New Delhi, Sept. 2 -- It's Destination Singapore for a number of family offices facing India's outward remittance ceiling, prompting them to form entities in the wealthy city state to gain greater access to global investment opportunities.

India's Liberalised Remittance Scheme (LRS) framework allows resident Indians to transfer up to $250,000 per financial year abroad for permissible capital and current account transactions, an amount too meagre for family offices looking to deploy millions.

"The LRS is designed for individuals, but family offices are increasingly becoming institutional in the way they invest. As the cheque sizes get larger and they move towards co-investments and direct investments, they need structures that allow them...