Malaysia's initiative to transform Forest City into a hub for family offices is progressing, with official incentives and criteria set to be announced in the first quarter of 2025, Finance Minister II Amir Hamzah Azizan said. The special financial zone (SFZ) in Johor aims to attract a different segment than Singapore by offering lower thresholds for family offices, Amir told The Straits Times. Malaysia requires a minimum of MYR30m (USD6.5m) in assets under management, compared to Singapore's SGD20m (USD14.6m). Feedback from wealth management firms has been "very strong," he said. In September, Malaysia announced a zero percent tax rate for family offices in Forest City's SFZ to attract foreign capital and rejuvenate the USD100bn project near Singapore.