SINGAPORE - Wealthy families interested in setting up single family offices (SFOs) in Singapore and want to tap tax incentives offered by the Monetary Authority of Singapore (MAS) will be facing enhanced checks by the regulator almost immediately.
According to Ms Gillian Tan, MAS’ assistant managing director (development and international), the regulator will strengthen the due diligence checks conducted at the point of application, and will swiftly withdraw tax incentives should subsequent monitoring and events detect adverse activities.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you
