Singapore has accelerated the process for qualifying ultra-high-net-worth individuals to set up private banking accounts and access tax incentives—shortening it from a year to approximately three months—to reinforce its position as a preferred global wealth management hub.
In response to regulatory backlogs and to maintain Singapore’s competitive edge, MAS now fast-tracks family office approvals. Welcome changes include streamlined compliance procedures and enhanced clarity on expectations for banks and RM workflows. Notably, the number of family offices in Singapore grew to 2,000 by 2024, underscoring the success and appeal of its wealth-friendly environment.
family office Singapore setup time, MAS private banking incentives, Singapore wealth hub
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