Singapore or Hong Kong? Why Asia’s family office question is shifting from “where” to “how”

The latest reforms in Singapore and Hong Kong underline an important shift in the competition to attract family offices in Asia. The conversation is no longer defined solely by prestige, headline tax rates or jurisdictional reputation. Increasingly, it is about the quality of the regulatory framework, the clarity of operating requirements and the flexibility available to families as their investment strategies evolve.
 

Two leading hubs, two distinct strategic plays

Singapore’s revised framework, effective from 15 June 2026, introduces a dedicated class exemption for qualifying single-family offices from fund management licensing under the Securities and Futures Act framework. In return, single-family offices must notify the Monetary Authority of Singapore, maintain an account with a MAS-licensed bank and submit an annual return. Existing structures have until 15 June 2027 to comply.

This represents a significant evolution in Singapore’s approach. Rather than relying on a largely case-by-case or related corporation exemption model, the jurisdiction is moving towards a clearer, codified regime designed specifically for single family offices. It is a pragmatic response: preserving Singapore’s appeal as a wealth management centre while strengthening transparency and anti-money laundering oversight.
 

Hong Kong broadens the investment and tax framework

Hong Kong is taking a different but equally deliberate route. The Inland Revenue (Amendment) (Preferential Tax Regimes for Funds, Family-owned Investment Holding Vehicles and Carried Interest) Bill 2026 proposes to expand the definition of “fund”, widen the scope of qualifying investments, remove the 5% threshold for incidental transactions, relax the treatment of special purpose entities and enhance the carried interest framework.

In practice, these proposals are designed to make Hong Kong’s preferential tax regimes more flexible and commercially relevant for a wider range of family office and investment holding structures. They also reflect Hong Kong’s ambition to deepen its role as an international asset and wealth management centre, particularly for strategies involving private credit, digital assets, alternatives and cross-border investment activity.
 

The difference in approach is clear

• Singapore is refining the licensing perimeter, offering a clearer structure-agnostic exemption framework with defined notification and reporting obligations.

• Hong Kong is broadening the tax perimeter, expanding the range of structures, assets and investment strategies that may benefit from preferential treatment.

Both approaches are commercially meaningful, but they reflect different strategic priorities. Singapore is placing greater emphasis on regulatory clarity, oversight and operational discipline. Hong Kong is focusing on investment flexibility, tax competitiveness and the breadth of its asset management proposition.
 

Why this matters for families and their advisers

The scale of ambition across both jurisdictions is significant. Singapore reportedly had more than 2,000 tax-incentivised single-family offices by the end of 2024, while Hong Kong indicated that more than 3,380 single-family offices were operating by the end of 2025. The implication is clear: family offices are no longer choosing between jurisdictions on brand alone. They are assessing which framework best supports their ownership structure, governance model, asset mix and long-term investment strategy.

For principals, trustees and advisers, the key question has shifted. It is no longer simply: “Which jurisdiction is more attractive?”

The more relevant question is: “Which framework best aligns with the family’s objectives, risk appetite, governance requirements and future plans?”
 

From jurisdictional choice to structural alignment

As Asian family office ecosystems mature, the most effective structures will be those designed around substance, governance and future adaptability. Families should consider not only where a structure is established, but how it will operate in practice: who it serves, how decisions are made, what assets it will hold, how reporting obligations will be met and whether the framework can support the family’s investment strategy over time.

How Ocorian can support

Ocorian works with family offices across Singapore and Hong Kong to design, establish and operate structures that are fit for purpose and resilient in an evolving regulatory environment. From initial structuring and entity formation through to governance frameworks, regulatory compliance and ongoing administration, our teams provide end-to-end support tailored to each family’s objectives.

Whether the priority is navigating Singapore’s more defined regulatory regime or optimising within Hong Kong’s expanding tax framework, we help clients bridge complexity with clarity, ensuring their structures are robust, compliant and aligned to long-term wealth preservation and growth. For more information on our private client solutions in Asia, reach out to the team here.