This growing attraction can be attributed to several features, including Singapore’s:
- Presence on the Organisation for Economic Cooperation and Development (OECD) white list and its commitment to complying with OECD guidelines;
- Stable political structure, well-established legal system with a foundation in English Common Law, and strong economy; and
- Infrastructure and environment, which is inherently pro-business.
In Singapore, professional trustees are licensed and subject to regulatory oversight by the Monetary Authority of Singapore.
Amicorp Trustee (Singapore) Ltd., is a licensed trustee and has a dedicated trust team providing the full range of trustee services in Singapore.
Every client has unique requirements and, in keeping with this, Amicorp specializes in catering to individualized solutions. To achieve this, we actively gain an understanding of our client’s individual circumstances and their desires and goals (for themselves and their family).
Benefits of Singapore’s Trust Law
Powers of investment: Under Singapore trust law, settlors can reserve the powers of investment to themselves. As a result, a client can retain an active role in managing investments
Trustee supervision: Singapore trusts also allow the appointment of a protector (who can also be the client) who can supervise the activities of the trustees in certain areas.
Forced heirship: In certain civil jurisdictions, forced heirship is a common issue. Such issues can be addressed under Singapore trust law, which has anti-forced heirship provisions.
Registration: Singapore trusts do not require formal registration.
Tax exemption on foreign trusts: Trusts where the settlor and beneficiaries are neither citizens of Singapore nor resident in Singapore can qualify as a foreign trust under Singapore tax law. This offers tax exemption in Singapore on a wide range of trust income (including most types of income or gains from financial instruments). Further, beneficiaries will not be taxed in Singapore upon the receipt of such exempt income.
Double taxation agreements: Trust structures involving underlying entities established in other jurisdictions may also benefit from the extensive double taxation agreements that Singapore has entered into with other countries.
Private Trustee Companies: In Singapore, Private Trustee Companies (PTCs) may be established and remain free from Singapore license requirements. However, there are certain conditions that a PTC must satisfy, for example a PTC should act only as trustee to connected family members.