Inspired by a conversation with David Chong Kok-Kong, Founder of Portcullis Group

By Connect Group 

As Founder of Portcullis Group, one of Asia’s longest-standing trust and fiduciary service firms, David Chong has watched this evolution unfold from the inside out. In a recent conversation, he pulled back the curtain on the regulatory origins of Singapore’s success—and why families looking to preserve, grow, and future-proof their capital are rethinking where to begin.

A Tax Regime Designed for Fund Managers - Hijacked by Families

Long before “family office” became a trend in Asia, Singapore had quietly positioned itself as a financial services powerhouse. In the early 2000s, the Monetary Authority of Singapore (MAS) introduced tax incentive schemes such as the Section 13R (resident funds) and 13X (offshore funds) regimes—now updated to 13O and 13U—to attract global fund managers.

What happened next was unexpected.

“All this family office regime actually came about in the early days when Singapore was trying to attract fund managers… and only much later did they stumble onto this family office regime. And they’ve hit the jackpot this time,” Chong explains.

These structures, originally intended to cater to institutional investors, turned out to be perfectly suited for private wealth - especially families looking for tax neutrality, regulatory certainty, and robust legal frameworks.

As ultra-high-net-worth (UHNW) families searched for stability post-GFC and later during COVID-19, many found Singapore ready to welcome them, with infrastructure already built.

From Serendipity to Sovereignty: Singapore Today

Fast forward to 2024, and Singapore is home to over 1,500 family offices, a figure that has quadrupled in just five years, according to MAS data.

The inflow of wealth has been so significant that MAS has begun tightening criteria for new applicants, including:

• Higher minimum AUM requirements (S$20M under 13O, S$50M under 13U)

• Commitments to local economic substance and philanthropy

• A new due diligence framework under the Financial Action Task Force (FATF)

Approval timelines for new family office structures now often exceed 12–18 months, as regulators sift through increasingly complex applications.

“In Singapore, you need MAS approval, and that creates a long queue,” notes Chong.

This wait time is driving some families to seek alternatives—and one city in particular has entered the ring.

Hong Kong’s Countermove: Speed, Simplicity, China Access.

In April 2024, Hong Kong launched its own family office tax exemption regime, offering qualified investment fund (QIF) structures and eliminating the need for regulatory pre-approval. The new regime:

• Requires no MAS-style licensing delay

• Allows direct access to mainland China markets

• Offers clarity on tax residency and safe harbor provisions

“Even if you want to end up in Singapore,” Chong advises, “start in Hong Kong first.”

This “start now, transfer later” approach is gaining traction among new wealth creators, particularly in North Asia. Family offices want to move fast.

For many, Hong Kong is the entry point, and Singapore is the destination.

A Dual-Jurisdiction Strategy: Best of Both Worlds

As Asia’s wealth corridor evolves, some of the most sophisticated families are no longer choosing either Singapore or Hong Kong—they’re opting for both.

Here’s how:

• Operating companies and capital markets activity in Hong Kong, where the proximity to mainland China is invaluable.

• Trusts, governance entities, and philanthropic foundations in Singapore, where rule of law and stability are unmatched.

This dual-jurisdiction architecture allows families to diversify not just assets, but regulatory exposure, talent pools, and capital access—while also preserving the optionality to pivot as geopolitics shift.

It’s less about geography and more about strategic agility.

What This Means for Family Offices

For global families, the lesson is clear: jurisdictional arbitrage is over. It's no longer about picking a tax-friendly location off a menu. Today, your family office needs to align with a jurisdiction's:

• Strategic value (access to capital, talent, markets)

• Execution speed (setup time, approvals, flexibility)

• Regulatory durability (how policy might evolve over decades)

And most importantly, the jurisdiction must match your family’s goals—whether that’s intergenerational wealth preservation, direct investing, or social impact.

“It’s strategy before structure. Structure before jurisdiction,” Chong emphasises.

What’s Next?

Singapore is no longer coasting on accidental momentum. Since recognizing the family office gold rush, its government has:

• Built out the Global Investor Programme

• Launched philanthropic matching schemes

• Invested in talent development across wealth, legal, and fintech sectors

Meanwhile, Hong Kong is reasserting itself as a fast-moving, capital-first destination, and jurisdictions like Dubai, Zurich, and London are refining their own pitches to Asian wealth.

In this new era, policy is competing with philosophy. Families are choosing jurisdictions not only for financial reasons, but for the lifestyle, governance, and values they represent.

Final Thought: Accidents Can Become Strategy—If You Know How to Use Them

Singapore never intended to become the family office capital of Asia. But today, it’s setting the standard. The lesson? Momentum is powerful—but strategic execution is what sustains legacy.

For global families charting their next chapter, it’s time to stop asking where’s the best jurisdiction? and start asking:

What do we want our capital to do—and where can that mission be built best?

🎥 Watch the full interview with David Chong Kok-Kong:

How Singapore Became Asia's FO Capital

📍Join the Conversation at WFOF Asia 2025

October 9–10 | The Ritz-Carlton, Hong Kong

Explore the agenda and register: asia.worldfamilyofficeforum.com/agenda

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#FamilyOfficeLeadership #WealthStrategy #DavidChong #PortcullisGroup #WFOFAsia2025 #SingaporeVsHongKong #PrivateCapitalAsia #ConnectGroupInsights