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What is a family member?

Updated by MAS
  • Please refer to the “Consultation Paper on Proposed Framework for Single Family Offices dated 31 July 2023”. The paper defines ‘family’ as individuals who are lineal descendants of a common ancestor (living or deceased), and their current and former spouses, adopted children and current and former stepchildren.
  • Some examples are provided below.
  • Please also refer to MAS’ responses to the consultation feedback and the final Framework for Singapore Family Offices when they are published.
Example 1: Cousins are beneficial owners
  • Example 2 illustrating family members in FAQs on the schemes for family offices
  • Cousin 1 and Cousin 2 are considered as a family, as they are from a common ancestor.
Example 2: Half-siblings are beneficial owners
  • Example 3 illustrating family members in FAQs on the schemes for family offices
  • Sibling 1 and Sibling 2 are considered as family, as they are from a common ancestor.

This information is sourced from MAS.

Topics:

Schemes for Single Family OfficesGeneral Questions

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