What is a family member?
- 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
- Cousin 1 and Cousin 2 are considered as a family, as they are from a common ancestor.
Example 2: Half-siblings are beneficial owners
- Sibling 1 and Sibling 2 are considered as family, as they are from a common ancestor.
This information is sourced from MAS
Related questions
Do changes in (a) beneficial owners of a 13O/13U fund managed by a Single Family Office (“SFO”) (or beneficiaries where the fund is structured as a Trust), or (b) shareholders, directors, key employees (C-suites) and investment professionals in the SFO, (c) new intermediate entities in the shareholding of a 13O/13U fund or SFO, need to be reported to MAS after the approval of the section 13O/13U tax incentive?
How can a single family office be exempted from the requirement to hold a CMS licence to conduct fund management activity?
Who should be considered as a member of my household? What is the definition of a household?
Who should be considered as a member of my household for the computation of my household income used for assessing my eligibility for the Silver Support Scheme?
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