The large number of wealthy individuals moving to Singapore has transformed the city-state into one of the most sought locations for establishing trusts in the world. This is because Singapore has set in place a very good legislation meant to protect the assets held in a trust.
The Singapore Trust Law provides for the following:
Foreign individuals moving to Singapore have possibility of establishing trusts or private family trusts with the purpose of protecting their estate. The Singapore private family trust is the choice of families who want to manage their estate by themselves. Our attorneys in Singapore can offer information on the Trust Law.
The registration of a Singapore private family trust implies the establishment of a company in the city-state. However, one must bear in mind that a special purpose vehicle (SPV) must be created in order to benefit from the private family trust status.
The requirements related to opening a private family trust are the same as for any other type of company:
The main difference between an ordinary trust and the private family trust is that the latter can issue shares which will can be owned by family members. Our Singapore lawyers can assist with the company registration procedure when setting up a family trust.
The private family trust is one of the best estate planning solutions which can be used in Singapore. This is because apart from offering protection to the assets held by a family it also benefits from a sound taxation system. Singapore private family trusts offer the following tax benefits:
For more information on the advantages of setting up a private family trust, please contact our law firm in Singapore.
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