Malaysia Family Offices Get Green Light in Forest City Special Financial Zone

Malaysia family offices have received conditional approval to establish operations in the Forest City Special Financial Zone in Johor, with six single-family offices expected to bring about MYR400m (USD84.6m) in assets, according to an October briefing by the Securities Commission.

The regulator said it has logged more than 30 expressions of interest for the zone’s zero-tax scheme, part of a broader effort to revive Forest City, a stalled four-island development launched in 2016.

Maybank opened a branch in the zone on Nov.10 following CIMB, and has already assisted two family offices in setting up, with another 13 in its pipeline.

Authorities are still targeting MYR2bn in assets under management by end-2026, although advisers cautioned that tax incentives alone may not fully offset concerns around location attractiveness and long-term policy durability.