Malaysia’s vision to become the region’s hub for wealth management and family office services looks bright, thanks to significantly lower professional fees compared to Singapore and effective guidelines, said Malaysian Institute of Estate Planners (MIEP) president See Kok Loong. The government published these guidelines in September, aiming to compete with regional leaders like Singapore and Hong Kong. Despite challenges such as an underdeveloped ecosystem and most professionals being based in Kuala Lumpur, efforts are focused on Iskandar in Johor to develop Forest City due to its proximity to Singapore. The Securities Commission Malaysia has introduced a zero percent tax rate incentive on income generated by eligible investments from Single Family Office Vehicles (SFOVs). Forest City will be the first to offer this 20-year incentive, divided into two 10-year periods.