Singapore’s new single-family office (SFO) framework aims to provide ultra-wealthy families with greater clarity regarding regulatory requirements. However, experts suggest that while this framework offers more structured guidelines, it may not be sufficient to attract a significant influx of the super-rich to Singapore. Factors such as tax incentives, quality of life, and geopolitical stability continue to play pivotal roles in the decision-making processes of these affluent families.

The framework’s introduction reflects Singapore’s commitment to enhancing its wealth management sector by ensuring transparency and compliance. Despite these efforts, the city-state faces stiff competition from other financial hubs that offer comparable or more attractive benefits to high-net-worth individuals. Therefore, while the new SFO framework is a step in the right direction, it may need to be part of a broader strategy to make Singapore a more compelling destination for the global elite.