Foreigners travelling to Malaysia have certainly received warm welcomes every time they visit the country. The reason for this is because the majority of the foreigners are either tourists or most often those that are willing to settle with properties. These led the Government in Malaysia to encourage the lovely foreigners to have Malaysia as their second home. It does not matter whether they stay for long-term, retirement or even when their reasons include investing, finding lifetime partners and any more driving reasons. Most of them eventually get apartments or other properties nearby KL Sentral since that is the capital of our country.
Before making decisions of purchasing properties in Malaysia, as a foreigner, one should know the different policies and legal fees imposed by the Malaysian Government. A guide is needed as to what properties are available to foreigners, what is the minimum purchasing value of such property, what are the imposition of state authorities and lastly, knowing more of the property financing available in the country.
Liberal. This is the type of ownership practiced by Malaysia for foreigners. This means that they can own one hundred percent of the properties available in Malaysia. According to Malaysian Law, any foreigner can own any property except for properties whose value is less than that of RM1 million. Foreigners cannot also own low and medium cost units which are residential in nature. So much to that, foreigners are as well prohibited to acquire properties standing in the Malay reserved Land. And lastly, no properties distributed in the Bumiputera interest and whichever property connected to it can be owned by foreigners. It is important to note that such property development sites are previously determined by state authorities.
Based on the above stipulations, it is then safe to say that foreigners can therefore own bungalows, terrace houses, and condominiums. The following are also allowed to get owned by foreigners: flat landed property, land which is agricultural in nature as long as it is not included in the Malay Reserved Land, land that are industrials including industrial properties and lastly, studio units.
In every state, the general minimum value for property prohibition is RM1 million. But, state authorities still have the remaining power to change or adjust the minimum value of states that are possible to get acquired by foreigners.
Foreigners have tailored a program because of their reason to stay in Malaysia for such a long time. Usually, the time spans to 10 years in connection to the common duration of visa. The program is called Malaysia My Second Home. There are several foreigners who have applied to such programs. Majority of them are those that have worked in the country for a long time. And most often, they desire to retire in Malaysia. Hence, the rule is that foreigners should first have savings with a minimum of RM500,000 while 50 years old and up should have at least RM350,000 in similar accounts.
Conclusion
The state authorities in Malaysia are fond of giving foreigners access to properties with lower value. Malaysia is indeed foreigner-friendly backed up with their cheap living costs. Now, there is no space for foreigners to hesitate as Malaysia will catch their concerns and fix it in the best way they can.