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Foreigners are allowed
to purchase property in
Malaysia.
The documentation process
for buying properties
in Malaysia is generally
straight forward except
that in the case of a
foreigner intending to
buy a property in Malaysia
whether completed or uncompleted,
additional documents are
required due to certain
conditions imposed by
the relevant governmental
authorities
on such purchase.
These conditions imposed
on the foreigners are
in essence the obtaining
of approval from the Economic
Planning Unit (EPU) within
the Prime Minister’s
Department and the State
Authority’s consent
under the Malaysian National
Land Code 1965 in connection
with the purchase of the
property.
However, after 20th December
2006, EPU has waived the
requirement to apply for
such approval provided
the purchase consideration
for the residential property
exceeds RM250,000 regardless
of the number of properties
purchased and the use
for which the property
is purchased.
The other condition imposed
on foreign purchase is
the need to apply for
the consent of State Authority
for the transfer of the
property in the name of
the foreigner. The approval
process would usually
take 3 months before the
consent can be obtained.
Other than the stipulations
described above, the conveyancing
procedure in the purchase
of property between the
locals and foreigners
are substantially similar.
Source by
T.J Chin & Co |
