India
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Singapore draws family offices past $250,000 LRS cap
Livemint··2 Sept
Indian family offices facing the Liberalised Remittance Scheme's $250,000 annual cap are forming entities in Singapore for larger global investments, Livemint reported. Hurun India's Anas Rahman Junaid said cheque sizes and co-investments need structures that deploy capital globally at scale. A Julius Baer-EY report said mid and large Indian family offices managed about Rs 70,000 crore in assets in 2024.
Prism
What It Means For You
- Thermax Family Office set up a Singapore entity to access global products including hedge funds.
- The LRS, introduced in 2004, allows individuals to remit up to $250,000 per financial year abroad.
- The report projected family office assets to grow at a 14 percent CAGR over three years.
What's Happening
- Family offices invest across global public and private markets, deals and multi-currency portfolios.
- Singapore had more than 2,000 single-family offices by end-2024, up 43 percent from 1,400 in 2023.
- Junaid said Singapore and the UAE offer deep family office ecosystems for global deployment.
Why Offices Look Offshore
- Tax incentives and regulatory stability in Singapore also drive the shift, Thermax CIO Amol Sathe said.
- The Julius Baer-EY report said offices evolved from wealth preservation to startups and alternatives.
- Globalization of families is driving demand for cross-border planning and offshore holding structures.
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