Question: How is the regulatory environment for Singapore family offices?
Answer: We’ve spoken to many fund managers and family offices recently and based on those conversations we’ve identified Singapore as a major family office and alternative investment center. That led us to ask our contacts in the industry, what is driving growth of family offices and investment funds in Singapore? One common answer was the business and wealth-friendly regulatory environment.
In Singapore, the laws and regulations that govern investment funds, personal and business taxes and wealth management are very much guided by a pro-business mindset that has drawn wealthy individuals as well as investment funds from around the world. As one of our contacts reminds us, “Singapore is the 2nd freest economy in the world,” as ranked by the Heritage Foundation, and it is quickly gaining ground against Hong Kong as the financial capital of Asia. Key to that shift is the regulatory environment and laws in Singapore, says one financial professional we spoke with, “The laws will only get more friendlier in Singapore, whereas compared Hong Kong will only get more tighter.” For this and other reasons, Singapore’s family office and wealth management industries are expected to grow in the coming years.
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