Family offices and offshore trusts saw significant advancements in 2024, shaping how high-net-worth individuals manage their wealth. From innovative legislative reforms to strategic financial incentives, 2024 positioned several countries, including Malaysia, as critical players in this evolving landscape. Below are the top 10 Family office & Offshore trust events ranked by importance (1 to 5), with 5 being the most impactful.

1. Malaysia’s Family Office Initiatives in Forest City (October 2024)

Rating: ⭐⭐⭐⭐⭐ (5/5)
Malaysia introduced a 0% tax rate for family offices in Forest City’s Special Financial Zone (SFZ), aiming to attract global high-net-worth individuals and cement its position as a wealth management hub in Asia.
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2. UK’s Autumn Budget and Offshore Trusts (December 2024)

Rating: ⭐⭐⭐⭐⭐ (5/5)
The UK announced sweeping changes to offshore trust taxation, starting April 2025, including tighter inheritance tax (IHT) rules, drastically reshaping estate planning for UK residents.
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3. Hong Kong’s Crypto Tax Exemptions (November 2024)

Rating: ⭐⭐⭐⭐⭐ (5/5)
Hong Kong proposed tax breaks for family offices investing in cryptocurrencies, enhancing its position as a leading offshore financial hub.
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4. Cayman Islands Abolish Rule Against Perpetuities (August 2024)

Rating: ⭐⭐⭐⭐ (4/5)
The Cayman Islands removed trust duration limits, allowing indefinite trusts to enhance global succession planning opportunities.
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5. Singapore Tightens Family Office AML Regulations (December 2024)

Rating: ⭐⭐⭐⭐ (4/5)
Singapore introduced stricter anti-money laundering (AML) compliance rules for family offices, requiring annual reporting and adherence to robust due diligence practices.
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6. Scotland’s Legislation on Private Purpose Trusts (Jan 2024)

Rating: ⭐⭐⭐ (3/5)
The Trusts and Succession (Scotland) Act 2024 introduced private purpose trusts (PPTs), offering new structuring opportunities but raising concerns about misuse.
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7. Abolition of the Non-Dom Tax Regime (December 2024)

Rating: ⭐⭐⭐ (3/5)
The UK abolished its non-dom tax regime, introducing stricter rules for offshore trusts effective April 2025.
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8. Global Trends in Family Offices (January 2024)

Rating: ⭐⭐⭐ (3/5)
Family offices globally embraced resilience and diversification strategies to navigate market uncertainties.
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9.DBS Launches Multi-Family Office VCC Service (July 2024)

Rating: ⭐⭐ (2/5)

DBS Private Bank introduced a service for ultra-wealthy families using the Variable Capital Companies (VCC) framework in Singapore, simplifying asset management.

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10. Trust Law Developments in Offshore Jurisdictions (December 2024)

Rating: ⭐⭐ (2/5)
Updates in Guernsey, Jersey, and other jurisdictions enhanced trust governance but were less groundbreaking compared to other events.
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