The Forest City special financial zone (SFZ) in Iohor will not be competing directly with Singapore. Instead, it aims to attract a different market segment by offering lower threshold requirements for family offices, said Datuk Seri Amir in an interview with The Straits Times on Nov 19.
"We want to welcome family offices but we are not competing directly with Singapore, as there are some groups that are not serviced by Singapore, so we (will) set clear criteria to attract those groups to set up within Malaysia," he said.
Family offices, entities that manage the wealth of the super rich, can be set up in Malaysia with a minimum of RM30 million (S$9 million) in assets under management, compared with $20 million in Singapore.
In September, Malaysia announced a zero per cent tax rate for family offices located in Forest City's SFZ, as part of incentives to attract foreign capital.
The move is aimed at reviving Forest City, a beleaguered US$100 billion (S$134 billion) development project located a stone's throw from Singapore.
Esta historia es de la edición November 21, 2024 de The Straits Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 21, 2024 de The Straits Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
4 Things To Know About The Long Fight Against TB
Tuberculosis, though curable, is still considered the world's deadliest infectious disease
What it's like to watch a Metallica concert on Apple Vision Pro
For a music fan, nothing beats a live concert.
Xi will visit US in 'not too distant future', says Trump
Remarks Come After WSJ Report of Officials Discussing Possible June 'Birthday Summit'
Philippines demon joins Monster High doll line
Toymaker Mattel has Barbie-fied a creature from Philippine folklore that has for centuries inspired terror and loathing among Filipinos for its habit of feeding on the hearts of unborn children: the manananggal.
Speed up conversion to electric public transport
I am concerned about the slow pace of transitioning public transport vehicles to electric models in Singapore (LTA to add 660 more electric buses to Singapore's public bus fleet by 2027, March 14).
Chinese businessman alleges $74m theft by staff of Singapore-based family office
An ultra-high-net-worth Chinese businessman is suing four former employees here for allegedly stealing from his Singapore-based companies, Panda Enterprise and Lee Fung International (LFI), through fraudulent transactions and fabricated claims over the years.
Ramadan bazaar stallholders undaunted by wet weather forecast
Stallholders at Ramadan bazaars are refusing to have their spirits dampened by the unseasonably wet weather forecast for the next few days, and said they could still depend on online sales if people stayed away.
Progress Singapore Party set for hotly contested leadership election
The Progress Singapore Party (PSP) will vote in its top leadership body on March 20, with 24 candidates set to vie for 12 elected seats on the central executive committee (CEC).
News analysis Fresh strikes on Gaza tied to Netanyahu's plan to retain power
The longer the offensive goes on, the longer he can avoid blame for security failings
Young Adults Can Get Tips on Career, Money, Lifestyle on ST's New Microsite
New initiative part of wider effort to engage young readers on topics that matter to them
