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Luhut proposes launching family office program in February
"We have been studying it for a long time, and we don’t want to lose to our neighboring countries,” Luhut said.
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Familiar face: Newly appointed chairman of the National Economic Council Luhut Pandjaitan (center) attends the inauguration of cabinet ministers and heads of government agencies at the State Palace on Oct. 21, 2024. (Antara/Hafidz Mubarak A)
T
he National Economic Council (DEN) has proposed kick-starting a planned family office program in February, hoping it will help Indonesia catch up with neighboring countries in attracting foreign investment from wealthy people.
Luhut Panjaitan, who heads the presidential advisory board, said President Prabowo Subianto had approved the plan to facilitate the establishment of family offices in the country but that the administration had yet to decide on specific time to start the program.
A family office is a private wealth management firm providing tailored advisory services to high-net-worth individuals or families and usually overseeing significant investable assets.
“We want it [to be established] quickly,” Luhut said on Wednesday, as reported by Kumparan.
“Because we are studying it. We have been studying it for a long time, and we don’t want to lose to our neighboring countries,” he said.
Luhut added that Indonesia would offer more competitive incentives than Malaysia, which unveiled its own family office program in September of last year, aimed at attracting wealthy individuals to set up operations in Forest City, Johor, starting from the first quarter of 2025.
“We could be left behind by Johor [Malaysia], which is now making the Johor Economic Special Zone. They follow our example and they provide even better incentives,” he said separately, as reported by detik.com.
