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Bhutan’s International Financial Centre GMC Announces New Family Office Framework & Foreign Fund Manager Regime

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Bhutan Family Office Fund Management Gelephu Mindfulness City Institutional Capital Policy-Making Private Wealth Regulation

Bhutan’s international financial centre Gelephu Mindfulness City announced[1] the creation of a regulatory framework covering both single-family offices and an additional regulatory regime covering foreign fund management companies.

The single-family office regime is reminiscent of what Singapore introduced in the late 2010s[2] in a push to formalise family offices as part of the financial services and wealth management landscape, but as a more progressive iteration[3] of the Singaporean regulatory regime concerning SFOs drawing upon GMC’s playbook of building upon existing regulatory regimes[4] (having in-sourced ADGM’s regulatory framework and Singapore’s company law regime).

Asset management companies similarly are offered a preferential tax regime provided certain statutory conditions are met.

Finally, a “passporting”/mutual recognition-style regime covering fund management companies that are already licenced in reputable jurisdictions, avoiding duplication of regulatory infrastructure.

The key talking points[5] are speed, regulatory pragmatism and a financial regulator that is responsive and progressive.

Notes

  1. Pang Yee Ean, ‘Gelephu Mindfulness City opens its doors to family offices and investment funds’ (Gelephu Mindfulness City, 20 September 2026). https://gmc.bt/news/gelephu-mindfulness-city-opens-its-doors-to-family-offices-and-investment-funds-1 · Archive 1. ↑
  2. Bock Eng Sim, Choon Yuen Hui, Yuh Huey Khoo & Felicia Ng, ‘“Does my family office need a licence in Singapore?” – Clarity from MAS is now given’ (WongPartnership, 13 February 2017). https://www.wongpartnership.com/insights/detail/does-my-family-office-need-a-licence-in-singapore-clarity-from-mas-is-now-given · Archive 1 · Archive 2. ↑
  3. ‘Family Offices and Investment Funds in GMC: Licensing, Tax Incentives and Structuring under the 2026 Guidelines’ (Basnet Law, 20 September 2026). https://basnetgmc.com/insights/funds-family-offices/gmc-family-offices-investment-funds-guidelines-2026 · Archive 1 · Archive 2. ↑
  4. Sherub Dorji, ‘GMC to be governed by 18 Singaporean and 10 Abu Dhabi laws’ (Bhutan Broadcasting Service, 6 January 2025). https://www.bbs.bt/222847/ · Archive 1 · Archive 2. ↑
  5. ‘DK Bank, as the official bank of Gelephu Mindfulness City, warmly welcomes the announcement that GMC is opening its doors to family offices, investment funds, and professional fund managers from October 1, 2026. This new framework makes GMC one of the simplest and fastest jurisdictions in the world for setting up a family office or fund. With benefits such as automatic tax exemptions on notification, no licensing requirement for single family offices, and clear response times from the regulator, GMC is well positioned to attract high-value global capital. DK Bank is proud to support this vision. As GMC’s official bank, we are ready to provide banking, custody, and financial services to family offices, funds, and managers establishing themselves in the city. We look forward to working alongside the GMC Authority and GFSO to make Gelephu a trusted home for wealth management in the region.’ (DK Bank, 20 September 2026). https://www.linkedin.com/posts/dk-bank-as-the-official-bank-of-gelephu-share-7507394498650587136-Wyp1/ · Archive 1 · Archive 2. ↑