Singapore HNW wealth planning: frequently asked questions

Not as such. The closest legal concept is the Accredited Investor (AI) under section 4A of the Securities and Futures Act. Terms such as "HNWI" and "ultra-HNWI" come from industry research by firms such as Capgemini and UBS and have no legal effect.

An individual qualifies by meeting any one of three tests: net personal assets above S$2 million, net financial assets (net of related liabilities) above S$1 million, or income of at least S$300,000 in the preceding 12 months. The primary residence counts net of secured loans, capped at S$1 million (SFA s 4A(1A)).

No. Since 8 January 2019 eligible investors must expressly opt in with each financial institution. Institutions must still assess suitability, and opting in means some retail-investor protections, such as prospectus requirements for certain offers, may no longer apply (MAS).

Generally not, with conditions. IRAS states that gains from selling property, shares and financial instruments are generally not taxable unless the activity amounts to trading (updated 2026-02-27). Estate duty was removed for deaths on or after 15 February 2008. Other jurisdictions may still tax your assets or income.

For individuals, foreign income received in Singapore, including amounts deposited into a Singapore bank account, is generally not taxable. Exceptions include income received through Singapore partnerships and overseas work linked to Singapore employment (IRAS, updated 2026-03-02). Your country of tax residence may still tax it.

For tax residents, 24% on chargeable income above S$1 million, from YA 2024. Non-resident employment income is taxed at a flat 15% or the progressive resident rates, whichever gives the higher tax; most other non-resident income is taxed at 24% (IRAS, updated 2026-04-27).

Not by itself. Passes and PR status govern the right to live and work in Singapore. IRAS decides tax residence on facts: for example, a foreigner who stayed or worked in Singapore for 183 days or more in the previous calendar year is generally resident, and citizens and PRs must reside in Singapore apart from temporary absences.

Option A: at least S$10 million in a new business or an expansion. Option B: S$25 million in a GIP-select fund. Option C: a Singapore single family office with at least S$200 million in assets, of which at least S$50 million is deployed in specified investments in Singapore. Processing takes about 12 months and approval is not assured (EDB Factsheet, 2025-05-05).

Yes, if you or the controlling persons of an entity are tax residents of a CRS partner jurisdiction. Reporting Singapore financial institutions file with IRAS by 31 May each year, and Singapore has exchanged information since September 2018. Cash-value insurance contracts are reportable with no US$250,000 threshold (IRAS e-Tax Guide, 2026-08-11).

No. Where a trust or company is a passive non-financial entity, institutions identify and report its controlling persons, including settlors, trustees, protectors and beneficiaries of a trust. CRS is an information-exchange mechanism; whether tax is due depends on the laws of each tax-residence jurisdiction.

The Amended CRS regulations were published on 11 August 2026 and apply from 1 January 2027; Singapore expects to begin exchanges under them in 2028 (IRAS, updated 2026-09-09). The changes bring new financial assets, products and intermediaries into scope and are coordinated with the Crypto-Asset Reporting Framework.

From 15 June 2026, qualifying single family offices are exempt from licensing under a revised framework but must notify MAS, keep an account with a MAS-licensed bank and file a short annual return. Existing SFOs have until 15 June 2027 to comply (MAS, 2026-06-11). Notification is not an approval or endorsement.

Insured Singapore-dollar deposits are covered up to S$100,000 per depositor per member institution; foreign-currency deposits and investment products are excluded. The Policy Owners' Protection Scheme caps aggregated guaranteed sums assured at S$500,000 and guaranteed surrender values at S$100,000 per life per insurer; investment-linked benefits are not covered (SDIC).

The testator must be at least 21 and sign a written will in front of two witnesses present at the same time. A witness should not be a beneficiary or a beneficiary's spouse; otherwise the gift to that witness may be void, although the rest of the will stands (Wills Act 1838, s 10). CPF savings are not covered by a will. Without a will, the Intestate Succession Act applies: with a surviving spouse and children and no parents, the spouse takes half and the children share half. The Act does not apply to Muslims (MoneySense).

Yes. A valid nomination directs policy proceeds outside the will. A trust nomination can name only a spouse and/or children, cannot be changed unilaterally and generally protects proceeds from creditors in bankruptcy, with statutory exceptions; a revocable nomination can be changed at any time and is revoked if the policy is assigned (LIA, March 2026).

Yes. Under China's Individual Income Tax Law, residents are taxed on worldwide income and must file foreign income between 1 March and 30 June of the following year (MOF and STA Announcement No. 3 of 2020). Singapore not taxing an item does not exempt it in China; foreign tax paid may be credited under the rules.