Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the trustee's acceptance, including banking and payment rails.
Singapore trust: the Trustees Act 1967 and an MAS-licensed trustee.
A Singapore trust is an express trust under the Trustees Act 1967 that no authority registers. Regulation falls on the trustee: a trust company licensed by the Monetary Authority of Singapore (MAS) under the Trust Companies Act 2005, or an exempt private trust company. The perpetuity period is 100 years. Since 20 June 2025 a Commissioner of Trust Enforcement may investigate record-keeping offences. We build it in Singapore.
30 yrs
of experienceof experience
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Singapore in brief
Singapore trust: no register for the trust, a licence for the trustee.
A Singapore trust starts with the settlor's instrument and is governed by general trust law and the Trustees Act 1967 (2020 Revised Edition). No register records it. Part 7 of the Act, substantially amended by Act 42 of 2024 with effect from 20 June 2025, places the transparency duties on the trustee and gives a Commissioner of Trust Enforcement powers to examine persons and require information (ss.84E-84G), with warrants under s.84H. The licensing sits in the Trust Companies Act 2005 (TCA): section 3(1) bars anyone outside the exemptions from carrying on trust business in or from Singapore without being a licensed trust company, and the penalty is a fine of up to S$75,000, up to 3 years' imprisonment or both. MAS grants the licence and keeps the public list. Its Financial Institutions Directory showed 67 licensed trust companies on 4 November 2026.
The trustee carries the cost of that supervision. A company applying for a trust business licence files Form 1 with a non-refundable S$1,000, pays S$4,000 a year and needs at least S$250,000 in capital, two resident managers and professional indemnity cover. MAS expects to take not more than 6 months on a straightforward, complete application. A family rarely needs a licence of its own. It appoints a licensed company, or forms a private trust company (PTC): no MAS application and no MAS fee, but the PTC serves only trusts of connected settlors and must engage a licensed trust company for its anti-money laundering and counter-terrorist financing (AML/CFT) checks. Two rules catch families out. Residential property bought by a trustee carries Additional Buyer's Stamp Duty at the ABSD (Trust) rate of 65%, paid upfront. And s.13F of the Income Tax Act 1947 (ITA), the foreign trust exemption, does not apply to a trust constituted on or after 1 January 2028.
No register for the trust, a licence for the trustee: an MAS-licensed trust company under the Trust Companies Act 2005 or an exempt private trust company, a 100-year perpetuity period and Part 7 records enforced since 20 June 2025.
S$1,000 to apply and S$4,000 a year for a trust company licence, S$250,000 capital, a 6-month MAS service standard. Watch ABSD (Trust) at 65% and the s.13F cut-off for trusts constituted from 1 January 2028.
The two builds
Two ways to fill the trustee's chair in Singapore.
Both routes keep the trust itself off any register. The difference is the trustee's status: licensed under the TCA, or exempt as a private trust company under reg 4(1)(a) of the Trust Companies (Exemption) Regulations.
A licensed trust company as trustee, or the family's own exempt private trust company.
01 - LICENSED TRUST COMPANY
Supervised professional trustee
The trustee is a trust company holding an MAS licence under section 5 of the TCA. A trust with such a trustee falls within the First Schedule to the Trustees (Transparency and Effective Control) Regulations 2017 and sits outside them.
The trustee is a trust company holding an MAS licence under section 5 of the TCA. A trust with such a trustee falls within the First Schedule to the Trustees (Transparency and Effective Control) Regulations 2017 and sits outside them.
- ✓Trustee licensed under TCA s.5
- ✓S$250,000 capital at grant
- ✓Two or more resident managers
- ✓Indemnity cover at all times
- ✓Outside the 2017 Regulations
- ✓Banks: licence or MAS exemption
02 - PRIVATE TRUST COMPANY
Exempt family trustee
A Singapore private trust company is a corporation set up solely to serve specific trusts of connected settlors. Reg 4(1)(a) exempts it from licensing and no MAS fee applies, but it must engage a licensed trust company for AML/CFT checks.
A family corporation exempt from licensing under reg 4(1)(a): connected settlors only, no public business, a licensed trust company engaged for AML/CFT checks.
- ✓Purpose limited by reg 2
- ✓Connected beneficiaries or charities
- ✓No soliciting the public
- ✓Licensed firm engaged, reg 4(2)
- ✓TCA ss.40-46, 61, 62 apply
- ✓Breach of reg 4(2) an offence
Reflects the TCA, the Trust Companies Regulations and the Exemption Regulations as of 2026. We test each family against the connected-person rules, the Schedule to the Exemption Regulations included, before relying on the exemption.
Why Singapore
What Singapore offers a settlor.
✓
Capital and cover required
Every licensed trust company starts with at least S$250,000 in paid-up capital or, for a foreign company, qualifying assets. It carries professional indemnity insurance at all times and runs with resident managers MAS has approved.S$250,000 capital, insurance, approved managers.
✓
Records with an enforcer
Part 7 reaches any express trust governed by Singapore law, administered in Singapore or with a trustee resident there (s.84(1)). Since 20 June 2025 a Commissioner of Trust Enforcement may investigate offences under it.The Commissioner may demand information.
✓
A 100-year perpetuity period
Section 32 of the Civil Law Act 1909 sets a perpetuity period of 100 years, or less if the instrument says so, for trusts created on or after 15 December 2004. Income may be accumulated for the whole duration (s.31(1)).100 years, accumulation throughout.
✓
Inheritance rules kept out
When a settlor who is neither a Singapore citizen nor domiciled there settles movable property in their lifetime on a Singapore-law trust with resident trustees, no rule of inheritance or succession affects its validity (s.90(2)).Non-domiciled settlors: heirship rules excluded.
✓
Settlor keeps investment powers
Section 90(5) of the Trustees Act 1967 keeps a trust valid where the settlor reserves powers of investment or asset management. It covers those powers only, so anything wider is drafted with care.Investment powers can stay.
✓
Banks in a support role
Banks and merchant banks may help create a trust, arrange a trustee and provide procedural administration without a trust business licence (TCA s.15(1)). To act as trustee, a bank needs a licence or an MAS exemption.Bank exemption covers support services only.
How it compares
Where Singapore sits among trust jurisdictions.
Singapore registers nothing at trust level and puts the trustee business under MAS licensing, with a perpetuity period capped at 100 years. Each comparator below differs on at least one of those points.
Singapore vs other trust jurisdictions
| Feature |  Singapore | Other jurisdictions |
|---|---|---|
| Trust registration | None | NZ: foreign exemption trusts, 30 days |
| Ownership records | Trustee's records, not public | Malta: MFSA register, 14 days |
| Trustee licence application | S$1,000 to MAS | Guernsey: £3,205 (2026) |
| Duration | 100-year perpetuity period | Jersey: unlimited, Art. 15(1) |
Trust registration
SingaporeNone
Other jurisdictionsNZ: foreign exemption trusts, 30 days
Ownership records
SingaporeTrustee's records, not public
Other jurisdictionsMalta: MFSA register, 14 days
Trustee licence application
SingaporeS$1,000 to MAS
Other jurisdictionsGuernsey: £3,205 (2026)
Duration
Singapore100-year perpetuity period
Other jurisdictionsJersey: unlimited, Art. 15(1)
Country by country
| Country | Instrument | Trustee regulation | Notes |
|---|---|---|---|
| Singapore | Singapore trust - Trustees Act 1967 | MAS-licensed trust company | 100-year perpetuity |
 Jersey | Jersey trust - 1984 Law | JFSC trust company business | Unlimited duration |
 Guernsey | Guernsey trust - 2007 Law | GFSC fiduciary licence | £3,205 to apply (2026) |
 New Zealand | Foreign exemption trust | Inland Revenue registration | NZ$270; 30 days from first return |
SingaporeInstrumentSingapore trust - Trustees Act 1967
Trustee regulationMAS-licensed trust company
Notes100-year perpetuity
JerseyInstrumentJersey trust - 1984 Law
Trustee regulationJFSC trust company business
NotesUnlimited duration
GuernseyInstrumentGuernsey trust - 2007 Law
Trustee regulationGFSC fiduciary licence
Notes£3,205 to apply (2026)
New ZealandInstrumentForeign exemption trust
Trustee regulationInland Revenue registration
NotesNZ$270; 30 days from first return
Before you establish
What a Singapore trust actually requires.What a Singapore trust requires.
Nothing on this list goes to a registry: each line is a term of the deed, or a condition the statute attaches to one of its rules.
01
Trustee - an MAS-licensed trust company or a private trust company; banks and merchant banks are exempt only for creation, arranging and procedural administration services (TCA s.15(1)).
02
Private trust company - a licensed trust company engaged for its AML/CFT checks, as reg 4(2) of the Exemption Regulations requires.
03
Governing law and residence - the deed is expressed to be governed by Singapore law, with trustees resident in Singapore (s.90(3)).
04
Settlor's status - the s.90(1) capacity rule does not apply where the settlor is a Singapore citizen or domiciled in Singapore.
05
Perpetuity period - at most 100 years; a deed naming more is read as 100 (Civil Law Act s.32).
06
Protector and power holders - anyone who can add beneficiaries, appoint or remove trustees or veto is a relevant trust party (s.83(1)(c), (g)).
07
Letter of wishes - a possible beneficiary it names, reasonably expected to benefit, is a relevant trust party under s.83(1)(f).
08
Records - a trustee outside the First Schedule keeps ownership records, the instrument and any letter of wishes 5 years after leaving (2017 Regulations).
09
Stamp duty - the Inland Revenue Authority of Singapore (IRAS) charges S$10 on a declaration of trust over immovable property, stock or shares passing no beneficial ownership, ad valorem otherwise.
10
Residential property - ABSD (Trust) of 65% is paid upfront; a refund for identifiable individual beneficiaries is claimed within six months.
01
Licensed company or PTC as trustee.
02
PTC engages a licensed company.
03
Singapore law, resident trustees.
04
Settlor neither citizen nor domiciled.
05
100-year perpetuity ceiling.
06
Protector, power holders: trust parties.
07
Letter-of-wishes names count.
08
Other trustees: records, 5 years.
09
Stamp duty on property and shares.
10
ABSD (Trust) 65% on homes.
Reflects the Trustees Act 1967, the TCA, the Civil Law Act 1909 and IRAS stamp duty rules as of 2026.Trustees Act 1967, TCA 2005, Civil Law Act 1909 and IRAS, as of 2026.
Verify it yourself
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawTrustees Act 1967 (2020 Revised Edition), Part 7 included - Singapore Statutes Onlinesso.agc.gov.sg
- LawTrust Companies Act 2005 (2020 Revised Edition) - Singapore Statutes Onlinesso.agc.gov.sg
- RegulatorMAS - Trust business licencemas.gov.sg
- LawIncome Tax Act 1947, s.13F Exemption of income of foreign trust - Singapore Statutes Onlinesso.agc.gov.sg
- RegisterMAS Financial Institutions Directory - Licensed Trust Companyeservices.mas.gov.sg
How it works
Five steps from the first call to a trustee in office.
01
Residence map
Citizenship, domicile and residence of each settlor and beneficiary, since s.90 and the foreign trust tax test both turn on them.Residence and citizenship of everyone.
02
Trustee route
A licensed trust company or a private trust company, chosen on the assets and the family with the 2028 tax cut-off in view.Licensed company or PTC.
03
Deed drafting
Deed under Singapore law with protector powers, reserved investment powers and a letter of wishes written to the Part 7 definitions.Deed, powers, letter of wishes.
04
Settlement and stamping
Assets transferred and the declaration of trust stamped where duty applies. ABSD (Trust) is settled before the trustee buys any residential property.Assets moved, deed stamped if due.
05
Running the trust
Records kept, Form T filed by 15 April for a taxable trust, or the annual foreign trust declaration made by the trustee company.Records, Form T or annual declaration.
Quick facts
Licence applicationS$1,000, non-refundable
Annual licence feeS$4,000
Late licence feeUp to S$100 a day, S$3,000 cap
Trustee capitalS$250,000 at grant
Resident managers2 or more
MAS service standardWithin 6 months
Licensee changes to MASWithin 14 days
PTC exemptionNo MAS application or fee
No statute times the trust itself. MAS states a 6-month service standard for a trust business licence, which can run longer when many applications arrive; with an existing licensed trustee we plan in weeks.
On the ground in Singapore
Run from our Singapore office.
Prifinance - Singapore
Singapore
Singapore
01
Trustee shortlist
We approach licensed trust companies from the MAS directory and compare their acceptance terms, fees and service teams for the family.Licensed trust companies compared.
02
PTC build
Incorporation of the private trust company, the connected-person analysis and the engagement letter with a licensed trust company under reg 4(2).PTC formed, licensed firm engaged.
03
Deed and wishes
A Singapore-law deed with resident trustees, reserved investment powers where the settlor wants them and a letter of wishes the trustee can use.Singapore-law deed, wishes letter.
04
Stamping and tax
The declaration of trust stamped with IRAS where duty applies, ABSD questions answered before any property moves and the s.13F position tested.Stamping, ABSD and s.13F.
We also have offices in
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Lithuania
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Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
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Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Good to know
Tax on Singapore trusts and their trustees.
IRAS taxes trust income at the trustee, or at the beneficiary where a resident beneficiary is entitled to it, unless an exemption applies, and the foreign trust exemption closes to trusts constituted from 1 January 2028.
Trustee at 17%
IRAS may require the trustee to pay tax on trust income at a flat 17%, which includes the share of income a non-resident beneficiary is entitled to.Flat 17% at trustee level.
Resident beneficiaries
A Singapore tax resident beneficiary who is entitled to the income pays at personal income tax rates, and the trustee's 17% does not apply to that share.Personal rates for resident beneficiaries.
Section 13F foreign trusts
Under ITA s.13F(1) and the Income Tax (Exemption of Income of Foreign Trusts) Regulations (Rg 24), specified income from designated investments of a foreign trust administered by a trustee company in Singapore is exempt.Exempt via a Singapore trustee company.
The 2028 cut-off
Section 13F does not apply to trusts constituted, or companies incorporated, on or after 1 January 2028. From 2028 one failed year removes the exemption for that year and every later year (s.13F(7)-(8)).Closed to trusts from 2028.
Residence changes
A settlor who becomes a citizen or resident keeps foreign trust status only by adding no assets, taking no benefit and making no change in residents' favour. Beneficiaries who become citizens or residents must stay below 20% of distributions and of the trust assets (reg 2A(2)).Resident share below 20%.
No estate duty
Estate duty no longer applies for deaths on or after 15 February 2008. The trustee of a taxable trust files Form T by 15 April each year.No estate duty; Form T by 15 April.
Tax summary
Trustee rate17% flat
Foreign trust exemptionITA s.13F and Rg 24
Trusts from 1 Jan 2028Outside s.13F
Estate dutyNone since 15 Feb 2008
ABSD (Trust)65% on residential property
*As of 2026 per the Income Tax Act 1947, Rg 24 and IRAS. Settlor and beneficiary positions abroad are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Singapore deed and PTC papers, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a trust with its trustee in office.
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Singapore · MAS
Set up your Singapore trust with expert support.
Full-service assistance - from the trustee shortlist and the deed to stamping, the PTC's engagement letter and the first year's records - run through our Singapore office.
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Questions settlors raise about Singapore.
Does a trust in Singapore go on any register?+
No register of trusts exists in Singapore. Part 7 of the Trustees Act 1967 and the 2017 Regulations put the record duties on the trustee and provide for no filing with any authority, so regulation reaches the trust through the trustee's licence or exemption.
Which trustees need an MAS licence?+
Anyone carrying on trust business in or from Singapore, unless an exemption applies (TCA s.3(1)). Private trust companies are exempt under reg 4(1)(a) of the Exemption Regulations and lawyers within S$2 million settled per client and 30 clients each; banks, merchant banks and capital markets services (CMS) licensees only for the services s.15(1) lists, which exclude acting as trustee. Lawyers notify MAS on Form 8.
What does a Singapore trust company need for its licence?+
A Singapore trust company applies to MAS on Form 1 with S$1,000, then pays S$4,000 a year. It needs paid-up capital of at least S$250,000, at least two resident managers (one with 5 years of relevant experience, the others 3), professional indemnity cover and a physical presence in Singapore.
How long does it take to set up a Singapore trust?+
The trust needs no registration, so no statutory clock runs. With an existing licensed trustee we plan the set-up in weeks, most of it the trustee's onboarding of the family. A new trust company licence is different: MAS expects not more than 6 months for a straightforward, complete application.
What does a Singapore trust cost?+
Official costs are stamp duty, not registration fees: where the trust holds immovable property, stock or shares, S$10 on a declaration of trust that passes no beneficial ownership, ad valorem where it does, and ABSD (Trust) of 65% on residential property bought on trust. A PTC pays MAS nothing; the licensed company it engages sets commercial fees. Our fee is set in writing after a free assessment.
What changed for trustees on 20 June 2025?+
Part 7 of the Trustees Act 1967 gained an enforcer: the Commissioner of Trust Enforcement, created by Act 42 of 2024, who may investigate Part 7 offences and require information. A contractual or professional duty of confidence is no defence (s.84M(2)). Obstruction or false information carries a fine of up to S$25,000, imprisonment of up to 2 years or both (ss.84L-84M).
Does Singapore insolvency law reach transfers into a trust?+
Yes. Section 86 of the Trustees Act 1967 subjects a settlement at an undervalue to s.438 of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA): the Court may restore the position if the purpose was to put assets beyond a claimant's reach, and a victim may apply (s.438(5)). Section 87 adds the bankruptcy rules on undervalue transactions and unfair preferences (IRDA ss.361-364).
Can a trust set up now still use the s.13F exemption?+
Only if it is constituted before 1 January 2028 and is a foreign trust administered by a trustee company in Singapore in the basis period in which 31 December 2027 falls. From basis periods starting on or after 1 January 2028, one failed year removes the exemption for that year and every later year of assessment (s.13F(7)-(8)).
Singapore or Jersey for a family trust?+
Jersey does duration better: under Art. 15(1) of the Trusts (Jersey) Law 1984 a trust may continue for an unlimited period unless its terms say otherwise, against Singapore's 100 years. Singapore answers with MAS-licensed trustees, a S$250,000 capital threshold and an enforced record regime. We set both side by side.
Why Prifinance for a Singapore trust?+
We shortlist MAS-licensed trust companies or build the family's private trust company, draft the Singapore-law deed and letter of wishes, and settle stamp duty and s.13F questions before assets move. The work runs from our Singapore office.
On a register?+
No trust register; the trustee is regulated.
Who needs a licence?+
Trust businesses, unless exempt.
Trust company licence?+
Form 1, S$1,000, S$250,000 capital.
How long?+
Weeks; a new licence has a 6-month standard.
Set-up costs?+
No registration fee; stamp duty on property, shares.
June 2025 changes?+
Commissioner of Trust Enforcement, new offences.
Creditor challenges?+
Possible under IRDA ss.361-364, 438.
s.13F still open?+
For trusts constituted before 2028.
Or Jersey?+
Jersey sets no time limit.
Why you?+
Trustee shortlist, deed and tax, from Singapore.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Monetary Authority of Singapore (MAS) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.