Singapore Offers Tax Breaks and Easier Visas to Attract Fund Managers
Singapore is stepping up its efforts to attract fund managers and investment professionals as it faces growing competition from Hong Kong. The Monetary Authority of Singapore (MAS) announced plans to provide tax exemptions on profits earned by fund managers, including those managing single family office funds.
The government will offer more details in the country's budget next year. This move comes after Hong Kong introduced tax incentives for individual fund managers, which has added to the pressure on Singapore to compete.
National Development Minister Chee Hong Tat said it was essential to share the government's plans with the industry so they can consider them when deciding where to locate and grow their businesses.
Singapore is also making it easier for investment professionals to work in the city-state by expanding access to the Overseas Networks & Expertise Pass. This visa allows professionals to work for multiple companies at the same time and removes the need to apply for a new pass when they change jobs.