Singapore sets a deadline for family offices applying for tax breaks

Marcus Baram
Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.

Mar 26, 2024
6 months ago
Singapore
Credit: Bloomberg
More than 700 family offices were based in Singapore at the end of 2021. And more have set up there since, including Google co-founder Sergey Brin, hedge fund billionaire Ray Dalio and vacuum cleaning entrepreneur James Dyson.

In the wake of a major crackdown on money laundering, Singapore is setting a hard deadline for family offices applying for tax breaks to reply to requests for additional information from government regulators. Applications will be rejected if the offices don’t meet the deadline.

In early March, the regulator started telling family office applicants about the deadline, Nikkei reported. The incentives include 100% tax deductions for most overseas philanthropic donations.

At the end of last year, 1,400 single-family offices qualified for the incentives, a 27% increase from the end of 2022, according to official figures.

Marcus Baram
Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.