Malaysia announced a 0% tax rate for family offices located in Forest City, Johor, as part of incentives to attract capital to the special financial zone. The move is aimed at drawing families from Malaysia and other Asian countries to manage their wealth in Malaysia.
KUALA LUMPUR – Malaysia on Sept 20 announced a 0 per cent tax rate for family offices located in Forest City , as part of incentives to draw capital to the special financial zone in its southern state of Johor .
“Supported by good infrastructure, a competitive talent pool, robust common law practices and effective governance, opportunities abound for family offices,” he added, at the event in Forest City to launch these measures. The number of single family offices globally is expected to grow to more than 10,720 by 2030 with total estimated assets under management of US$5.4 trillion, from 8,030 family offices managing US$3.1 trillion currently, noted Mr Amir Hamzah.
There is also a concessionary corporate tax rate of between 0 and 5 per cent and a special individual income tax rate of 15 per cent for knowledge workers, and Malaysians, who choose to work in the SFZ. Economists acknowledge that the tax breaks and incentives for Forest City’s SFZ are competitive but wonder whether that will be enough to draw family offices from nearby Singapore due to the latter’s established banking and legal ecosystem.Malaysia mulls over plans for casino in Forest City as part of Johor-S’pore Special Economic Zone: Sources
The rich choose Singapore for many reasons, including its strong rule of law, robust and predictable regulatory regime, an ecosystem of wealth managers and professional service providers, safe and family-friendly environment, as well as its world-class education and healthcare systems, Mr Chee said.
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