MAS to review Single Family Office Fund tax scheme parameters to simplify framework
29 October 2025
On 29 September 2025, Minister for National Development and Deputy Chairman of the Monetary Authority of Singapore (“MAS”) Mr Chee Hong Tat delivered the opening remarks at the Wealth Management Institute (WMI) Global-Asia Family Office Summit.
Among other things, Mr Chee announced that MAS is reviewing the Single Family Office Fund tax scheme parameters to simplify the framework and better align with industry needs. This would include:
- reducing documents needed for application;
- easing reporting requirements; and
- expanding the types of investments eligible for the fund tax scheme.
At the industry level, a private banking working group, co-led by MAS, has been established to improve account opening efficiency. The working group will be share best practices for streamlining processes and adopting AI and automation. They will also highlight potential areas where greater regulatory clarity could help to reduce unnecessary second-guessing, and excessive ex-ante checks. MAS will fully support the industry’s endeavours to improve account opening efficiency. The objective is to ensure that banks in Singapore provide services that are competitive, efficient, and which facilitate the needs of legitimate investors while maintaining sound regulatory standards.
Reference materials
The remarks are available on the MAS website www.mas.gov.sg.