The Monetary Authority of Singapore (MAS) will soon announce improved tax incentives to recognise the charitable contributions made by family offices.
The announcement, which is said to be made next month, will also allow family offices to benefit from making contributions to blended finance, which is a mix of public and private capital, MAS chair Tharman Shanmugaratnam said at a recent event by the Association of Banks in Singapore.
He added that family offices will also benefit from investments in climate change solutions both locally and abroad.
Shanmugaratnam, who is also a senior minister in the city-state, is slated to resign from his political posts on 7 July to stand for Singapore’s upcoming presidential elections.
His comments come as ultra-high-net worth families have been setting up offices in Singapore, which has been seen as a safe haven from political turmoil and economic uncertainty.