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Re: Thresholds for buying property as a foreigner
Originally Posted by columbine
(Post 11803434)
Yes, IVV the article doesn't mention mm2h prices, mainly foreigners ( non Mm2H).
But I highlighted the 3% Levy as BB mentioned above the horrendous additional costs beside the rm10k for Pg State Permission. JC3, if you scroll down the article it gives the Levy for 3 States including Pg. The Levy is on top of the rm10k For others reading this, in brief the details are as follows: To cool property speculation in Penang, from 1 February 2014 the Penang State Government has imposed a 3% levy on foreigners' purchase of Penang property, in addition to the existing application fees of RM 10,000 (for individuals) and RM20, 000 (for companies). JC3 |
Re: Thresholds for buying property as a foreigner
Originally Posted by columbine
(Post 11435118)
In the Budget 2015, there might be an increase again in the RPGT? I found a breakdown of RPGT on this site below https://www.imoney.my/articles/hidde...-your-property For foreigners, it seems to be: Sold in 1st year: 30 percent RPGT Sold in 2nd year: 30 percent RPGT Sold in 3rd year: 30 percent RPGT Sold in 4th year: 30 percent RPGT Sold in 5th year: 30 percent RPGT Sold in 6th year: 5 percent RPGT After that....zero RPGT. Some points of interest are: 1. Starting point is, I believe, at signing of S&P (Sales & Purchase agreement). Of course if you are buying off-plan, then start date is not necessarily the day you move into the property. 2. Keep all renovation bills!! These can be offset on the RPGT. 3. Article on link mentions that RPGT is exempt if being disposed between Parent and Child, Spouse to Spouse, or Grandparents to Grandchildren. It's not clear from the link if this applies to both Malaysians and foreigners. |
Re: Thresholds for buying property as a foreigner
I may be wrong but I thought RPGT was 5% for the 6th and subsequent years.
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Re: Thresholds for buying property as a foreigner
Bummer :(
It's not clear from the link. It's a pity they didn't slip in 7th Year. |
Re: Thresholds for buying property as a foreigner
Originally Posted by bakedbean
(Post 11840844)
It's not clear from the link if this applies to both Malaysians and foreigners.
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Re: Thresholds for buying property as a foreigner
Zero is for locals, 5% for foreigners;-)
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Re: Thresholds for buying property as a foreigner
Thanks Columbine
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Re: Thresholds for buying property as a foreigner
Originally Posted by bakedbean
(Post 11790359)
You're mixing two different things: MM2H and Buying A Property.
You don't have to have MM2H to buy a property. In fact, I think it's only Penang State that has some differences in that they treat MM2Hers differently. It was built in the late 60's early 70's and is no longer suitable for the MIL. We are looking to transfer the ownership across to a family trust but just not sure of the ability in terms of foreign ownership (NZ based trust). The rebuild is around $3 to $5 million ringit so this should be over the $1 million or $1.5 million state requirement |
Re: Thresholds for buying property as a foreigner
Originally Posted by Stuck in Auckland
(Post 12167256)
We are looking to rebuild our inlaws house in KL
It was built in the late 60's early 70's and is no longer suitable for the MIL. We are looking to transfer the ownership across to a family trust but just not sure of the ability in terms of foreign ownership (NZ based trust). The rebuild is around $3 to $5 million ringit so this should be over the $1 million or $1.5 million state requirement |
Re: Thresholds for buying property as a foreigner
Originally Posted by JC3
(Post 11803888)
To cool property speculation in Penang, from 1 February 2014 the Penang State Government has imposed a 3% levy on foreigners' purchase of Penang property, in addition to the existing application fees of RM 10,000 (for individuals) and RM20,000 (for companies).
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