Carried Interest Calculator: Cayman GP vs Hong Kong vs Singapore-only, before and after YA 2027
Size the carry pool for your fund, then compare what a Cayman general partner, a Hong Kong carry vehicle and a Singapore-only stack cost in tax and structure over the fund’s life — today, and once Singapore’s profit-share exemption applies.
Your fund economics
Carry, tax and structure over the fund life
What the comparison assumes
Carry pool = fund size × total gain × carried interest, assuming the hurdle is cleared. Singapore today taxes the share retained in a Singapore carry company at 17% and the share flowing to resident individuals at up to 24%; FSI-FM’s 10% covers management fees, not the profit share. Cayman charges nothing on the carry but the general partner costs money to run (registered office, economic-substance filings, directors, audit) and, since 1 January 2024, Section 10L can tax foreign-asset gains received in Singapore by group entities without substance. Hong Kong’s 2026 Bill offers 0% on carried interest and performance fees, self-assessed, but only with Hong Kong personnel and operating spend. Singapore-only from YA 2027 applies the announced exemption on profit-related returns from qualifying funds (13D/13O/13OA/13U/13V) managed from Singapore, received by corporate entities, partnerships or individuals directly or indirectly — mechanics at Budget 2027. The full argument and a vintage-by-vintage restructuring sequence are in the end of island-hopping for carried interest; the announcement itself is in Singapore’s carried-interest answer.
Restructuring your fund economics onshore?
Send us the calculator’s summary with your vintages and where your team sits. We will map the Singapore-only stack — vehicle, manager awards and the carry entity — and connect you with MAS-licensed managers and fund-services providers where it fits.
Speak to a specialist →Frequently asked questions
How is carried interest taxed in Singapore today?
There is no dedicated regime before Year of Assessment 2027. A profit share received for providing management services is income in character: a Singapore carry company is exposed at the 17% corporate rate, and resident individuals at progressive rates up to 24%. FSI-FM’s 10% concessionary rate applies to fee income, not to carried interest.
What changes from YA 2027?
MAS announced on 19 August 2026 a tax exemption on profit-related returns — carried interest and profit- or return-sharing — from providing fund management services to qualifying funds (those with 13D, 13O, 13OA, 13U or 13V awards, managed by Singapore-based managers), received by corporate entities, partnerships or individuals directly or indirectly. Salaries and bonuses are excluded. Detailed conditions follow at Budget 2027.
Why did managers use a Cayman general partner for carry?
Because the fund was already there, investors’ lawyers knew the documents, and the general partner paid nothing on the carry while Singapore had no exemption. The trade was an extra entity to run — registered office, economic-substance filings, directors, audit — plus, since 2024, Section 10L exposure on foreign-asset gains received in Singapore by group entities without substance.
Is Hong Kong’s 0% better than Singapore’s exemption?
Hong Kong’s 2026 Bill is broader and already effective: self-assessed, no hurdle-rate condition, covering hedge, credit, real-estate and digital-asset funds, retrospective to April 2025. It requires Hong Kong personnel, spend and decision-making. Singapore’s exemption arrives from YA 2027 and sits inside the same jurisdiction as the fund exemption, the manager concession, the VCC and the ONE Pass. Where the team is based generally decides.
Should we move an existing carry vehicle now?
Usually not for accrued carry: novating an entitlement that has already built value can crystallise tax and needs limited-partner consent. Write the Singapore carry entity into the documents of the next vintage, keep the old vehicles compliant until their funds distribute, and structure for optionality until Budget 2027 publishes the conditions.
VCC Singapore is an independent informational resource and is not a regulator, law firm or tax adviser. Figures are illustrative, not advice.