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SINGAPORE : Impending rule changes for charitable foundations will make Singapore a more attractive place for them to set up base here.
This comment came from Swiss investment bank UBS, at the Private Banking Asia conference on Thursday.
The upcoming changes include allowing these charities to spend more of the funds they raise outside of Singapore.
They were first announced during this year's budget speech in February.
The proposed changes will ease the tax regime for charitable foundations in Singapore.
It will allow these charities tax exemptions without first requiring them to spend 80 percent of their annual receipts in Singapore within two years.
It will also ease the current limit of 20 percent set for donations raised from private sources that can be spent outside of the country.
Terry Alan Farris, Head of Philanthropy Services (Asia-Pacific), UBS, said: "The impact that this will have in Singapore is that it will open the door for us to attract families from around the world to set up their foundations here.
"It will also allow us to engage international charities and NGOs to have their bases here instead of other countries. I think we will also see that Singaporean families who are global citizens (will) be able to set up their foundations here in Singapore, instead of having to put them in other countries to reach where their businesses are located."
According to UBS, there is a growing trend among corporations and wealthy individuals worldwide who want to put their money into worthy causes.
Mr Farris said: "We are seeing an increase of individuals wanting to understand more about how philanthropy works, and the impact that it can have on them, their family, their community, and on their businesses."
It is believed that having more charitable foundations in Singapore will open the scope for greater cooperation and joint ventures among charities here and help to boost the growth of philanthropy in the country.
The rule changes will be detailed in a paper out this September. - CNA/ch
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