MAS S13O & MAS S13U Tax Exemptions — Singapore Family Office Tax Structures

MAS S13O and MAS S13U Singapore’s Most Powerful Family Office Tax Incentives

Setting up your family office tax structure under Singapore’s MAS 13O and MAS 13U tax exemption schemes can transform the way you manage and grow family wealth.
These frameworks give eligible funds and family offices a complete exemption on specified investment income — making Singapore one of the world’s most tax-efficient jurisdictions for family wealth management. Tax incentives with paired with strong corporate governance results in great outcomes for family wealth.

Our firm provides end-to-end support for MAS 13O (S13O) and MAS 13U (S13U) applications, covering structuring, documentation, submission to MAS and EDB, and ongoing compliance reviews. We have done applications for both funds and family office incentives so are able to handle the vast majority of queries that come to us for this. We have handled applications for some of the largest most well known families in Singapore and the region.

Who It’s For

• Fund managers and single family offices (SFOs) seeking family office tax exemption under MAS 13O or MAS 13U.
• Multi-family offices and fund structures wanting to optimise their Singapore presence with a formal family tax office arrangement.
• Private investors looking to consolidate global portfolios within a tax-efficient family office structure.
• Corporate groups and trusts exploring family office tax deductions and cross-border planning strategies.

How It Works — Applying for MAS S13O / MAS S13U Approval

1. Review Eligibility & Structure: Assess whether your family office or fund meets S13O / S13U criteria for AUM, spending, and staffing.
2. Draft Investment Management Agreements: Prepare legal and governance documents required for submission to MAS and EDB.
3. Submit Application: Coordinate the application process with supporting financial and business plans.
4. Receive Approval & Stay Compliant: Obtain the official MAS 13O / 13U approval letter and maintain annual compliance through ongoing monitoring and reporting.

Family Office Tax Planning & Compliance

We help clients design custom family office tax structures that maximise eligibility for S13O and S13U benefits while remaining fully compliant with MAS and EDB requirements.

Our advice covers:

• Selecting the right fund vehicle (e.g. Variable Capital Company (VCC) or Singapore company).
• Implementing family office tax planning for cross-border income and withholding tax efficiency.
• Coordinating family office taxation across jurisdictions for investment funds, trusts, and corporate entities.
• Documenting family office tax deductions and local expenditure to meet EDB criteria.

Case Snapshot

A regional family office with its own CMS licensed entity secured MAS 13U (S13U) status for a Singapore-domiciled Variable Capital Company (VCC) holding private equity and credit investments. The structure achieved full family office tax exemption on gains and interest income while meeting local substance and employment requirements.

Frequently Asked Questions (FAQs)

Q: Can crypto or digital assets qualify under MAS S13O or MAS S13U?
A: MAS currently permits limited exposure to digital assets, subject to strategy and risk profile. Our team can help structure investments to stay within approved limits.

Q: What is the main benefit of a family office under S13O / S13U?
A: The key advantage is a family office tax exemption on most investment income, allowing compounding growth without immediate tax leakage.  Most international private banks in Singapore need a nexus between the foreign investor and the Singapore bank before they can open a bank account. A family office established either under a single family office structure or under a VCC sub-fund can be used for this purpose.

Q: How long does MAS approval take?
A: Typically 9 months months, depending on the completeness of the submission and EDB assessment.

Call to Action

Discover if your family office qualifies for MAS 13O or MAS 13U tax exemptions and unlock Singapore’s family office tax advantages.
👉 Book a Review Session with Our Tax & Structuring Team

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