Family offices channel over $30m overseas under philanthropy tax scheme

There are currently eight approved recipients of tax incentives under the PTIS.

Singapore’s family offices channelled more than $30m to overseas causes in 2024 and 2025 under the Philanthropy Tax Incentive Scheme (PTIS), according to the Monetary Authority of Singapore (MAS).

In a written reply to a parliamentary question, Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry and Chairman of MAS, said there are currently eight approved recipients of tax incentives under the PTIS.

The scheme was introduced in 2024 to encourage regional giving through Singapore and provides a 100% tax deduction for overseas donations made through qualifying local intermediaries.

This sits alongside a 250% tax deduction for qualifying cash donations to local causes through approved Institutions of Public Character (IPCs).

Single Family Offices (SFOs) can also apply for tax incentives under Sections 13O and 13U of the Income Tax Act and the PTIS.

These tax schemes do not require SFOs to meet specific levels of philanthropic giving.

Instead, they set broader criteria for generating economic benefits for Singapore, including through employment.

SFOs receiving these tax incentives employed more than 2,500 locals in 2025, whilst also contributing to Singapore’s financial and professional services sectors, Gan said.

MAS does not track the social contributions made by SFOs in Singapore.

Gan said there are examples of families engaging in philanthropic activities and establishing philanthropic entities in Singapore, including the James Dyson Foundation, Tsao Foundation, and Ishk Tolaram Foundation.

The establishment of networks and intermediaries such as ImpactSG and Philanthropy Asia Alliance also reflects growing interest in philanthropy amongst high-net-worth families in Singapore.

The government will continue to engage SFOs in Singapore to encourage their social contributions locally and overseas.

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