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Singapore unveils tax breaks and visa incentives for asset managers
The package includes a tax exemption for investment profits earned by qualifying single-family offices and other funds, and expands a visa program that can be valid for up to five years.
Singapore has announced a new package of tax breaks and visa incentives aimed at making the city state more attractive to fund managers as competition with Hong Kong for global capital and financial talent intensifies, according to SCMP Economy.
The Monetary Authority of Singapore and the finance ministry said the measures include a tax exemption for investment profits earned by managers of single-family offices and other qualifying funds.
Analysts told SCMP Economy that the policies could help Singapore maintain its competitiveness, but are unlikely to produce a decisive, lasting advantage over Hong Kong.
SCMP Economy reported that one proposal involves expanding Singapore’s Overseas Networks and Expertise Pass for investment professionals, with a visa valid for up to five years and allowing holders to work for multiple companies, with more details expected in next year’s budget.