Singapore · Tax regime
Fund Tax Exemption Schemes for Single Family Offices (sections 13O and 13U)
Open, and administered by MAS. Conditions for single family offices were tightened in April 2022 and July 2023 and eased for awards approved from 1 August 2026. MAS updates the conditions periodically, so the figures below should be re-confirmed with MAS before structuring.
This is the real reason most large families set up in Singapore. 13O and 13U exempt specified income from designated investments, meaning the fund's investment returns, from Singapore tax. Combined with no capital gains tax and no estate duty, a properly structured SFO can hold a global portfolio at close to zero Singapore tax leakage. The catch is that MAS now prices this in substance, not paperwork.
Qualifying routes
Singapore-incorporated company, or under section 13OA a Singapore-registered limited partnership on the same conditions. At least SGD 20m in designated investments at application and at the end of each basis period. At least 2 investment professionals, at least 1 of them from outside the family; you can apply with 1. Local spending tiers are shared with 13U: SGD 200k below SGD 250m of AUM, SGD 500k up to SGD 2bn, SGD 1m above.
At least SGD 50m in designated investments at application and at the end of each basis period. At least 3 investment professionals, at least 1 of them from outside the family; you can apply with 2. Local spending follows the same tiers as 13O: SGD 200k below SGD 250m of AUM, SGD 500k up to SGD 2bn, SGD 1m above. No restriction on fund vehicle jurisdiction.
The facts
- Key figure
- 20M SGD
- Total landed cost
- Setup and the MAS application typically run SGD 150k–400k. Ongoing audit, compliance, tax and administration commonly add SGD 200k+ per annum, before the mandated local business spending.
- Route type
- Tax regime, not a visa
- Timeline
- 3–9 months (Subject to MAS review. Conditions were tightened in April 2022 and July 2023 and eased from 1 August 2026.)
- Physical presence
- The family office must have real substance in Singapore. That means local investment professionals and genuine local spending.
- Family
- This is not a residence programme on its own. Principals and staff obtain Employment Passes, and the SFO also underpins GIP Option C
- Permanent residency
- No direct path. It is commonly paired with Employment Passes or GIP Option C.
- Citizenship
- No direct path.
- Language test
- None
- Dual citizenship
- Not permitted. You would have to renounce.
- Requirements
- A single family office structure, with the fund beneficially owned by one familyMinimum AUM at application and at the end of each basis period (SGD 20m for 13O/13OA, SGD 50m for 13U)A minimum number of investment professionals employed in SingaporeA minimum annual local business spend, scaled to AUMThe Capital Deployment Requirement, a mandated allocation to Singapore-linked investmentsMAS approval
- The April 2022 changes introduced the minimum fund size, the investment-professional headcount, tiered local business spending and the Capital Deployment Requirement, a mandatory allocation to local investments. In July 2023 MAS required the full SGD 20m at application, where SGD 10m built up to SGD 20m within two years had been enough, and added a non-family investment professional. Awards approved from 1 August 2026 get eased terms. Advisers still quoting older conditions are out of date.
- MAS conditions change with some regularity and apply both at the point of approval and on an ongoing basis. Breaching a condition can cost you the exemption retroactively.
- This is a tax exemption, not a residence permit. It does not give the principal the right to live in Singapore. That requires a separate pass.
- Singapore is a full CRS participant. The SFO gives no confidentiality from your home tax authority, and families from CFC jurisdictions may find the fund attributed back to them anyway.