Single family offices (SFOs) in Singapore that have received tax incentives are employing around 1,400 locals, with Senior Minister Tharman Shanmugaratnam stating that about two-thirds earn more than S$5,000 monthly. In a parliamentary reply, he noted that 900 of these jobs were created in the past three years, emphasizing that these roles are typically well-paying.

The Monetary Authority of Singapore (MAS) lacks comprehensive data on all SFOs since they aren’t required to be licensed, but they do track those that apply for tax incentives under specific sections of the Income Tax Act.

Tharman stated that SFOs contribute to the economy by directly creating jobs and generating revenue for external service providers such as banks and law firms. While MAS does not currently have data on the total revenue generated by SFOs, it plans to conduct surveys for better insights.

He also clarified that the tax incentive schemes do not provide residency status to foreign owners setting up SFOs. MAS will continue to review these incentives to ensure meaningful contributions to Singapore’s economy.