Politics
Revealed! Luhut creates a “Family Office” in Bali, RI can benefit from 3.2 T IDR
Jakarta, CNBC Indonesia – Coordinating Minister for Maritime Affairs and Investment (Menko Marves) Luhut Binsar Pandjaitan said Indonesia could get state revenue if it created a national family office that was encouraged to be established in Bali.
“We have created a family office. Where foreigners put funds there without (the attraction of) interest, in Indonesia. This is happening everywhere in Singapore, Hong Kong and Abu Dhabi,” he said during from the working meeting of the budgetary body of the DPR RI, quoted on Sunday. (06/09/2024).
As a reminder, a family office is a private wealth management consulting company aimed at wealthy individuals. It should be noted that a family office manages the assets of an individual or a family.
Without enthusiasm, Luhut said that if Indonesia established a family office, the country could raise funds of up to US$200 million, equivalent to IDR3.25 trillion (assuming an exchange rate of 16 276 IDR to one US dollar).
“Sir, report to the president that we will get the money, he has put 100 to 200 million dollars here, I think it is good in stages because we are giving golden visas to many personalities,” he said. -he declares.
At the same time, a number of developed countries, such as Singapore, Abu Dhabi and Hong Kong, already have thousands of family offices. Seeing that Indonesia could imitate a number of these countries, Luhut himself encouraged the establishment of this company in Bali, Indonesia.
“So the family office will see many rich people around the world looking at Bali as an alternative to place their money in Indonesia, like in Singapore, Hong Kong, Abu Dhabi, but without taxing it,” he said.
“However, the money will be invested in a family office, when there are jobs, it will only be taxed. Yes, for us the money is in Indonesia, if the money is in Indonesia it will also strengthen our reserves,” explained Luhut.
He gave the example of the number of family offices in Singapore reaching 1,500 offices and their managed funds reaching US$1.6 trillion.
However, establishing a family office in Indonesia requires legal force, common law and international arbitration. Luhut will convey the proposal to President Joko Widodo during a limited meeting at the Palace.
“In fact, we will just copy Singapore, Hong Kong and Abu Dhabi. If they can do it, why can't we do it. It is profitable for the republic,” he said.
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Sources 2/ https://www.cnbcindonesia.com/market/20240609191007-17-545085/terkuak-luhut-bikin-family-office-di-bali-ri-bisa-untung-rp-32-t The mention sources can contact us to remove/changing this article |
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