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ACQUISITION OF PROPERTY BY FOREIGN INTEREST 

 INTERPRETATION OF FOREIGN INTEREST (SECTION 433B NLC)

An interest group, individual interests or parties acting together which comprises;

(1)     an Individual who is not a citizen of Malaysia and /or

(2)     Individual or Permanent Residents or

(3)     Foreign companies or foreign institution or /and

(4)    Local company or local institution whereby the parties as stated in item (A) and / or (B), hasmore than 50% of the voting rights in the company or local institution concerned.

 CATEGORY OF LAND, TYPE OF BUILDINGS AND MINIMUM PRICE APPROVED BY FOREIGN INTEREST PURCHASE DIRECTLY FROM THE DEVELOPER

 

Category

Terms

Quota

Minimum

Price

Residential Building

 

1.    Two Storey Terrace House and above

2.    Two Storey Cluster House and above 

3.    Two Double Storey House and above

4.    2 Storey Detached (Bungalow) and above.

5.    Empty Lot for Bungalow

6.    Apartment/Service Apartment/Holiday Home

 

20%

20%

30%

30%

30%

50%

 

 

 

RM 1 million and above

 

Business Building/ Comercial

 

1.   3 Storey shop and above

2.  Shop/3 Storey Office and above.

3.   Office space / Retail Space in Shopping Complexes

 

10%

10%

20%

 

 

 

RM 1 million and above

 

 

Enterprise/ Industry

 

Foreign interest is allowed to acquire real estate enterprise category without permission of the State Authority

 

 

No limits

 

RM 1 million and above

 

 

 PURCHASE FROM INDIVIDUAL/COMPANY (NOT DEVELOPER) – SUB-SALES

 

Category

Requirement

Minimum Price

 

Residential

Building

 

 

 

 

 1.    Two Storey Terrace House and above

2.    Two Storey Klauster House and above 

3.    Two Double Storey House and above

4.    2 Storey Detached (Bungalow) and above.

5.    Empty Lot for Bungalow

6.    Apartment/Service Apartment/Holiday Home

 

RM 1 million and above 

 

 

Enterprise Building/ Commercial

 

 1.  3 Storey shop and above.

2.  Shop/3 Storey Office and above

3. Office space / Retail Space in Shopping Complexes.

4. Service Apartment

 

RM 1 million and above 

 Enterprise/ Industry

 

 Foreign interest is allowed to acquire real estate enterprise category without permission of the State Authority.

 RM 1 million and above

 

Agriculture

 

 

 

 

 

 

 

 

 

 Cannot own the property except for lease only.

Foreign interest can apply for permission to lease agricultural land for the purposes of the following;-

1.    Carrying out the Commercial agricultural activities using high technology and modernization or….

2.    Carrying out projects or agro-tourism

3.   Carrying out agricultural or agro-based industries to produce products for export.

4.  The lease period of 10 years and above.

5.  Registered in the name of a local company

 

RM 1 million and above covers more than 15 hectares, whichever is higher.

 

 

 LOVE AND AFFECTION TRANSFER OF PROPERTY

Approval for acquisition of property by foreign interests due to love and affection among close family can be considered regardless of the type of property and valuation but is still subject to the consent and approval of payment of a minimum of £ 20,000 for each title.

Close family members means individuals having marriage (husband/wife) or blood ties (grandparents, parents, siblings and children including step-childrens and adopted childrens certified by the National Registration Department).

ACQUISITION OF PROPERTY THROUGH:

ESTATE ORDER/COURT ORDER

Foreign interest is allowed to acquire all types of real estate inherited after Inheritance Distribution Order or Court Order unless the Malay Reserved Land under the Malay Reservation Enactment 1936. The approval payment of RM 10,000 fee is EXCLUDED.

FOREIGN INTERESTS ARE NOT ALLOWED TO ACQUIRE:

CHECKLIST TO SUBMIT THE APPLICANT’S ADVISE OF APPLICATION / PURCHASER

(1)       Copies of Passport and Identity Card Number

(2)       If applicant is a company;

          -    M&A, Form 49 and Form 24
          -    Company’s Resolution
          -    Confirmation of Company Secretary on the structure of current ownership and shareholdings

(3)       A copy of Sales and Purchase Agreement(S&P)

(4)       A copy of Land Title

(5)       Copies of Land Tax and Property Tax receipts for the current year

(6)       A copy of Estate Distribution Order / certified Court Order and a copy of the death certificate if the application….

INFORMATION OF LANDOWNER/SELLER

(1)       Copies of Passport and Identity Card

(2)       If Seller/Owner of a Company;

        -  Memorandum of Association (M&A), Form 49 dan Form24
        -   Company’s Resolution
        -   Confirmation of Company Secretary on the structure of current ownership and shareholdings

(3)      If the purchase of the developer: Format A - To be completed by the Developer

 

(4)      Approval Letter from stakeholders (Caveator or Chargee)

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