SINGAPORE – Malaysia’s move to apply a 0 per cent tax rate for family offices in Forest City, Johor, will attract wealth management firms but is unlikely to draw the rich away from established hubs like Singapore and Hong Kong, say experts.
Malaysia is just beginning to establish its presence in the family office sector whereas Singapore is a regional powerhouse, with 1,650 single family offices as at Aug 31, while Hong Kong had an estimated 2,700 at the end of 2023, they said.