Malaysia is offering tax incentives to attract family offices and revive interest in Forest City, a USD100bn development near Singapore. The government will provide a 0% tax rate for family offices setting up in the Special Financial Zone, along with corporate tax rates between 0% and 5% and a 15% individual income tax rate for knowledge workers and Malaysians working there, Second Finance Minister Amir Hamzah Azizan said. The single-family office program aims to draw regional and Malaysian families to manage their wealth from Malaysia, operational by the first quarter of 2025. The incentives align with Malaysia and Singapore nearing an agreement on a proposed Special Economic Zone in Johor, potentially including Forest City, which has faced challenges recently.