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Singapore: family offices flock in despite tighter rules

Singapore is attracting family wealth management structures while tightening its approval conditions. For a resident, what matters lies elsewhere: a moderate tax scale, no tax on capital gains and a high cost of living.

By Editorial team · on August 26, 2026

View of Gardens by the Bay — Photo: Shiny Things. — Wikimedia Commons (CC BY)

What Singapore taxes, and what it does not

Singapore's tax scale for residents is progressive and moderate. It starts at 0%¹ on the first band and peaks at 24%² at its top marginal rate.

Gains on the sale of property, shares and financial instruments are not taxed: the applicable rate is 0%³. For a portfolio of financial assets, this is the jurisdiction's most significant advantage.

Corporate income tax stands at 17%⁴, with various partial exemption schemes for start-ups on top.

Tax residency is acquired in particular through a presence of 183 days⁵ over the year. A non-resident is taxed under separate rules, which are generally less favourable for employment income.

Family wealth management structures

Singapore has developed exemption schemes for funds managed from its territory, which wealthy families use to hold and administer their assets. These schemes require approval from the monetary authority.

The approval conditions have been tightened several times: minimum asset levels, expenditure incurred locally, number of investment professionals employed locally, share invested in the Singapore market. The stated aim is genuine economic substance.

This tightening does not contradict the influx observed: it is its corollary. A jurisdiction that receives a great deal of capital raises its requirements to protect its reputation, as the Caribbean did with citizenship by investment.

We do not publish the asset thresholds, the local expenditure amounts or the number of professionals required by these schemes: they are set out in circulars from the monetary authority whose current version we have not been able to verify. They must be established with a Singapore adviser.

Nor do we publish the number of approved family structures: we have not found an up-to-date official statistic to document it.

What to know before moving

Distinguish the fund regime, which concerns a structure, from personal status, which concerns the resident: the two follow different rules.
Check the residence route: employment, setting up a business, or the investor programme, whose first option requires SGD 10,000,000⁶ and the alternative option SGD 10,000,000⁷.
Cost the cost of living, among the highest in the world, particularly housing and international schooling.
Factor in the cost of owning a car, subject to a system of purchase entitlements that makes it one of the most expensive on the planet.
Handle the departure from France according to its own criteria and under the France–Singapore tax treaty.

The third point is the one that most often skews projections. Singapore's tax advantage is real, but for a family it is largely absorbed by housing and schooling, two items that few comparisons take into account.

What remains uncertain

The regulatory trajectory is the main source of uncertainty. Approval conditions have changed several times in a few years, always towards greater substance requirements, and there is no sign that this process is over.

Singapore also applies international standards on exchange of information and has adopted a minimum tax for large groups. The jurisdiction has long ceased to be a place of secrecy, and it presents itself as a wealth management centre, not a haven.

The Singapore passport opens about 195⁸ visa-free destinations, ranking it first in the world. Naturalisation, however, requires long residence and giving up one's original nationality, which rules out most French applicants.

For a French resident, the conclusion is that Singapore is chosen for its business environment, its legal certainty and the absence of tax on capital gains, provided one actually lives there and accepts a cost of living that significantly reduces the net advantage.

Please note

General information, as of the date shown. A draft reform is not a rule in force: check the conditions with the authorities or a professional before deciding. Terms of use and disclaimers

Sources and verification dates

1.
Singapore: rate of the first band of the resident schedule : 0%
« Resident tax rates — From YA 2024 onwards — Chargeable Income / Income Tax Rate (%) / Gross Tax Payable ($) : First $20,000 — 0 — 0 ; Next $10,000 — 2 — 200 — IRAS, « Individual Income Tax rates » (dernière mise à jour 27 avril 2026). »
iras.gov.sgVerified on Nov 2, 2026Verified source
2.
Singapore: top marginal rate of the resident schedule : 24%
« Singapore's personal income tax rates for tax resident individuals are progressive, meaning individuals with higher income are taxed at a higher rate. The current highest personal income tax rate is at 24%. — Resident tax rates from YA 2024 onwards : […] In excess of $1,000,000 — 24 — IRAS, « Individual Income Tax rates » (dernière mise à jour 27 avril 2026). »
iras.gov.sgVerified on Nov 2, 2026Verified source
3.
Singapore: taxation of gains on the disposal of property, shares and financial instruments : 0%
« Gains from the sale of a property, shares and financial instruments in Singapore are generally not taxable. However, gains from "trading in properties" may be taxable. […] The following gains are generally not taxable: Gains derived from the sale of a property in Singapore as it is a capital gain. Profits or losses derived from the buying and selling of shares or other financial instruments (including digital tokens) are generally viewed as personal investments. — IRAS, « Gains from sale of property, shares and financial instruments » (dernière mise à jour 27 février 2026). »
iras.gov.sgVerified on Nov 2, 2026Verified source
4.
Singapore: corporate income tax rate : 17%
« Your company is taxed at a flat rate of 17% of its chargeable income. This applies to both local and foreign companies. »
iras.gov.sgVerified on Nov 2, 2026Verified source
5.
Singapore: annual presence conferring tax resident status : 183 days
« Foreigner who has stayed/worked in Singapore: a. For at least 183 days in the previous calendar year; or »
iras.gov.sgVerified on Nov 2, 2026Verified source
6.
Singapore: minimum investment under the first option of the investor programme : SGD 10,000,000
« Option A — Demonstrate an investment of minimally S$10 million in a new business entity or in the expansion of an existing business operation in Singapore. Option B — Invest S$25 million in a GIP-select fund that invests in Singapore-based companies. Option C — Establish a Singapore-based Single Family Office with Assets Under Management (AUM) of at least S$200 million, where minimally S$50 million must be transferred into Singapore — Singapore Economic Development Board, « Global Investor Programme » factsheet (Updated 5 May 2025). »
edb.gov.sgVerified on Nov 2, 2026Verified source
7.
Singapore: minimum investment under the first option of the investor programme : SGD 10,000,000
« Option A — Demonstrate an investment of minimally S$10 million in a new business entity or in the expansion of an existing business operation in Singapore. Option B — Invest S$25 million in a GIP-select fund that invests in Singapore-based companies. Option C — Establish a Singapore-based Single Family Office with Assets Under Management (AUM) of at least S$200 million, where minimally S$50 million must be transferred into Singapore — Singapore Economic Development Board, « Global Investor Programme » factsheet (Updated 5 May 2025). »
edb.gov.sgVerified on Nov 2, 2026Verified source
8.
Singapore passport: visa-free destinations : 195
« Henley Passport Index — classement des passeports par nombre de destinations accessibles sans visa préalable (données IATA), consulté à la date indiquée. Valeur reprise de l’index de l’ancien site (barème à 227 destinations). »
henleyglobal.comVerified on Nov 2, 2026Verified source