Date: For Parliament Sitting on 5 February 2025

Name and Constituency of Member of Parliament

Assoc Prof Jamus Jerome Lim, Sengkang GRC

Question:

To ask the Prime Minister and Minister for Finance in view of the four-fold increase in the number of family offices between 2020 and 2024 (a) how many jobs have they created in total; (b) how many more jobs are they expected to create, as a whole, over the next five years; (c) how many jobs are filled by Singapore citizens and permanent residents, as opposed to foreigners; and (d) what is the total tax revenue that these family offices are expected to contribute in the current fiscal year.

Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:

1. We will focus on Single Family Offices (SFOs) that have been awarded MAS tax incentives. They have to meet annual requirements on assets under management, headcount, business spending and deployment of funds to specific assets. SFOs contribute to the growth of the asset management industry, and increase demand for ancillary services such as in private banking, legal and tax advisory, accounting and fund administration. SFOs receiving tax incentives currently employ about 2,200 locals.

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