Singapore Trust Types for U.S. Citizens

Private benefit family trusts

Singapore permits trusts for private benefit and family purposes.^[1]

A trust is an arrangement in which a settlor transfers assets to a trustee to hold and manage for one or more beneficiaries. A private benefit family trust is created for specific individuals or entities, which may include family members, friends and charities.^[1]

Legislative framework

The Trustees Act 1967 sets out general trust law principles, while the Trust Companies Act 2005 regulates trust companies in Singapore.^[1]

Non-charitable purpose trust proposals

A noncharitable purpose trust holds assets for a purpose other than charity without assigning beneficial interests in those assets to individuals.^[2]

The proposed Singapore framework consisted of legislative recommendations that had not been enacted when proposed. Its recommendations include Singapore governing law, a licensed trust company or qualifying Private Trust Company as trustee, purposes carried on wholly or partly in Singapore, and some assets held in Singapore.^[2]

The proposed framework includes a recommendation that a settlor neither retain control nor reserve significant powers over assets settled into such a trust. This is a recommendation, not an enacted requirement.^[2]

Related reading

For Singapore tax treatment and U.S. reporting, see Singapore trust tax rules and U.S. reporting, which addresses those topics. See Singapore trust business regulation and licensing for the regulatory framework. Singapore trusts for U.S. citizens provides a broader jurisdiction overview. For comparison with another jurisdiction's trust types, see Guernsey Trust Types and Features.

Related resources

Related glossary terms

• Charitable trust: A charitable trust holds property for charitable purposes, and trust laws relate it to purpose trusts and to the other categories of trust used in planning.
• Purpose trust: A purpose trust holds property for purposes, not for beneficiaries, and relies on an enforcer. Bermuda and Jersey define it differently, as does Cayman.
• Trust register: A trust register is an official record of trusts, their parties or trustees, such as the UK Trust Registration Service and EU beneficial-ownership registers.

Related articles and guides

• Trust types and duration under Mauritius law: Mauritius's Trusts Act describes trusts for beneficiaries, purposes, or both, and defines who may benefit. Beneficiaries may exist or be identified later.
• Guernsey Trust Types and Features: Guernsey law defines trusts and describes discretionary and purpose trusts, with rules on reserved powers, trust duration and creation for U.S. citizens.

Related pages

• Singapore: overview: Start page for this jurisdiction.
• Trustee regulation and licensing
• Taxation of trusts