Chua Ma Yu’s family office among first to tap Malaysia’s 0% tax break

CMY Capital, the family office of billionaire investor Chua Ma Yu, is among the first to benefit from Malaysia’s new 0% tax incentive for single-family offices (SFOs) established in Forest City, part of the Johor-Singapore Special Economic Zone. The firm, which co-owns The St Regis Kuala Lumpur, restructured to form a new SFO that meets Securities Commission criteria. Another early mover is Yow Kee Family Office, owned by Portcullis founder David Chong. Both entities have secured conditional approval to access the incentive, which requires SFOs to hold MYR30m (USD6.95m) in assets and invest locally. The initiative is part of Malaysia’s broader effort to revive Forest City as a financial and investment hub.