Wealth Talks

Singapore Family Office Part 2

In this episode, ongoing tax liabilities and structuring options will be explored and discussed, and in light of the current COVID-19 crisis, the impact of succession laws on a Single Family Office, whether held personally or via a trust, will be specifically discussed. The podcast will end with a case study to illustrate and bring together points made during the two sessions.
 
Single Family Office: Ongoing Taxation  (Kylie Luo, Executive Director, Private Client BDO) 
1. Ongoing Implications of Family Offices
- Taxation of Distributions
- What to consider once the Family Office is set up?
- Tax implications at the various levels of the Family Office structure
2. Ongoing Implications of Family Offices
- Pitfalls and Termination
- Additional implications to consider in changing and evolving the ownership structure
- Termination of the Family Office Structure and its implications
3. Different Structures to Cater to Specific Needs
- Foreign Grantor Trust Structure
- Structure with more than 1 Trust
- Structure with more than 1 Fund
- Managed Account
 
Single Family Office: Succession (Zac Lucas, Partner, McCarthy Denning)
Evaluation of Succession Implications
- Succession Overview
- Corporate Structure – Shareholder
- Trust Structure – Beneficiary
- Singapore Trust | Anti-Forced Heirship Rules
- Applicable Will, Will Trust and Intestacy Rules
- General Foreign Law Implications
 
Single Family Office: Case Study
Panel Discussion:
Joe Teng, Regional Head of Sales, Amicorp (Moderator)
Kylie Luo, BDO
Zac Lucas, Spencer West
Dominic Volek, Henley & Partners
 
Webinar audio recording dated 24 Apr 2020. See Disclaimer, Copyright and Trademarks at https://www.zaclucas.com/disclaimer 
 
 

Singapore Family Office Part 1

This episode, one of two talks covering the lifecycle of a Singapore Single Family Office, will discuss and consider initial tax considerations on set up of a Single Family Office and the governance implications of the current COVID-19 crisis, ending with a discussion of immigration incentives to establish a Single Family Office.
 
Single Family Office: Setup Taxation (Kylie Luo, Executive Director, Private Client BDO)
1. Overview: Family Offices in Singapore
- Growth in Single Family Offices | Anticipated Impact of covid-19 crisis
- Reasons why clients set up a Single Family Office
- Key features of Singapore Single Family Office
2. Initial Considerations - Comparison of Tax Implications
- Overview of the fund incentive schemes with 13R and 13X being the key schemes
- Similarities and differences in terms of the requirements and typical structures
- Current trends, including the recent popularity for 13R due to the shift away from offshore jurisdictions but also the benefits that remain for 13X for some clients
- Ongoing reporting and compliance requirements for the Family Office structure
 
Single Family Office: Governance Challenges (Zac Lucas, Partner, Spencer West)
Overview
– Key Challenges | Covid-19 Crisis | Significant Investment Losses
- Investment Strategy and Oversight – Accountability Framework | Family Investment Committee
- Fraud and Abuse of Power – Best Practice Countermeasures
- Employment Policy – Appointment and Removal Family Members
- Litigation Risk Exposure – Professional Trust Company
- Litigation Risk Exposure – Private Trust Company (PTC)
- Litigation Risk Exposure – Settlor | Reserve Power Holder
 
Single Family Office: Emigration (Dominic Volek, Managing Partner, Head of Southeast Asia, Henley & Partners)
- Singapore Global Investor Programme (GIP)
– Using a Single Family Office as a Fast Track to Singapore Permanent Residence -
Investment Migration - General Overview
 
Webinar audio recording dated 23 Apr 2020. See Disclaimer, Copyright and Trademarks at https://www.zaclucas.com/disclaimer