British Expats

British Expats (https://britishexpats.com/forum/)
-   Malaysia (https://britishexpats.com/forum/malaysia-148/)
-   -   Thresholds for buying property as a foreigner (https://britishexpats.com/forum/malaysia-148/thresholds-buying-property-foreigner-813295/)

eCdD Nov 10th 2015 8:13 am

Re: Thresholds for buying property as a foreigner
 
What about the process? This might be take a very long time.

So if you selected a property you want to buy under the current rules, you apply at MM2H and then wait many month for approval?

bakedbean Nov 10th 2015 8:34 am

Re: Thresholds for buying property as a foreigner
 
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.

eCdD Nov 10th 2015 10:55 am

Re: Thresholds for buying property as a foreigner
 
I know but according to my information there is a huge gap on the minimum price for foreigners with/without MM2H also in Perak.

bakedbean Nov 10th 2015 1:16 pm

Re: Thresholds for buying property as a foreigner
 
Noted.

bakedbean Nov 26th 2015 10:45 pm

Re: Thresholds for buying property as a foreigner
 
There are a few "extras" to be paid on top of your property investment.

Certainly if you live in Penang, there is a RM 10,000 state consent fee for Foreigners. And, if you buy in joint names and your spouse passes away, you have to shell it out all over again when the property passes to you, despite the fact you already live there. That's a good wheeze for the state government :sneaky:

Got some friends currently buying a landed house in Penang. There seems to be some horrendous additional costs involved these days. If anyone knows the details, do put on this topic to warn others.

columbine Nov 27th 2015 1:09 am

Re: Thresholds for buying property as a foreigner
 
Minimum Property Purchase Price For Foreign Interests Acquisition in KL, Penang and Johor | Halim Hong & Quek

PG has a 3% levy on top of the State Permission of rm10k.

InVinoVeritas Nov 27th 2015 7:38 am

Re: Thresholds for buying property as a foreigner
 
1 Attachment(s)

Originally Posted by columbine (Post 11803298)

I don't think this applies to MM2H.

Here is the current list of minimum prices from the MM2H portal:-

JC3 Nov 27th 2015 8:21 am

Re: Thresholds for buying property as a foreigner
 

Originally Posted by columbine (Post 11803298)

Hi Columbine,
Regarding the 3% - do you mean Stamp Duty?

JC3

columbine Nov 27th 2015 8:50 am

Re: Thresholds for buying property as a foreigner
 
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

columbine Nov 27th 2015 9:06 am

Re: Thresholds for buying property as a foreigner
 
How To Calculate The Stamp Duty Of Your Purchase Property? | Property Malaysia

JC3, I found another article that explains more re Stamp Duties and the Big Levy/ Stamp Duty

JC3 Nov 28th 2015 1:05 am

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

Thanks for the clarification Columbine. I wasn't aware of this new(ish) levy.

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

bakedbean Jan 18th 2016 8:54 am

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 don't think it happened, did it?

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.

InVinoVeritas Jan 18th 2016 9:09 am

Re: Thresholds for buying property as a foreigner
 
I may be wrong but I thought RPGT was 5% for the 6th and subsequent years.

bakedbean Jan 18th 2016 9:15 am

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.

InVinoVeritas Jan 18th 2016 9:16 am

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.

In a similar vein there is an exemption from RPGT for the first sale of a residential property in a lifetime. Is that for Malaysians only?


All times are GMT. The time now is 1:45 pm.

Powered by vBulletin: ©2000 - 2021, Jelsoft Enterprises Ltd.
Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.