Thresholds for buying property as a foreigner
#31
BE Enthusiast
Joined: Oct 2015
Posts: 464
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?
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?
#32
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.
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.
#35
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
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.
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
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.
#36
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.
PG has a 3% levy on top of the State Permission of rm10k.
#37
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.
PG has a 3% levy on top of the State Permission of rm10k.
Here is the current list of minimum prices from the MM2H portal:-
#38
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.
PG has a 3% levy on top of the State Permission of rm10k.
Regarding the 3% - do you mean Stamp Duty?
JC3
#39
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
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
Last edited by columbine; Nov 27th 2015 at 8:59 am.
#40
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, I found another article that explains more re Stamp Duties and the Big Levy/ Stamp Duty
Last edited by columbine; Nov 27th 2015 at 9:42 am.
#41
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
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
#42
Re: Thresholds for buying property as a foreigner
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.
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.
#45