1. Estate Taxation in Singapore
i. Lifetime gifts
There are no gift taxes in Singapore, although stamp duties are chargeable on certain documents relating to Singapore immovable property and stocks or shares in Singapore companies operating as a voluntary disposition inter vivos.
ii. Inheritance
There is no estate duty in Singapore. It has been abolished in respect of death occurring on or after 15 February 2008.
iii. Wealth tax
There is no wealth tax in Singapore.
There are no gift taxes in Singapore, although stamp duties are chargeable on certain documents relating to Singapore immovable property and stocks or shares in Singapore companies operating as a voluntary disposition inter vivos.
ii. Inheritance
There is no estate duty in Singapore. It has been abolished in respect of death occurring on or after 15 February 2008.
iii. Wealth tax
There is no wealth tax in Singapore.
2. Succession Planning in Singapore
i. Applicable law
Issues of succession in Singapore are governed by either the law of the place of the deceased’s domicile in the case of the movable property or the law where the immovable property is situated.
ii. Wills in Singapore
Under Singapore law, a will is formally valid if its execution conforms to the law in force of any of the following :
- The place where the will was executed;
- The jurisdiction where the testator was domiciled either at the time of the execution of the will or at their death;
- The jurisdiction in which the testator was habitually resident either at the time of the execution of the will or at their death;
- The jurisdiction in which the testator was a national either at the time of the execution of the will or at their death.
iii. Restrictions on freedom of disposition
The general rule under Singapore law is that testamentary freedom is unrestricted except for Muslims who are domiciled in Singapore.
In accordance with section 111 of the Administration of Muslim Law Act Cap. 3, no Muslim domiciled in Singapore may dispose of their property by except in accordance with the provisions of school of Muslim professed by him.
3. Trusts and Foundations in Singapore
Trusts are recognized in Singapore. The law of trusts in Singapore has the same roots as the English law of trusts.
Singapore does not have foundation legislation. Foundations are recognized as foreign entities.
4. Matrimonial Issues in Singapore
There is no community of property in Singapore. A spouse does not have any automatic rights to his/her partner's assets solely by virtue of being the owner's spouse.
Civil partnerships are not permitted and not recognized in Singapore.
Same-sex marriages are not permitted and not recognized in Singapore.
Divorce procedures are different for civil marriages and Muslim marriages. Divorce proceedings of civil marriages are carried out in the Family Court which will apply the Women’s Charter (Cap. 353), while divorce proceedings of Muslim marriages are carried out in the Syariah Court.
For more details of Rosemont’s Estate Planning and International Private Law services see https://rosemont-int.com/en/article/tax-estate-planning/estate-planning-en
Please contact your local Rosemont office for assistance.