Jurisdictions · Compare
Singapore vs Hong Kong Family Office: Rules and Tax (2026)
Our view
Neither place has a family office licence. In Singapore the office notifies MAS, banks with a MAS-licensed bank and files a yearly return. In Hong Kong an office run at cost generally needs no SFC licence. Both offer a tax break with substance rules. Singapore's 13O fund exemption needs SGD 20 million in the fund, two investment professionals and SGD 200,000 or more of local spending a year. Hong Kong's 0% FIHV rate needs HK$240 million in specified assets, two qualified full-time employees and HK$2 million of local operating expenditure. Neither has estate duty. Singapore offers permanent residence from SGD 200 million under management, while Hong Kong's New CIES gives residence for HK$30 million invested, with right of abode possible after seven years. Where the family wants to live and invest in Asia may decide.
Key differences
- Licence: none in Singapore (a class exemption and a notice to MAS within 14 days), against no dedicated licence or registration in Hong Kong, where an office run at cost generally needs no SFC licence.
- Tax incentive: income tax exemption for the family's fund under 13O (SGD 20 million) or 13U (SGD 50 million) in Singapore, against 0% profits tax on qualifying FIHV income from HK$240 million in specified assets in Hong Kong.
- Substance for the incentive: 2 or 3 investment professionals, SGD 200,000 to SGD 1 million of local spending a year and qualifying investments in Singapore, against 2 qualified full-time employees and HK$2 million of operating expenditure in Hong Kong.
- Company tax: 17%, with partial exemption on the first SGD 200,000, in Singapore, against 8.25% on the first HK$2 million of assessable profits and 16.5% above in Hong Kong.
- Personal income tax: a top rate of 24% in Singapore, against salaries tax capped at 15% on the first HK$5 million of net income and 16% above in Hong Kong.
- Residence: permanent residence through the Global Investor Programme (SGD 200 million under management, SGD 50 million invested in Singapore, EDB approval) in Singapore, against the New CIES in Hong Kong: HK$30 million in net assets and HK$30 million invested, a stay of up to 24 months with extensions, and the right to apply for right of abode after seven years.
Side by side
| Topic | Singapore | Hong Kong |
|---|---|---|
| Licence | No licence: class exemption, notify MAS within 14 days | Generally no SFC licence if run at cost; Type 9 excludes serving only wholly owned group firms |
| Minimum wealth | None for the exemption; SGD 20 million (13O) or SGD 50 million (13U) for tax incentives | None for the SFO; HK$240 million in specified assets for the 0% FIHV tax rate |
| Who counts as family | Descendants of a common ancestor up to five generations back, with current and former spouses, in-laws, adopted children and stepchildren | SFC: no definition. FIHV tax: ancestors, descendants, siblings and spouses; 95% family-owned |
| Serving several families | MAS capital markets services licence for fund management | SFC licence likely needed, commonly Types 1, 4 and 9; FIHV concession not extended to MFOs |
| Law and courts | Singapore law and courts | Common law under the Basic Law; Court of Final Appeal with overseas common law judges |
| Substance | Locally resident director; for tax incentives, 2 or 3 investment professionals (one non-family), SGD 200,000 to SGD 1 million local spending a year and qualifying investments | Company: HK office and secretary; FIHV: 2 full-time staff, HK$2 million spending in Hong Kong |
| Holding vehicles | Company, limited partnership, LLP, variable capital company (VCC), trust; no foundation law found | Company, limited partnership fund, open-ended fund company, trust; no foundation law found |
| Corporate tax | 17%, with partial exemption on the first SGD 200,000 | Profits tax 8.25% on the first HK$2 million, 16.5% above (2018/19 onwards); territorial |
| Family office tax | Funds can apply for income tax exemption under 13O, 13OA or 13U (schemes run to 31 December 2029) | 0% for qualifying FIHVs (HK$240 million, 95% family, substance); 2026 bill passage not found |
| Personal income tax | Progressive, top rate 24% | Salaries tax 2% to 17%, capped at 15% on the first HK$5 million and 16% above |
| Inheritance tax | No estate duty for deaths on or after 15 February 2008 | None: estate duty abolished for deaths on or after 11 February 2006 |
| Wills and succession | Wills and the Intestate Succession Act; Muslim estates follow Faraid | No forced heirship found; Cap. 73 intestacy rules; dependants may claim provision |
| Residence | Permanent residence via the Global Investor Programme: SGD 200 million under management, SGD 50 million invested in Singapore | New CIES: HK$30 million net assets, HK$30 million invested (HK$3 million in CIES portfolio) |
| Time to set up | Company: most registered soon after payment, up to 15 working days if complex, 14 to 60 days if referred; no official time for 13O/13U | Company online usually within 1 hour (4 working days on paper); no official FIHV time |
| Official fees | SGD 315 to register a company; no official fee found for the MAS notice or 13O/13U applications | Company HK$1,545 online, HK$2,350 business registration (1 year, 2026/27); no SFO licence fee |
