Singapore has become interested in family office services due to the increasing demand for services like wealth planning. Family offices follow wealth, and the seismic development of income and family offices in Asia over the past several decades has coincided with the region’s emergence as an economic powerhouse worldwide.
As long as Asia’s fundamentals continue to support strong growth and as the region’s wealth ages and prepares to move across generations in the next ten to twenty years, we anticipate this trend will continue.
Many family offices in Asia are in their first or subsequent generation, and they are just now getting ready to transfer their initial fortune, which is driving up the popularity of family office services like succession planning.
Since family offices are specialized groups or organizations charged with managing the financial and sometimes non-financial affairs of ultra-high net worth (UHNW) families, Singapore has grown in popularity.
The Monetary Authority of Singapore reports that between 2017 and 2019, the number of family offices in the small red dot increased fivefold.
This illustrates the appeal of “Singapore Inc.”: the country’s robust legal system, stability in politics and the economy, hospitable tax system, and excellent standard of living, among other things. As a result of Singapore’s excellent regional connections, proficiency in managing cross-jurisdictional and cross-cultural issues, and accessibility to Asia’s prospects, more family offices are beginning to see Singapore as the appropriate neutral hub from which to make investments in the area.
Banks like DBS, which offers customized wealth planning, allow us to tailor a strategy to guarantee the future stability of your family.
- Make a plan for the individuals who mean everything to you.
- In an ever-more-complex world, safeguard your riches.
- Make sure that, in the future, your fortune is handled according to your wishes.
There is no universal wealth plan when it comes to families. You have distinct goals for your family. The ideal plan is tailored to your objectives and situation. You may get best-in-class solutions with DBS Private Bank for both the here and now.
The first multifamily office in the world to be launched in Singapore with bank backing and to make use of the Singapore variable capital company structure is the DBS Multi Family Office Foundry VCC. Extremely wealthy families looking for a secure and reliable environment in Singapore for their financial assets but aren’t yet ready to open every single family office provide an alternate choice.
Components
Succession Planning
One problem that every family has to deal with is the passing of resources from one generation to the next. There are several options that you can put into practice. The location of your assets and your place of residence or domicile will determine the best course of action, among other factors.
Family Office
In its most basic form, a family office is a professional organization that manages your wealth’s investments throughout and following your lifetime. Depending on your needs, the family office may be able to provide your family with additional services.
Charity
Giving to charities is as easy as writing “cheque-book donations” to the hospitals, schools, or non-profit organizations of your choice. Instead, you can donate to social companies these days that help causes that are important to you and your family.
You may take it a step further and employ an approach known as impact investing, in which quantifiable social benefit takes over financial returns when making investment selections.
Tax Preparation
If you have family members who live abroad or if you have assets (such as stocks or real estate) overseas, you should be aware of cross-border taxation. It is possible to effectively avoid complex tax consequences or significant tax exposure with the right arrangements and planning.
Planning for liquidity
Nothing is more important to a family than assuring them a stable future. You want to protect, care for, and consider their best interests because you know that they will have everything they need in the future.
Cutting-edge life insurance options let you prepare for unanticipated events.
