Singapore sharpens its wealth strategy by speeding up approvals, simplifying compliance and enforcing proportionate regulation to attract global capital.
· Faster processing times: Tax incentive applications for family offices are now approved within three months, down from 12 previously.
· Risk-proportionate regulation: Singapore balances growth and financial integrity by avoiding overly restrictive rules that could deter opportunity.
· Simplified compliance: MAS is collaborating with banks to streamline account openings, improving both speed more transparency.
Singapore is accelerating its position in the global wealth management race. A major change was recently announced: tax incentive applications for family offices are now processed in under three months, down from up to 12 months previously.
This marks a crucial step in enhancing Singapore’s attractiveness for ultra-high-net-worth individuals (UHNWIs) seeking financial opportunity and operational efficiency. The streamlined process signals the government's intent to deepen long-term investment and engagement with Singapore’s economy.
Balanced regulation, not zero risk
National Development Minister Chee Hong Tat, who also serves as deputy chairman of the Monetary Authority of Singapore (MAS), emphasized Singapore’s practical regulatory approach. Rather than adopting an overly cautious or “kiasu” (a Singaporean English term meaning afraid to lose) stance, Singapore applies a risk-proportionate model.
This approach aims to preserve the city-state's trusted financial reputation while remaining flexible enough to support innovation and capital flows.
Singapore’s strategy appears to be working. The wealth management industry grew by more than 8% in 2023 alone, with a compounded annual growth rate (CAGR) of around 10%. The number of single-family offices in Singapore has also risen to 1,650 as of August 2024, up from 1,400 the previous year — clear signs that global investors still view Singapore as a stable, forward-looking hub.
Strong compliance signals post-scandal
In the wake of the massive SGD 3 billion ($2.2 billion) money laundering case in 2023, MAS has taken visible steps to tighten compliance. Nine financial institutions, including international giants like UBS and Credit Suisse as well as local players like UOB, were fined a total of SGD 27.45 million ($20.2 billion) for regulatory lapses.
Minister Chee stressed that MAS does not differentiate between local and international entities when it comes to enforcement; what matters is the seriousness of the offense.
Singapore is not chasing capital at any cost; it aims to build a sustainable, well-regulated financial ecosystem. The city-state is also solidifying its position as Asia’s wealth management leader by speeding up its processes with clear rules and holding institutions accountable.