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House Purchase

  1. Are the participants entitled to any special entitlements?
    All participants are allowed to purchase residential properties at more than RM250, 000.00 each except for certain areas in Sarawak (above RM300,000.00).

  2. Can I purchase a house for residential purpose and a shop lot to be rented out?
    No, you are only allowed to purchase residential properties.

  3. Do I have to pay the yearly assessment and quit rent for my houses like the local?
    Yes.

  4. In the event of unforeseen death is the participant able to hand over his Malaysian assets to any of his beneficiaries smoothly. Does the Government have any restriction on this matter?
    Yes, provided he/she has a Will which indicated clearly to whom the properties are to be given. If not the next of kin of the participant will have to apply to the Government to have his properties released to them as the rightful heirs.

  5. Must foreigners buy new Malaysia property only, such as from developers, or can they purchase any property, such as from individual owners (second hand or third hand property)?
    A Participants can purchase any type of housing properties provided that it has been issued with CF (Certificate of Fitness).

  6. Do I need to obtain prior approval from Foreign Investment Committee (FIC) for the purchase and sale of my house?
    Participants under this programme are not required to obtain prior approval for the purchase and sale of houses from FIC. However, they must write to the Ministry of Tourism giving details of the house (location as well as price) so that a letter can be issued to them certifying that they are eligible to purchase the said property under this programme. In addition, they are required to send a copy of the approval letter obtained from the respective State Authority which has authorized the purchase or sale of the property concerned to FIC for information.

  7. Am I subjected to the property gain tax if I make a profit from selling my house?
    No.

 

 

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