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About the project The Singapore Academy of Law’s Law Reform Committee (LRC) has considered whether reform of Singapore's trusts laws would be beneficial in order to provide further opportunities for business and family wealth management, social enterprise and philanthropy in Singapore. Specifically, the LRC has considered the case for authorising by statute the creation of Non-Charitable Purpose Trusts (NCPTs) for certain purposes in Singapore. The LRC's report analyses the approach to NCPTs and equivalent trust models in other jurisdictions, as well as the policy considerations relevant to providing for such trusts. Key Recommendations The report recommends authorising, through a standalone statute, the creation and enforcement of NCPTs. Among other aspects detailed in the report, the proposed NCPT would have the following core characteristics:
The report notes that the decision whether to provide for NCPTs is ultimately one of policy, on which different countries have taken different views. The LRC considers that, in Singapore's particular context, the relevant policy considerations — alongside Singapore's wider ambition to be a global wealth management centre — militate towards permitting NCPTs in the form proposed. Project status: Completed
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Areas of law
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Last updated 31 May 2021 |