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Parliamentary Replies
 Published Date: 02 July 2024

Written reply to Parliamentary Question on qualification for Fund Tax Incentive Scheme by foreign family offices' investments in local shophouses and assets

Date: For Parliament Sitting on 2 July 2024

Name and Constituency of Member of Parliament

Mr Derrick Goh, MP, Nee Soon GRC

Question:

To ask the Prime Minister and Minister for Finance (a) whether investments by foreign family offices for local shophouses and assets qualify for the Fund Tax Incentive Scheme; and (b) what is being done and whether more will be done to minimise the impact of such investments on local asset demand and inflation.
Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:

1. Investments made by single family offices in local shophouses or any Singapore immovable properties are not eligible investments under the tax incentive schemes for single family offices.

2. Accordingly, there is little impact on demand on local shophouses and properties arising from such schemes. It has also been explained in earlier Parliamentary Sittings that family offices have little impact on commercial and residential properties and inflation.

 

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