Over the past decades, more and more foreigners and expatriates have called Malaysia their home. Many of them could not get enough of Malaysia’s tasty food, marvellous city light and amazing beach views and decide to stay here longer. On top of that, the Malaysian property market remains attractive toforeigners buying property in Malaysiaas a home, for retirement purposes or as a foreign investor.
Depending on where your home country is, you might find that the system is either a total breeze or downright a paperwork-filled slog as aforeigner buying property in Malaysia. Nevertheless, Malaysia’s property is well-regulated, so you need to understand certain policies and legal requirements imposed by the government on aproperty for sale in Malaysia for foreigners.
Malaysia is a warm and welcoming country to foreigners and expats. The government has launched a program forforeigners buying property in Malaysiato encourage them to choose Malaysia as their home. However, it does not mean that you can skip the whole paperwork and legal process. If you are looking for aproperty for sale in Malaysia for foreigners, this article serves as guidelines for foreigner property purchasing.
Can Foreigners Like Singaporeans Buy Property in Malaysia?
The answer is definitely, yes! Albeit the rules and regulations, foreigners are allowed to purchase properties in Malaysia. This country always welcomesforeigners buying property in Malaysiaas a great new home or a fantastic investment opportunity.
However, foreign individuals or companies should abide by specific requirements and restrictions enforced under the National Land Code 1965 (NLC 1965) before proceeding with purchasing anyproperty for sale in Malaysia for foreigners. Alongside the NLC 1965, the purchase of properties by foreign individuals is covered by the Guidelines on the Acquisition of Properties issued by the Economic Planning Unit (EPU).
The legislation for foreign company is slightly complex. Based on the definition of a foreigner in primary legislation of NLC 1965, a foreigner can be summed as an individual who is not a Malaysian citizen. Thus, as aforeigner buying property in Malaysia, you are more than welcome to do so.
What Types of Property in Malaysia Can Foreigners & Singaporeans Buy?
Foreign ownership of property in Malaysia is liberal – foreigners can even own 100% of the property – as long as the requirements are met. According to the law,foreigners buying property in Malaysiais allowed forany type of propertyexcept for:
Properties valued less than RM1 million
Low and medium cost residential units as defined by state authority
Properties standing on Malay Reserve land
Properties allocated to Bumiputera group in any property development project as determined by state authority
Despite the restrictions, there is a wide range ofproperties for sale in Malaysia for foreignersyou can purchase, from outstanding condominiums to luxury townhouses. Foreigners can easily own high-rise or landed residential properties, commercial property and industrial property. Besides, you can also purchase agricultural land and industrial land, provided they are not part of Malay Reserve land.
What is the Minimum Purchase Price for Foreigners Buying Property in Malaysia?
This is the first and most crucial requirement to comply with forforeigners buying property in Malaysiabefore making any decision. A minimum purchase price means that a foreigner can buy a property in Malaysia if the purchase price is above a certain threshold. Generally speaking, a minimum value of RM1 million is applied to all types ofproperty for sale in Malaysia for foreignersin every state. However, state authorities remain in power to amend the minimum value.
The Malaysian government and the respective state government have made this seemingly high-end purchase price a significant requirement forforeigners buying property in Malaysia. This threshold is set high to ensure that the general property market is not owned or driven up in price by foreign buyers. Therefore, permission to purchaseproperty for sale in Malaysia for foreignersmust be grantedby the relevant state authorities.
Below is a summary of the property purchase price thresholds applicable to foreigners buying property in Malaysia’s most popular cities – Kuala Lumpur, Selangor and Johor.
Kuala Lumpur
The minimum threshold for foreigners to purchase a property in Kuala Lumpur is RM1 million, which is the general requirement.
Selangor
In Selangor, the minimum threshold for foreigners to acquire a property is RM1 million as well. However, foreigners must note that the minimum threshold to purchase different property units differs according to the Selangor zone.
Johor
The minimum threshold of acquisition of property for foreigners in Johor is also RM1 million.
Visual By Unsplash
Can Foreigners & Singaporeans Buy Property in Malaysia at a Lower Price?
Malaysia offers aspecial programforforeigners buying property in Malaysiavia Malaysia My Second Home (MM2H) visa. It is a program tailored to foreigners and expats who wish to stay in this country for a longer period. It provides a renewable 10-year visa with multiple entries. Many foreigners who used to work in Malaysia apply for this program for their retirement plan in this country.
The eligibility criteria vary between Peninsular Malaysia, Sabah and Sarawak. Still, it requires an applicant to demonstrate a certain level of financial liquidity, either through offshore income or cash in a Malaysian bank. Despite the relatively high requirement to apply, MM2H offers certain benefits to owning property in Malaysia. MM2H visa holders can enjoy theproperty for sale in Malaysia for foreignersat a lower value.
Please note that the Ministry of Tourism temporarily suspends MM2H since August 2020 for revision.
Meridin Medini – Home for All
If you are looking for aproperty for sale in Malaysia for foreigners, Meridin Medini has what it takes to be your home. It is now open for purchase to foreigners and Singaporeans – without the minimum price threshold of RM1 million!
Apart from home, this project is also a promising investment that offers special tax, investment incentives and package. Whether as a home or for investment purposes, Meridin Medini is ultimately a sure-win for all!
Located in the special economic zone within a short drive from Singapore, Meridin Medini offers a promising investment opportunity for Singaporeans. Apart from that, the modern township is a stone’s throw from essential amenities such as Gleneagles Medini Hospital, EduCity and Senai International Airport. The exclusive residence takes smart home living to a higher meaning of comfort and style – perfect as your second home.
Are you interested in being part of Meridin Medini? Contact us at 07-2913206 or visithttps://www.meridin.com.my/.
Related Article: Co-working Space Johor Bahru is Booming, and Here’s Why You Should be Part of it
Reference link
https://www.iproperty.com.my/guides/foreigners-buying-property-malaysia/
https://www.propertyguru.com.my/property-guides/complete-guide-to-foreigners-buying-property-in-malaysia-30975
https://www.realestatemy.com/buying-property-in-malaysia-for-foreigners/
https://loanstreet.com.my/learning-centre/buying-property-in-malaysia-as-a-foreigner
