and succession planning. Together, these measures enhance accountability, transparency, and alignment with international standards, reinforcing Singapore’s position as a trusted hub for wealth management, funds, and family offices.

The demographic imperative: The great Asian wealth transfer
Between now and 2030, Asia Pacific families are projected to transfer about $5.8 trillion in a wave that will amplify demand for governance, next-gen preparation, impact investing, and cross-border structuring. For wealth managers and service providers, the message is clear: the competitive differentiator will shift from set-up to stewardship. (Source: Elyff Concierge.)

From policy to practice: Building the “3L” infrastructure
Lifestyle: UHNW families expect frictionless living that respects privacy and purpose. Beyond private banking, Singapore should scale curated healthcare access, education pathways, global mobility planning, and concierge-quality relocation services that is well integrated with banks and SFO administrators.

The Julius Baer Lifestyle Index has repeatedly placed Singapore at or near the top for premium service costs, a signal that curated value (not discounts) is the opportunity. Providers that bundle residency, schooling, wellness, and hospitality into service-level agreements for SFOs will win share.

Legacy: With incentives like PTIS and widely-used 13O/13U frameworks, families can institutionalise their giving and investing under robust governance. The next step is turnkey philanthropy platforms. These include vehicle selection (VCC/CLG/Trust), mission design, grant-making ops, and impact measurement which are seamlessly connected to the SFO’s investment policy statement. Onshore structures and local deployment requirements under GIP Option C will further encourage meaningful participation in Singapore’s innovation economy and community. (Source: Monetary Authority of Singapore, Economic Development Board)

Leadership: As wealth professionalises, the bottleneck is people. The market needs next-gen leadership academies that blend governance, investment literacy (public, private, and venture), stewardship, and family dynamics coaching. Pair this with director-readiness tracks for independent board roles and chief-of-staff pipelines for SFOs. Embedding risk culture and AML awareness into these programmes aligns with MAS’s emphasis on controls – futureproofing both reputation and returns. (Source: Allen & Gledhill.)

Why this matters
For private banks, trustees, law firms, and multi-family offices, Singapore’s acceleration is not just about AuM capture. It’s about orchestrating full-stack solutions that combine policy fluency with human capital development:

-- Structure with purpose: lead with 13O/13U and VCC, where suitable, but connect them to long-horizon family charters and investment theses (private markets, venture, sustainable real assets); 
-- Operationalise philanthropy: use PTIS to catalyse high impact giving; offer outsourced grant ops and outcome tracking; 
-- Compress time-to-live: leverage the three-month MAS regime to launch faster and then immediately transition clients into governance, education, and risk programmes; and 
-- Elevate assurance: align onboarding and monitoring to evolving AML/CFT guidance to protect the franchise and client reputations. 

In the global wave of automation and rapid technological development, these services, rare and personalised, are now elevated in value – almost creating a cyclical model calling for the revival of human intervention as a distant nostalgia.

The call to action
Singapore has the policy chassis; the next edge is client experience. With 2,000 single-family offices and counting – and an historic $5.8 trillion transfer underway, providers now need to build a cohesive client experience which encompass: lifestyle, legacy, leadership stack which will move from service vendors to generational partners. For wealth leaders, the playbook is clear: translate statutory advantages into programmatic value that develops people, not just portfolios. 

About the author
Shahnaz Khan completed her bachelors at the National University of Singapore and her postgrad in King's College London. She is the founder of Elyff Group headquartered in Singapore including Elyff Concierge and Elyff Events. Elyff Concierge provides bespoke lifestyle management, legacy and leadership planning services as well as personal assistance services to UHNW clients and family offices, while Elyff Events designs and delivers tailored bespoke events experiences.