The single-family office program “aims to attract regional and Malaysian families to manage their family wealth from Malaysia,” he said at the launch of Forest City as a special financial zone. The program will be the first of its kind in Malaysia and is targeted to be operational by the first quarter of 2025, he added.
Malaysia is offering 0% tax rate for family offices to set up shop in its struggling mega-project Forest City, as it looks to revive investor interest in the US$100 billion ($128.88 billion) development near its border with Singapore.
The government is also offering a concessionary corporate tax rate of between 0% and 5%, and individual income tax rate of 15% for knowledge workers and Malaysians working there, Malaysia’s Second Finance Minister Amir Hamzah Azizan said in Johor state on Friday.
