Acquisition of Properties by Foreign Interests under Foreign Investment Committee (FIC)'s Guideline.
- Acquisition of Residential Units Under Malaysia My Second Home Programme
- Purchase of residential unit is exempted from FIC's approval under the Malaysia My Second Home Programme.
- All categories of residential units are allowed except for low-cost and medium low-cost units as determined by the state authorities, all properties built on Malay reserve land, units that are reserved for Bumiputera quota and agricultural land developed on the basis of the homestead concept
- State authority has the discretion to consider the acquisition based on location, no. of unit in any single project development and type of the properties.
- Any proposed acquisition under Malaysia My Second Home Programme must be directly applied to (Ministry of Tourism).
- The detailed particulars of the acquisition should be notified to FIC by the Ministry.
- Acquisition of Properties
- Acquisitions of properties other than residential units are subjected to FIC's approval
- Any proposed purchase should be more than RM250,000 except state of Sarawak where the purchase should be more than RM350,000.
- Transfer of Properties by Foreign Interests
- Transfer of properties by foreign interests are only allowed to their immediate family members only.
Family members under FIC's guidelines are through marriage (husband and wife), blood ties (grandfather, grandmother, siblings, step-children and legally adopted children) - Transfer of properties through Will or Court Order is exempted from FIC's approval
- Transfer of properties by foreign interests are only allowed to their immediate family members only.
- Acquisition Procedure Of Residential Unit Under Malaysia My Second Home Programme
- Identify the property in which the participant intends to acquire
- Buy properties that have been issued the Certificate of Fitness (CF)
- Seek information on the property from relevant authorities (land office, local authorities)
- Assign a lawyer and get the S & P Agreement signed
- Get a letter from Ministry of Tourism certifying that the acquirer is a participant of Malaysia My Second Home Programme
- Commercial Buildings
- Foreigners are not allowed to purchase commercial buildings as follows:
- Double / single storey shop houses
- Low cost shop houses
- Stalls
- Workshops
- Commercial buildings on Malay reserve land
- Foreigners are allowed to purchase commercial buildings as follows:
- Shop houses of 3 storeys or above worth at least RM500,000 as exercised by respective State authorities.
- Lots of commercial complexes or offices, where total units purchased are limited to 20% of the total units available and the acquisition is made through a company established in Malaysia with at least 49% Malaysian equity (inclusive of at least 30% bumiputera equity) for this purpose.
- Disposal of Properties
- Identify interested local buyer. If foreign buyer, please seek prior approval from FIC
- Sign the S & P agreement with the interested buyer
- Notify relevant authorities (FIC, Ministry of Tourism, Inland Revenue Board) of the disposal of the property
- Pay property gain tax to Inland Revenue Board, if applicable
Further Enquiries: -
| Ministry of Tourism Malaysia | Foreign Investment Committee (FIC) |
| Level 23, Menara Dato' Onn, Putra World Trade Centre, 50695 Kuala Lumpur, Malaysia. Tel No: +(603) 2693-7111 / 2696-3360/1/2/3/4 / 2696-3351/3 (8.00 a.m to 5.00 p.m) Fax No: +(603) 2693-3533 E-mail Address: mm2h@motour.gov.my Website: http://mm2h.motour.gov.my/ | Economic Planning Unit, Prime Minister's Department, Block B5 & Block B6, Federal Government Administrative Centre, 62502 Putrajaya. Tel No: +(603) 8888-3333 Fax No: +(603) 8888-3755 Email address: info@epu.gov.my Website: http://www.epu.gov.my |
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