Malaysia

This is a tremendous miscalculation. Kuala Lumpur possesses the hyper-modern infrastructure of Singapore but at a fraction of the cost, making it arguably the most underpriced urban arbitrage in the region. But the real story is its tax code. For years, Malaysia operated a purely territorial tax system. In a subtle but monumental shift, they recently began taxing foreign income remitted into the country. The counterintuitive strategy here is simple: keep your capital offshore, and Malaysia remains a pristine, low-tax base. It is a highly developed, incredibly diverse nation that quietly offers one of the best structural advantages in Asia for the sophisticated operator.