A Singapore family office can be structured to use the MAS fund tax incentive schemes under sections 13O, 13OA and 13U of the Income Tax Act 1947. The EDB Global Investor Programme Option C offers a Permanent Residence route for family office principals through a Single Family Office with at least S$200 million in assets under management. Staffing, local spending and capital deployment conditions apply on each route and are set by the agencies that publish them.
MAS fund tax incentive schemes for family office funds
MAS administers the Fund Tax Incentive Scheme for Family Offices under sections 13O, 13OA and 13U of the Income Tax Act 1947. The schemes give tax exemption to fund vehicles managed by Singapore-based fund managers, including family offices, subject to the schemes’ conditions. The two tracked routes are S13O/13OA for smaller vehicles and S13U for larger ones.
The table below compares the two routes as published by MAS in its infographic on the Fund Tax Incentive Schemes for Family Offices.
| Criterion | S13O / 13OA | S13U |
|---|---|---|
| Assets Under Management | Minimum S$20 million in Designated Investments at point of application and throughout incentive period | Minimum S$50 million in Designated Investments at point of application and throughout incentive period |
| Investment Professionals | Employ minimum 2 professionals, of whom at least 1 is not a family member | Employ minimum 3 professionals, of whom at least 1 is not a family member |
| Qualifying IP pay | More than S$3,500 per month; more than 50% of time in qualifying activity | More than S$3,500 per month; more than 50% of time in qualifying activity |
| Tax residency | Qualified IPs must be Singapore tax residents throughout incentive period | Qualified IPs must be Singapore tax residents throughout incentive period |
| Spending | Tiered Spending Requirement, minimum S$200,000 in Local Business Spending | Tiered Spending Requirement, minimum S$200,000 in Local Business Spending |
| Capital Deployment | Lower of S$10 million or 10% of AUM in specified Designated Investments | Lower of S$10 million or 10% of AUM in specified Designated Investments |
| Private banking | Account with a MAS-licensed financial institution at point of application and throughout | Account with a MAS-licensed financial institution at point of application and throughout |
The Assets Under Management test applies at the point of application and throughout the incentive period for both routes. MAS states the S13O/13OA fund must hold at least S$20 million in Designated Investments and the S13U fund at least S$50 million in Designated Investments. If an SFO fund’s AUM in DI falls below S$20 million (S13O/OA) or S$50 million (S13U) at the end of a basis period, it cannot use the tax exemption for that basis period.
The fund can use the exemption again in a later basis period if AUM in DI returns to at least S$20 million or S$50 million at the end of that later basis period and all other conditions are met. MAS requires the fund to maintain a private banking account with a MAS-licensed financial institution at the point of application and throughout the incentive period.
MAS confirms S13O/OA/U SFO funds may hold investments in operating businesses of the family, and such investments are not subject to any holding limits. These investments do not count toward the minimum AUM in DI condition. They count toward other conditions such as minimum annual business spending and the Capital Deployment Requirement, provided they qualify as Designated Investments.
Assets Under Management minimums and the Capital Deployment Requirement
The Capital Deployment Requirement (CDR) applies to both S13O/13OA and S13U funds managed by a Single Family Office. MAS requires the fund to invest the lower of 10% of its AUM in Designated Investments or S$10 million in Designated Investments. The infographic labels this as investing the lower of S$10 million or 10% of AUM.
The eligible investments under the CDR are set out by MAS as six option classes. Option (i) covers equities, REITS, Business Trusts or ETFs listed on MAS-approved exchanges. Option (ii) covers Qualifying Debt Securities.
Option (iii) covers non-listed funds distributed by licensed financial institutions in Singapore. Option (iv) covers investments into non-listed Singapore operating companies, and option (v) covers climate-related investments. Option (vi) covers blended finance structures with substantial involvement of financial institutions in Singapore.
An operating company with substantive presence in Singapore generally has four characteristics per MAS. It is registered in Singapore, has at least 25% local shareholding interest, has a minimum of 3 employees in Singapore, and has an operating premise in Singapore. Entities in the business of trading or holding Singapore immovable properties, other than property developers, do not qualify under option (iv).
An indirect holding in a non-listed Singapore-incorporated operating company through a holding company can meet option (iv). The intermediate entities must be purely investment holding structures or SPVs with no independent business operations. The underlying operating company must be a non-listed Singapore-incorporated company with substantive business operations and a substantive presence in Singapore.
Certain eligible investments receive a multiplier when MAS computes whether the CDR is met. A 2x multiplier applies to deeply concessional capital in blended finance structures, equities listed on MAS-approved exchanges, ETFs with primary mandates to invest in Singapore-listed equities, and non-listed funds distributed by licensed financial institutions in Singapore with primary mandates to invest in Singapore-listed equities.
A 1.5x multiplier applies to concessional capital in blended finance structures with substantial involvement of financial institutions in Singapore.
A 1x multiplier applies to REITS, Business Trusts or ETFs whose primary mandate is not to invest in Singapore-listed equities, Qualifying Debt Securities, non-listed funds distributed by licensed financial institutions in Singapore with no primary mandate to invest in Singapore-listed equities, investments into non-listed Singapore operating companies, climate-related investments, and non-concessional capital in blended finance structures.
MAS introduced the climate-related and blended finance recognition, and the 2x recognition for Singapore-listed equities and deeply concessional capital in blended finance, with changes effective 5 July 2023. Funds may also count an investment into a limited partnership fund toward option (ii) of the CDR only if the LP fund is a Designated Investment and is distributed by licensed financial institutions in Singapore, excluding equities listed outside Approved Exchanges.
Investment Professionals and family office staffing
MAS requires S13O/13OA funds to employ a minimum of 2 Investment Professionals and S13U funds a minimum of 3 Investment Professionals. On each route at least 1 of the qualifying Investment Professionals must not be a family member of the beneficial owners at the point of application and throughout the incentive period. These professionals are referred to as IPs in the MAS scheme conditions.
A qualifying IP must be employed as a portfolio manager, research analyst or trader. MAS states the IP must earn more than S$3,500 per month and engage more than 50% of the time in the qualifying activity. The IP must also be a Singapore tax resident throughout the incentive period.
Who qualifies as an Investment Professional
Qualifying IPs are expected to be employed primarily in investment management in an SFO. MAS lists developing and implementing investment strategies, performing investment research and market analysis with buy or sell recommendations, and trading of financial instruments including liquidity management and deal structuring as examples of qualifying responsibilities.
MAS accepts either relevant experience or relevant academic qualifications. Relevant experience includes investment experience, including personal investment, or professional experience in portfolio management, research analysis, trading or mergers and acquisitions. Relevant academic qualifications include a degree or master’s in Accountancy, Finance, Economics, Business Administration or Management, or Financial Engineering, or a specialisation in any of those fields.
A relevant diploma from a Singapore institution in any of those areas also qualifies, as does a relevant professional certification such as CMFAS or CFA. MAS states these are examples of the qualifications it considers; the published material does not close the list.
Roles that do not qualify
Roles primarily relating to operations, administration, or finance and accounting are not qualifying IP roles. MAS lists financial planning and analysis, budgeting or capital account management as non-qualifying. Cashflow monitoring, legal documentation and fund wiring, and tax planning support are also non-qualifying.
Passing on or keying in orders, that is trade settlement or confirmation, is likewise a non-qualifying role. An SFO should map each hired professional to a qualifying responsibility before relying on the headcount for the scheme condition.
Tiered local spending requirement
MAS applies a Tiered Spending Requirement to both S13O/13OA and S13U funds managed by a Single Family Office. The infographic published by MAS sets the minimum fund spending by assets under management in Designated Investments. The spending may be met through local business spending, local donations and grants to blended finance structures.
| AUM in Designated Investments | Minimum spending per Year of Assessment |
|---|---|
| AUM < S$50 million | ≥ S$200,000 |
| S$50 million ≤ AUM < S$100 million | ≥ S$500,000 |
| AUM ≥ S$100 million | ≥ S$1 million |
The spending requirement may be met by local business spending with a minimum of S$200,000. For the higher tiers MAS shows local business spending together with local donations and grants to blended finance structures recognised as 2x spending. Donations to Singapore charities and grants to blended finance structures are recognised as eligible spending starting 5 July 2023.
MAS notes that for an S13O/OA/U fund managed by a non-SFO the conditions, including the minimum annual spending condition, differ from those applicable to an SFO-managed fund. The fund must satisfy the relevant condition for the basis period concerned. Where an S13O/OA/U fund changes its fund manager from a non-SFO to an SFO, a fresh SFO application is required and the prior award is terminated on submission.
Philanthropy Tax Incentive Scheme for family offices
MAS operates the Philanthropy Tax Incentive Scheme for Family Offices (PTIS) covering Overseas Donations for 5 years. Under PTIS, overseas donations are cash donations made toward a charitable, benevolent or philanthropic purpose whose main objective is to benefit persons, events or objects outside Singapore. Innovative forms of philanthropy such as blended finance structures, social impact bonds, impact investments and venture philanthropy can also receive 100% tax deductions under PTIS.
An SFO managing a Section 13O/OA/U fund must meet three conditions to use PTIS. It must appoint and maintain a Philanthropy Professional, whether in-house or outsourced. It must incur an additional Local Business Spending of S$200,000.
It must employ an additional local Professional Headcount, who may be the Philanthropy Professional.
The overseas donations must be channelled through Qualifying Local Intermediaries selected by MAS, including registered and exempt charities with a valid Fundraising for Foreign Charitable Purpose Permit, charitable institutions established by financial institutions in Singapore, and selected grantmakers under MCCY’s Grantmaker Scheme.
MAS names specific intermediaries such as Asia Community Foundation Ltd., AVPN Ltd., Temasek Foundation Limited and WWF-World Wide Fund For Nature (Singapore) Limited.
PTIS applicants must meet the qualifying conditions within PTIS and the approved qualifying donor must not receive any principal repayment or returns from the participation. Enquiries go to ptis@mas.gov.sg with the subject title “PTIS Enquiry: (Name of (SFO & 13O/OA/U Fund)) / (Name of Intermediary)”. Prospective Qualifying Local Intermediaries submit interest to the same address with the subject “PTIS QLI Application: (Name of Intermediary)”.
Residency through the GIP Option C family office route
The Global Investor Programme (GIP) is administered by Contact Singapore, a division of the EDB. It accords Singapore Permanent Residence to eligible global investors who intend to drive their business and investment growth from Singapore. GIP Option C is the family office route and requires the applicant to establish a Singapore-based Single Family Office with assets under management of at least S$200 million.
Under Option C, minimally S$50 million must be transferred into Singapore and deployed in EDB specified investments. EDB specifies that equities listed on Singapore approved exchanges qualify as specified investments. The business plan submitted under Option C is assessed on the applicant’s role in the Single Family Office, the office’s functions, proposed investment sectors, asset types, geographical focus and philanthropy interest.
GIP offers three investment options; Option C is the family office route. Option A requires an investment of at least S$10 million in a new or expanded Singapore business entity, and Option B requires S$25 million in a GIP-select fund that invests in Singapore-based companies.
Offshore assets can count toward the Option C AUM requirement provided at least S$50 million investible assets are transferred into and held in Singapore upon Approval-in-Principle, and at least S$50 million is deployed in EDB specified investments no later than 12 months from Final Approval and maintained throughout the Re-Entry Permit validity.
GIP Option C qualifying criteria for Family Office Principals
EDB sets a dedicated Family Office Principals profile under GIP. The applicant must possess at least 5 years of entrepreneurial, investment or management track record. The applicant must have net investible assets of at least S$200 million.
Net investible assets include all financial assets such as bank deposits, capital market products, collective investment schemes, premiums paid in respect of life insurance policies and other investment products, excluding real estate. Contact Singapore reserves the right to exercise judgement in determining the suitability of the applicant’s net investible assets.
A spouse and unmarried children below the age of 21 as at the date of application submission may be included as dependants. Male children who obtain PR as a dependant are liable for National Service. Parents and unmarried children above 21 are not eligible as dependants and may instead apply for a Long Term Visit Pass tied to the validity of the Re-Entry Permit.
Step-by-step GIP Option C process
Submit the completed GIP Application Forms, both online and hardcopy, to EDB. Attend the interview with EDB when invited. If the assessment criteria are met, ICA issues an Approval-in-Principle (AIP) valid for 6 months.
Fulfil the investment condition under the selected option within 6 months from the date of the AIP letter. Provide evidence of the investments made and submit the Investment Undertaking on the Terms and Conditions of the investment.
Once EDB verifies the investment documents, ICA issues the Final Approval letter. Option C applicants must demonstrate that at least S$50 million has been deployed into the specified investments no later than 12 months from the date of the Final Approval letter. Formalise Permanent Residence within 12 months from the date of the Final Approval letter.
EDB states a GIP application takes approximately 12 months to process, subject to complete submission of all required supporting documents, and is subject to due diligence checks. A Form 4 application for an Entry Permit requires a S$100 non-refundable processing fee per applicant paid to ICA after the GIP application is received. The GIP factsheet was updated 5 May 2025.
Employment Pass for family office professionals
The Employment Pass (EP) is a work pass for professionals, managers and executives. MOM requires EP candidates to pass a two-stage eligibility framework: earn at least the EP qualifying salary and, unless exempted, pass the points-based COMPASS. Candidates who do not meet stage 1 are not eligible for an EP regardless of COMPASS points.
EP qualifying salary
MOM sets the EP qualifying salary by sector and age. For all sectors except financial services, the current minimum qualifying salary is S$5,600 and rises progressively with age from age 23 to S$10,700 at age 45 and above. From 1 Jan 2027 the minimum for new applications becomes S$6,000, rising to S$11,500 at age 45 and above.
For financial services, the current minimum qualifying salary is S$6,200, rising to S$11,800 at age 45 and above. From 1 Jan 2027 the minimum for new applications becomes S$6,600, rising to S$12,700 at age 45 and above. The new amounts apply to new applications from 1 Jan 2027 and to renewals of passes expiring from 1 Jan 2028.
MOM provides the full age-by-age schedule for both sectors. Employers must continue to meet the Fair Consideration Framework job advertising requirement before submitting new EP applications. The enhanced Self-Assessment Tool (SAT) lets employers check a candidate’s eligibility before applying.
COMPASS points
COMPASS requires 40 points to pass. MOM awards points across four foundational criteria and two bonus criteria. C1 Salary benchmarks the candidate’s salary against local PMET salaries in the sector; C2 Qualifications awards points for degree-equivalent qualifications from top institutions or other recognised degrees.
C3 Diversity awards points when the candidate’s nationality is a small share of the firm’s PMET employees. C4 Support for Local Employment awards points to firms with a stronger local PMET share. C5 Skills bonus awards points for jobs on the Shortage Occupation List, and C6 Strategic Economic Priorities bonus awards points for firms in eligible programmes.
MOM exempts candidates from COMPASS if they have a fixed monthly salary of at least S$22,500. Exemption also applies to overseas intra-corporate transferees and to roles filled for 1 month or less. Employers should confirm the current COMPASS scoring before filing, as MOM updates the framework and salary benchmarks over time.
What to read next
- GIP Option C: Single Family Office Route to Singapore PR — S$200 million AUM and S$50 million local deployment requirements for the family office PR route.
- GIP Option C: Structuring a Singapore Single Family Office — how to structure a Single Family Office with S$200 million AUM under GIP Option C.
- Foreigners in Family Offices: How SFO Employment Helps an EP Holder’s PR Application — the link between SFO employment, an Employment Pass and a PR application.
- Employment Pass Application Guide — Fair Consideration, eligibility, documents and the EP Online steps for professionals.
- Singapore PR Application Guide — who can apply, what ICA asks for and how the process runs.
- Employment Pass hub — the full set of Employment Pass pages and related guidance.
Official sources
- MAS – Fund Tax Incentive Scheme for Family Offices
- MAS – FAQs on the Schemes for Single Family Offices
- MAS – Fund Tax Incentive Schemes for Family Offices infographic (PDF)
- MAS – Philanthropy Tax Incentive Scheme for Family Offices
- EDB – Global Investor Programme
- EDB – Global Investor Programme factsheet (PDF)
- MOM – Employment Pass eligibility
This packet was retrieved on 2026-10-07; agency rules, figures and effective dates change, so confirm the current position on the relevant agency page before acting. Pass & Permit Desk is not an immigration agent, does not file applications and gives general information only; this article is not immigration or legal advice.