Indonesia's wealth managers bank on tax amnesty for take-off

Jakarta

COMPETITION is so tough among Indonesia's wealth managers that one offers clients helicopter rides to soar above Jakarta's notorious traffic jams, others provide golf clinics, airport limousines and exclusive money-managing seminars.

Now, business may be about to look up for the industry helped by President Joko Widodo's tax amnesty plan that could encourage rich Indonesians to declare assets previously concealed from the authorities, either at home or abroad.

The scheme will offer the well-heeled incentives to bring money back to the country but it won't require taxpayers to repatriate their assets, which means a flood of …