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Penang
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If you are foreigner and want to invest in a
property in
Penang Malaysia, here are some tips how
to do.
Financing a
property.
Foreigners are
allowed to borrow up to
70%. Banks usually
are willing to finance 50% of the property
price.
Time restriction
on selling the property. You are not
allowed to
sell a property less than 3 years
from the date of your purchase.
Number of
property units a foreigner can own in
Malaysia
A foreigner is
allowed to own not more than 2 properties.
If a third
property
is in focus, the Foreign Investment
Committee has to be
asked and its not
sure
it will be allowed.
Remitting
money into Malaysia
Almost
everyone can open a bank account to remit
funds.
Taxation of
your property
Selling the
property within 5 years after the date of
your acquisition,
taxation
is 30% of the
gains only. If its sold after the 6th year
of your
purchase,
taxation will be on 5%of
your gains.
Minimum purchase price allowed to
purchase
Foreigner can
purchase a property costing more than
Ringgit 150,000.
In
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Penang Property Chateau Villa
Georgetown Penang Property what they
are waiting for
Penang Property Condominium North
Coast
Penang Property Georgetown Komtar
Waterfront
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some states like Johor,
Melaka and Penang, the purchase price of
the
property must be more than Ringgit 250,000.
Types of
properties you are allowed to purchase
Apartments,
condominiums, service apartments and landed
properties such as terrace, semi-detached
and bungalows.
Fees involved in purchasing a property
Legal fees
and handling for the preparation of the sale
and purchase agreement which is a percentage
of the value of the property.
On financing
from a bank, the usual legal fees and
disbursements for the preparation of the
papers are applied.
If you are seriously planning to invest in
properties in Malaysia, check out this
unique e-book by Malaysian property expert
Juanita Chin on "How to Own Properties in
Malaysia without Being Ripped Off" at
http://www.MalaysiaPropertyGuide.com
The Penang
residential property market means the bulls
are running upwards.
Everywhere the eye catches new high rise
condominiums, but many are not appropriate
for the location and simply looking ugly.
The current grow
is partly due to the
Malaysian government's efforts to promote
the development of low and medium cost
housing under the 9th Malaysia plan (Thrust
4, Chapter 21). That means the outlook is
good and many developer are having bright
eyes and counting money.
Buyers from outside Malaysia
are getting on the property buying bandwagon
under such programs as 'Malaysia: My Second
Home'; a scheme that allows foreigners to
purchase higher-end properties in Malaysia
without having to receive prior approval
from the Foreign Investment Committee.
Plus
there are some indication that expatriates
in Malaysia are moving from rental
properties to purchasing properties.
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Penang
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Penang,
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Property,
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