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.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Star producer of NewJeans quits after legal spat with BTS agency
The South Korean super-producer behind the chart-topping girl group NewJeans resigned from her label on Nov 20, following a protracted legal battle with Hybe that has rocked the country's K-pop industry.
One Direction stars attend Liam Payne's funeral in UK
Family and friends of One Direction star Liam Payne, who died in October after falling from a Buenos Aires hotel room, gathered for his funeral in Britain on Nov 20.
Composer A.R. Rahman and wife separate after 29 years of marriage
Oscar-winning composer A.R. Rahman and his wife, Saira, have announced their decision to part ways after nearly 30 years of marriage.
Audemars Piguet joins hands with Kaws for groovy new drop
Audemars Piguet has teamed up with contemporary American artist Brian Donnelly - better known by his pseudonym Kaws - to create the Royal Oak Concept Tourbillon Companion, a 43mm titanium horological knockout which groovily fuses high watchmaking and pop art.
LOCAL DESIGNERS GET WICKED
Singapore fashion designers have created clothes and accessories in a Wicked collaboration between Design Orchard and NBCUniversal
Captain America excited to flaunt new powers
No serum? No problem. New Captain America Anthony Mackie goes on a different flight path in upcoming movie
SBA RESHUFFLE NETS KIM
S. Korea's ex-Asiad champ will become Singapore women's singles head coach
Yeo targets top-l O spot after maiden win over Sindhu
As far as giants go, they do not come taller in the badminton women's singles circuit than India's 1.79m P. V. Sindhu, who has a 2019 world title and an Olympic silver (Rio 2016) and bronze (Tokyo 2020) to match her stature.
Hearing-impaired Audelle, 10, is rising chess star
It was only when Audelle Sim was six years old that her parents found out that she has a hearing impairment.
THE BEST OF CHESS AND MORE
S,pore world c'ship's side events include fan zones with grandmasters and exhibitions
