SINGAPORE Trends and Developments Contributed by: Lee Woon Shiu and Catherine Cheung, DBS Private Bank
Trusts and Private Trust Companies (PTCs) Singapore trust law remains highly attractive due to its roots in English common law principles, its clear stat - utory definitions and its strict regulatory framework. While the statutory perpetuity period remains capped at 100 years, this is compensated with absolute legis - lative certainty and strong asset protection provisions. Trusts are increasingly integrated into broader wealth structures to house a diversified matrix of assets, including global real estate, fine art, digital assets and operating family businesses. As conventional, bank- owned trust companies are frequently constrained by internal compliance or risk-aversion from holding non-bankable or highly complex operational assets (eg, active private enterprises or volatile digital asset infrastructure), ultra-high net worth families are choos - ing instead to set up PTCs. A PTC serves as the dedicated corporate trustee of the family trust, allowing family members to retain meaningful administrative control and operational oversight over the underlying family business. Fur - thermore, PTCs enable families to explicitly embed the governance provisions of their informal family con - stitution directly into the PTC’s Articles of Associa - tion. This operational alignment effectively transforms aspirational family governance milestones into legally binding, multi-generational fiduciary guardrails. Evolution of Institutional Philanthropy and Impact Strategies A defining feature of the contemporary Singapore wealth ecosystem is the institutionalisation of phi - lanthropy and sustainable impact investing – a trend championed by the next generation of wealth stew - ards. Wealth is no longer evaluated solely by finan - cial performance; it is assessed by the deployment of human, intellectual and social capital. Capitalising on this shift, the Singapore government provides active support by implementing targeted legislation to position the city-state as the premier purpose-driven philanthropic hub in Asia. Philanthropy Tax Incentive Scheme (PTIS) Running from January 2024 until 2028, the PTIS grants S13O and S13U fund vehicles a 100% tax deduction on qualifying overseas philanthropic donations chan -
nelled through approved local intermediaries, capped at 40% of the donor’s statutory income. Qualifying SFOs managing the fund vehicles must commit an additional local business spending of SGD200,000 to ensure that the incentive remains tied to meaningful local economic activity. This initiative, alongside the Overseas Humanitarian Aid Scheme (OHAS), provides attractive tax deductions for donors with taxable Sin - gapore income. Local giving frameworks The highly generous 250% statutory tax deduction for direct local donations made to registered Institu - tions of a Public Character (IPCs) has been officially extended through to 31 December 2026, alongside extensions of the Corporate Volunteer Scheme and the Not-for-Profit Organisation Tax Incentive scheme. Donor-advised funds (DAFs) DAFs have emerged as a popular and flexible chari - table giving vehicle, increasingly seen as an efficient alternative to establishing independent, standalone charitable foundations. Wealth owners receive an immediate tax deduction upon contributing assets (such as liquid capital or public equities) to a DAF managed by an approved sponsoring organisation, while retaining the right to strategically direct grant distributions to eligible global and local charities over an extended, long-term horizon. The total aggregate giving by Singapore-registered, privately funded philanthropic organisations has sub - stantially increased over recent years. The institutional anchoring of Singapore’s philanthropic network is fur - ther demonstrated by major global institutions such as the Bill & Melinda Gates Foundation establishing oper - ational bases in Singapore to collaborate with Asia- based family offices, alongside the hosting of premier global forums like the Philanthropy Asia Summit. Other Developments and Updates Onboarding revolution Historically, complex client onboarding and stringent AML/KYC compliance checks caused severe bottle - necks, stretching private bank account opening time - lines to several months. In May 2026, MAS, alongside the Private Banking Industry Group, issued ground - breaking guidance establishing a “risk-proportionate”
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