The government is also offering lower income tax rates for foreign workers as well as concessionary corporate tax rates to attract international firms.

Malaysia is offering 0% tax rate for family offices to set up shop in its struggling mega-project Forest City, as it looks to revive investor interest in the $100 billion development near its border with Singapore.

At the Friday launch of the previously announced Special Financial Zone for Forest City, the Malaysian government said that starting in the first quarter of 2025 it would offer tax breaks ranging from no taxes for some kinds of companies setting up there, to much-reduced personal income taxes for some individuals who move there.

Malaysia announced on Friday tax breaks and incentives for the troubled Forest City development, a $100 billion project backed by Chinese developer Country Garden Holdings, in a bid to lure investments and spur economic growth in the area.