In a parliamentary response, Gan Kim Yong, deputy prime minister, minister for trade and industry and chairman of the Monetary Authority of Singapore, said key wealth management banks had not observed a significant impact from China’s tax rules. Clients are still assessing the measures and the steps needed to meet their tax obligations. Singapore’s asset management sector continued to grow in 2025, with assets under management rising 10.1% year over year to SGD 6.7 trillion. The authority recently enhanced fund tax schemes for family offices to increase flexibility, lower compliance costs and broaden eligible investments. It is also working with the industry to streamline account opening, with firms targeting a median processing time of no more than one month. Gan clarified that Common Reporting Standard exchanges cover financial account information, not real estate or other immovable property holdings.
2026-09-08Monetary Authority of Singapore
Monetary Authority of Singapore reports no significant wealth management impact from China’s offshore trust tax rules
The Monetary Authority of Singapore said key wealth management banks had not observed a significant impact from China’s offshore trust tax rules, while clients continue to assess their obligations. It also clarified that Common Reporting Standard exchanges cover financial account information but not real estate or other immovable property.