Luhut: Family Office Establishment in Indonesia Progressing Well

The Chairman of the National Economic Council (DEN), Luhut Binsar Pandjaitan, stated that the establishment of Family Office in Indonesia is being meticulously prepared. According to him, the initiative has been in the works for the past six months, incorporating input from various stakeholders, including Ray Dalio, a renowned American investor and founder of Bridgewater Associates, the world’s largest hedge fund.

"We have actually been working on this for six months. We have also sought feedback from potential players, including Ray Dalio himself," Luhut said at the Coordinating Ministry for Economic Affairs in Central Jakarta on Wednesday (March 12, 2025).

Luhut emphasized that all parties, including the Ministry of Finance, must be in agreement on the Family Office initiative. He pointed out that the most crucial factor is the approval of investors willing to place their funds in Indonesia.

"This is not just about the Ministry of Finance; everyone must be on board. What matters most is that those who want to invest their money agree," he stressed.

Luhut confirmed that the Family Office framework will be implemented in the coming months, awaiting further directives from President Prabowo Subianto.

"We expect this to be operational in the next few months. The President has already given the green light during our meeting at the Palace. Technically, we will report back to him, and if he orders execution, we will proceed immediately," he explained.

For reference, a Family Office is a wealth management advisory firm catering to ultra-high-net-worth individuals and families. This initiative will allow wealthy investors from around the world to place their funds in Indonesia without being subject to taxes.

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