Singapore’s financial guard dog decided to shorten waiting time for rich people trying to manage their assets in Asian wealth.
The aim of this step is to consolidate the Singapore Industry Administration of Wealth Administration, although the monetary authority of Singapore (LAG) promises to follow close regulatory standards, said a higher official on Wednesday.
Faster settings for rich investors
In a significant change, rich individuals and families apply for tax incentives to establish their family offices in the city state now need less time than before, reported Reuters.
Previously, this process could take up to 12 months. However, after the change, applicants may expect to wait for up to three months.
This accelerated timeline was announced by the Chee Hong Tat, Vice -President of the LAG, during a visit to the media in DBS Group Holdings Ltd., the largest bank in the country
Easy business
In addition to family offices, the regulatory body also actively cooperates with private banks to help its clients open accounts faster.
“We are also closely working closely with a group of private banking to see how we can further shorten the time needed to set up clients,” Chee said.
This initiative reflects the goal of Singapore to create a more efficient and attractive space for global wealth.
Balance of growth and standards
Chee’s comments are underlined by the Singapore Calculation approach to the expansion of the local sector of property management in the country.
The government is willing to undergo what it calls “reasonable” risks to support the growth of this industry and at the same time ensure that its high standards of financial integrity and regulation are not endangered.
Singapore as a global wealth center
Singapore rises rapidly among the largest asset management centers in the world and appears as a preferred destination for administration on the coast, Bloomberg said.
It also appears as a growing place for family offices and philanthropy, as the number of individual family offices (SFO) in Singapore increased from 400 in 2020 to 1,650 from September 2024 and reinforced its status as a key goal for global wealth management, reported.
(Tagstotranslate) Rich administration
