In recent years, Hong Kong and Singapore have introduced a series of favorable policies, attracting a large number of high-net-worth individuals. As domestic entrepreneurs have accumulated wealth over decades, their needs for wealth management and inter-generational inheritance have grown, and the demand for family trusts has also increased.
Today, let’s take a look at the comparison between Hong Kong trusts and Singapore trusts.
Common points between trusts in both places
- Protection of citizens’ rights and interests: Trusts in Hong Kong and Singapore can effectively protect the rights and interests of citizens.
- Judicial and law enforcement mechanisms: Both places have complete judicial and law enforcement systems to ensure the legality and effectiveness of trusts.
- regulatory system: Both Hong Kong and Singapore have mature regulatory mechanisms to ensure the transparency and compliance of trust operations.
- Trust expenses: The trust fee structures in the two places are relatively reasonable and can meet different levels of wealth management needs.
Differences between trusts in the two places
- Set conditions and requirements: Hong Kong and Singapore have different conditions and requirements for establishing trusts, and you need to choose based on the specific circumstances.
- inheritance period: The two places have different legal provisions on the trust inheritance period, which may affect the long-term plan of the trust.
- Privacy protection: Singapore and Hong Kong have different policies on privacy protection, which will affect your need for trust privacy.
- Comprehensiveness of the financial system: The financial systems of Singapore and Hong Kong have their own characteristics, with differences in comprehensiveness and convenience, which will affect the flexibility of asset allocation.
For ultra-high-net-worth clients who require global asset allocation and management, choosing where to set up a trust is an important issue. Before making a decision, be sure to understand the differences between the two places and choose the solution that best suits you based on your family's actual needs.
Summarize
Before choosing Hong Kong or Singapore to set up a trust, it is recommended to consult a professional financial advisor or lawyer to conduct an evaluation based on your specific needs and goals. This ensures that the trust location you choose best meets your wealth management and inheritance needs.
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