More family offices continue to be set up in Singapore following two years of strong demand, according to data analytics firm Handshakes.
Singapore has seen 182 family offices open from January to April 24, according to a «Straits Times» report citing data analytics firm Handshakes. This compares to 690 opened in 2022 overall and 672 in 2021.
In March, the Monetary Authority of Singapore (MAS) issued a statement saying that there were about 200 single-family office (SFO) tax incentive applicants awaiting approval. In total, the number of SFOs that were rewarded tax incentives reached 1,100 at the end of 2022, up from 700 in 2021.
