On 19 August 2026, the Monetary Authority of Singapore (MAS) announced a package to strengthen Singapore's competitiveness as an asset management hub. The package includes a tax exemption on profit-related returns earned by fund managers for providing management services to qualifying funds, a new hedge fund work pass, and expanded investment programmes to attract global managers.
2026年8月19日，新加坡金融管理局（MAS）发布一揽子措施，巩固其资产管理中心地位。核心内容包括：基金管理公司向符合条件的基金提供管理服务所取得的利润挂钩报酬免税、新设对冲基金工作准证，以及扩大吸引全球资管机构的投资计划。
The exemption targets performance fees and carried interest — the income stream that fund managers actually care about, not just management fees. The new work pass lowers relocation friction for senior hedge fund professionals, complementing the existing ONE Pass scheme. This follows MAS's 31 July 2026 circular updating the Section 13O and 13U fund tax incentive schemes.
免税覆盖的是超额业绩报酬和附带权益（carried interest）——基金经理真正在意的收入部分，而非仅仅是固定管理费。新工作准证降低了对冲基金高级人才迁移的摩擦，与现有ONE Pass形成互补。这是继MAS于2026年7月31日发布通函更新13O和13U基金免税计划后的又一动作。
| Incentive | Before | After |
|-----------|--------|-------|
| Performance fee / carried interest tax | Taxed as income | Exempt for qualifying funds |
| Hedge fund talent relocation | General EP / ONE Pass | New dedicated work pass |
| Fund schemes (13O/13U) | Updated 31 Jul 2026 | Now paired with manager-side exemption |
| 优惠项 | 调整前 | 调整后 |
|--------|--------|--------|
| 业绩报酬/附带权益税 | 按一般收入征税 | 符合条件的基金免税 |
| 对冲基金人才准证 | 一般EP/ONE Pass | 新增专项工作准证 |
| 基金免税架构（13O/13U） | 2026年7月31日更新 | 叠加管理人层面免税 |
This package is widely read as Singapore's response to Hong Kong's fund tax regime overhaul announced on 5 August 2026, which is retroactive to 1 April 2025. Both hubs are competing for the same pool of global fund managers, and the winner is decided by which side offers the cleaner after-tax outcome.
这套措施被市场普遍解读为对香港的直接回应——香港于2026年8月5日公布基金税务宽减制度优化方案，并追溯至2025年4月1日生效。两大中心争夺的是同一批全球基金管理人，胜负取决于谁的税后收益结构更干净。
- Existing fund managers in Singapore: map your fee structures now and confirm with your MAS relationship manager whether your funds qualify for the new exemption; adjust fund documentation before the next performance fee crystallisation.
- Managers deciding between Singapore and Hong Kong: run a side-by-side comparison of the new Singapore exemption against Hong Kong's regime (effective retroactively from 1 April 2025) using your actual AUM and fee model — the two regimes differ in scope and qualifying conditions.
- Family offices and smaller managers: re-check your 13O/13U eligibility under MAS's 31 July 2026 circular, since the conditions changed just weeks ago.
- 已有新加坡基金管理公司的：现在梳理收费结构，向MAS客户经理确认旗下基金是否符合免税条件，在下一次业绩报酬确认前完成基金文件修订。
- 在新港两地之间选址的：用自身实际AUM和收费模式，把新加坡新免税方案与香港追溯至2025年4月1日的制度做并排测算——两地在适用范围和资格条件上有实质差异。
- 家办和中小管理人：按MAS 2026年7月31日通函重新核对13O/13U资格，条件几周前刚改过。
First step: within two weeks, list all funds you manage and identify which income streams are performance-linked. Second step: engage a Singapore tax adviser to confirm qualifying conditions and quantify the after-tax gain versus Hong Kong. Third step: if relocating talent, start the new hedge fund work pass applications early — MAS schemes typically see heavy application volume in the first months after launch. Acting before the year-end fee crystallisation cycle maximises the benefit.
第一步：两周内列出所有在管基金，识别哪些收入属于业绩挂钩报酬。第二步：聘请新相关顾问确认免税资格条件，并与香港方案量化对比税后收益。第三步：若涉及人才迁移，尽早提交新工作准证申请——MAS新计划推出初期申请量通常集中。赶在年底业绩报酬确认周期前行动，收益最大化。
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