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Everything You Need To Know About Creating Trusts In Singapore
Chrissy Coleman
15 July 2013
An online business information portal, GuideMeSingapore.com, has released a guide for creating private trusts in Singapore, responding to what it says is growing interest from wealthy individuals for these kinds of structures.
"In Singapore, the high net-worth population is increasing dramatically, and the trust industry here is growing to respond to increased demand from this demographic segment. Singapore's trust framework and its reputation as an international financial centre make it an ideal choice for wealthy individuals looking to establish family trust arrangements," said
The city-state is rapidly emerging as a premier jurisdiction for establishing trusts thanks to booming regional wealth; strong regulatory frameworks and attractive tax regimes, market-friendly and stable economic policies and the extensive list of global financial institutions and advisory firms that already have a presence in Singapore.
“Not only is Singapore ranked number one for its ease of doing business (as published by the World Bank's Doing Business 2013 report), it is also renowned as one of the top jurisdictions for its ease of establishing a trust,” the organisation said in a statement.
The guides
The guides explain the concept of trusts and the applicable Singapore laws without the use of “complicated legal jargon”, and outline the main features that should be considered by any individual who is considering setting up a private family trust.
The first guide (Singapore trust law and setting-up private family trusts) should be read along with the second guide that explains the benefits that Singapore claims to offer for locally domiciled trusts and that have attracted a growing number of wealthy individuals to the country (Benefits of Singapore as a trust jurisdiction).
"With a globally integrated financial industry, anyone with substantial wealth should take a global perspective for managing their assets in the most efficient manner," said Low.
“With proper planning, a trust structure can preserve an individual's wealth so that it is protected from creditors, potential claims in bankruptcy, hostile regulatory action, and forced inheritance; they are also a useful tool for planning orderly transition of assets to future generations," she added.