Singapore just made it easier to open a family office. And much harder to keep one.

The country that courts the wealthy has quietly added a filter that keeps only the real ones.

On June 15, the Monetary Authority of Singapore overhauled its single family office framework. The old case-by-case approval is gone, replaced by a class exemption. Setting one up is now simpler.

But keeping it running got stricter. A 13O fund must hold S$20 million in assets under management. A 13U fund, S$50 million. That threshold must hold for the entire life of the fund. Drop below it midyear and the tax exemption is gone. You need three investment professionals, and at least one cannot be family. Ten percent of the assets must sit in Singapore.

The reason is simple. Singapore does not want money without substance.

This is not open borders for capital. It is selective entry. The door got wider. The gatekeeper got tougher.