On 11 April 2022, the MAS recently issued guidelines with updated conditions for Section 13O (formerly 13R) and Section 13U (formerly 13X) tax incentive scheme applications for funds managed or advised directly by a family office. It aims to increase the professionalism of family office professionals in Singapore and ensure the regime remains relevant to developments in the sector. These updated conditions will take effect from 18 April 2022 (inclusive).
The updated conditions will only apply to fund vehicles that are managed or advised directly by a family office which:
- is an exempt fund management company (FMC) that manages assets for or on behalf of the family or families and
- is wholly owned or controlled by members of the same family or families
The new guidelines apply to new applications received from 18 April 2022. Applications that have submitted preliminary information before 18 April 2022 and with correspondences with the MAS in the last six months need not meet the new guidelines.