{"id":52030,"date":"2025-07-09T18:13:23","date_gmt":"2025-07-09T18:13:23","guid":{"rendered":"https:\/\/www.europesays.com\/us\/52030\/"},"modified":"2025-07-09T18:13:23","modified_gmt":"2025-07-09T18:13:23","slug":"three-months-to-set-up-singapore-reduces-wait-time-for-family-offices-to-woo-worlds-super-rich","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/52030\/","title":{"rendered":"Three months to set up: Singapore reduces wait time for family offices to woo world’s super-rich"},"content":{"rendered":"

Singapore\u2019s financial watchdog has decided to shorten the waiting time for wealthy people who are looking to manage their assets in the Asian wealth<\/a> hub.<\/p>\n

The move aims to solidify Singapore\u2019s wealth management industry even as the Monetary Authority of Singapore (MAS) vows to uphold tight regulatory standards, a senior official said on Wednesday.<\/p>\n

Faster set-up for wealthy investors<\/strong><\/p>\n

In a significant change, wealthy individuals and families applying for tax incentives to set up their family offices in the city-state will now need less time than before, reported Reuters.<\/p>\n

Previously, this process could take<\/a> up to 12 months. However, after the change, the applicants can expect to wait up to a maximum of three months.<\/p>\n

This expedited timeline was announced by Chee Hong Tat, the Deputy Chairman of MAS, during a media visit to DBS Group Holdings Ltd., the country\u2019s biggest bank<\/p>\n

Ease of doing business<\/strong><\/p>\n

Beyond family offices, the regulatory body is also actively working with private banks to help their clients open accounts faster.<\/p>\n

\u201cWe are also working closely with the private banking industry group to see how we can further reduce the time taken for the clients to set up\u201d accounts, said Chee.<\/p>\n

This initiative reflects Singapore\u2019s goal of creating a more efficient and attractive space for global<\/a> wealth.<\/p>\n

Balancing growth and standards<\/strong><\/p>\n

Chee\u2019s comments underscore Singapore\u2019s calculative approach to expanding the country\u2019s local wealth management sector.<\/p>\n

The government is willing to take what it calls \u201cproportionate\u201d risks to foster the industry\u2019s growth while also ensuring that its high standards of financial integrity and regulation are not compromised.<\/p>\n

Singapore as a global wealth hub<\/strong><\/p>\n

Singapore is swiftly climbing the ranks among the world\u2019s largest asset-management centres and emerging as a preferred destination for offshore wealth stewardship, reported Bloomberg.<\/p>\n

It is also emerging as a growing spot for family offices and philanthropy as the number of Single Family Offices (SFOs) in Singapore has grown from 400 in 2020 to 1,650 as of September 2024, solidifying its status as a key destination for global wealth management, the report said.<\/p>\n","protected":false},"excerpt":{"rendered":"Singapore\u2019s financial watchdog has decided to shorten the waiting time for wealthy people who are looking to manage…\n","protected":false},"author":3,"featured_media":52031,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[38895,38891,64,38890,38897,38896,255,38892,23134,38893,67,132,68,29478,38894],"class_list":{"0":"post-52030","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-3-months-to-set-up-office-in-singapore","9":"tag-asset-management","10":"tag-business","11":"tag-family-offices","12":"tag-mas","13":"tag-monetary-authority-of-singapore","14":"tag-personal-finance","15":"tag-private-banking","16":"tag-singapore","17":"tag-singapore-cuts-wait-time","18":"tag-united-states","19":"tag-unitedstates","20":"tag-us","21":"tag-wealth-management","22":"tag-wealthy-families-and-individuals"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114824636321408941","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/52030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=52030"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/52030\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/52031"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=52030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=52030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=52030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}