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Ownership Limits Eased, CGT Abolished

Foreign ownership rules were relaxed in Dec 21, 2006. Foreigners no longer need to ask permission from the government when buying properties worth MYR250, 000 (approx US$74,000) or above. Further, the limit on the number of properties foreigners can buy has been removed. There are also no more restrictions on the use of property. Before, foreigners could only buy at most two units, and they could not use them investment purposes.

The relaxation of the foreign ownership limits is in line with “Malaysia My Second Home Program.” The program allows people who fulfill certain criteria to stay in the country as long as possible on a social visit pass with a multiple entry visa.

In addition, the government abolished capital gains tax in April 2007 to boost the property sector. Previously, non-resident individuals were charged Real Property Gains Tax (RPGT) at a flat rate of 30% on gains made on the disposal of real property within the first five years, and 5% thereafter.

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