Lower corporate tax rates and targeted incentives for family offices and high-net-worth individuals are designed to transform Johor into a financial hub. While experts see potential, they stress the need for a robust legal framework, infrastructure development, and quality of life improvements to ensure success.
The tax incentives in the Forest City Special Financial Zone could turn Johor into a financial hub , attracting investments from family offices and high-net-worth individuals.
He stressed that the right ecosystem must be in place to draw skilled professionals to FCSFZ and added t This could foster a more dynamic fintech ecosystem in the FCSFZ, where there are currently over 300 local fintech firms, compared to around 1,580 in Singapore as of 2022. He said that Bank Negara could encourage local banks to set up multi-family offices in the FCSFZ, noting that many banks in Malaysia already have private banking divisions, which could serve as a foundation for these offices.
The SFOV must maintain assets under management of at least RM30 million and invest a minimum of 10% of AUM or RM10 million, whichever is lower, in designated local investments.
Financial Hub Tax Incentives Johor Family Offices Ecosystem Development
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