The real test for the project lies beyond tax incentives – it must attract top talent and build essential infrastructure to secure significant investment and become a competitive financial hub
[KUALA LUMPUR] The centerpiece of Malaysia’s recently-unveiled new initiative to revive the struggling Forest City project in its southern state of Johor is a zero tax rate for family offices, set to take effect in the first quarter of 2025.
Observers believe this measure will make Forest City an attractive destination for managing family wealth, particularly as the number of family offices in Asia grows with rising affluence across the region.
Announced by Malaysian Finance Minister II Amir Hamzah Azizan on Friday (Sep 20), the initiative is part of a broader effort to reposition Forest City – a multi-billion dollar mixed-use project – as a special financial zone (SFZ). The goal is to transform the project from its current state into a financial powerhouse by offering a slew of incentives targeting high-net-worth individuals and institutional investors.
