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Family Office

Family office

samuel ong

on 29 January 2013

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Transcript of Family Office

IIT-SE Branch Sharing Tax-Complexities -a study on Family Office and Double Taxation Agreements In this world, nothing can be said to be certain except death and taxes... Structure Asian vs. Western Benjamin Franklin 1789 If you belong to a rich family, what would you want?

Succession? Continuity?

" The "Tax"ing portion... What is the correct structure?
Sole proprietorship?
Partnership? Double Taxation Agreements Singapore and Isle of Man (21/9/12)
Singapore and Jersey (17/10/12)

Role of DTAs - clarity when and how tax is imposed. Taxing right, eliminate double taxation

Singapore- white list

Signed at least 12 formal agreements with other
jurisdictions Jersey a tax haven- an ancient

Jersey is self governing, own financial, legal, judicial system.

Low VAT and sets own income tax Structure Traditional vs. Modern
Private Banker vs. Serving in a Family Office Diversity? Affiliated multi-family office

By banks or specific entities that offer financial services

+ highly professional and experienced team of managers, reduce task monitoring and entail lower costs.

- Depersonalization and transfer of assets to office for management. Single family office

dedicated to a single family.

At least $500 million in assets to profitably build a family office (Burri 2005)

+ adapted to needs, confidentiality, reflects image of family.

- Cost of a single family maintaining this structure, need to hire/supervise specialized personnel. 10 European Family Offices moved to Singapore since financial crisis (Campden Wealth 2008)

Why Singapore? Regional family services unit targeting clients in Hong Kong and Singapore Set up a branch in Singapore UK- based, set up in 2011

Advise clients on business, philanthropy and next generation planning. Major Players in Singapore Trade or Business? Asian Structure

1) Holding Company
2) Trusts Tax Implications? Income Fee for Service/management fee to break even or make profit? Expenses 0.6%-1% of Assets under Mgmt bringing in gains from overseas S13W:exemption of relevant income
Full transcript