A family office can be broadly defined as an arrangement to manage the financial and other affairs of a high-net-worth family for the purposes of capital preservation, succession planning and managing investments.

In recent years, Asia is experiencing a rapid creation of wealth and rising affluence, and thus family offices are becoming increasingly popular.

Choosing the location of your family office is important. Singapore has become a popular choice, as it is a well-regulated international financial center and wealth management hub located in the heart of Asia. Furthermore, offshore income is, by and large, not taxed and onshore income is often lowly taxed due to Singapore’s territorial tax system. There is also no capital gains tax nor inheritance tax.

Family offices administered in Singapore can also take advantage of Singapore’s extensive network of comprehensive double tax treaties or agreements as well as potential tax exemption under various government schemes. Ultimately you get to decide exactly how the family office will serve you and your family. For some individuals, setting up a private trust company could provide the ideal solution in terms of confidentiality, flexibility and efficiency.