On 5 Jul 2023, the MAS issued new 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 5 July 2023 (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 5 July 2023. Applications that have submitted preliminary information before 5 July 2023 and with correspondences with the MAS in the last six months need not meet the new guidelines.
