Singapore’s central bank will announce improved tax incentives in July to recognise the charitable contributions of family offices – companies that manage wealthy families’ assets, a senior minister has announced.
Family offices will also benefit from making contributions to blended finance, a mix of public and private capital, under the changes by the Monetary Authority of Singapore (MAS), Senior Minister and MAS Chairman Tharman Shanmugaratnam said at an event by the Association of Banks in Singapore (ABS).
Investments in climate change solutions locally and overseas will also benefit, he added.
Ultra-high net worth families are increasingly setting up family offices in Singapore as they seek safe havens from political turmoil and economic uncertainty.
The ABS, a trade group of Singapore’s top lenders, on Friday launched a Trade Finance Registry to minimise fraud and duplication in trade financing.
Source : Star
