The number of single-family offices based in the city-state more than tripled in three years, rising from 400 in 2020 to 1,400 by the end of 2023 according to government data.
To entice family offices to set up in the city, Singapore offers tax perks if these family offices meet certain requirements such as local investment or philanthropic activities.
Singapore offers tax perks if these family offices meet certain requirements such as local investment or philanthropic activities.
Singapore's well-developed financial and professional services sectors, international connectivity, and strong healthcare and education system are reasons for the city's appeal to family offices, according to Vistra.
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