Property Purchase in Penang
For MM2H visa requirements, property purchase or rental is not mandatory. While applying for the visa, you are not required to submit copies of the purchase agreement or any rental contract. We have many clients who primarily apply for the visa though they are planning to retire after some years. Once the visa is stamped by the authority on the passport, they are allowed to purchase a property as well as a tax-free car. You can use this property as a holiday home or a rented shelter.
Some of our clients prefer property purchase or rental only when they are about to start their retired life. Basically, there are no such restrictions or rules to be followed after having the visa. But it’s true indeed that MM2H visa offers you an extra benefit of purchasing a property at a minimum price.
For the non-MM2H foreigners with a tourist visa or employment visa, it’s mandatory to purchase condominiums or gated community properties worth more than RM1m each and houses/bungalows/villas worth more than RM2m each.
As an MM2H visa holder, you can purchase two properties worth at least RM500,000 each. For the first two properties can include the condominiums, houses, gated community or bungalows as per your choice. From the third property purchase onward, the above-mentioned rules for tourist visa will be applied.
Land is a state sovereignty and this rule is applied only to Penang. If you are curious about the rules and regulation of other areas, check the same with the respective real estate agents or solicitors. The facility of mortgage is available for the qualified buyers. This visa is required by some banks as a perquisite and they have their own conditions for mortgage and loan margins. It’s better to contact the bank directly for mortgage matters.
Most of our clients like rental properties whereas others prefer purchasing properties. You can purchase properties as per your choice without any restriction. Extra documentation, justification and approval will be required only if you want to purchase an agricultural land.
Many foreigners are there who love to buy historical heritage houses in Georgetown, be it condominiums, terraced house or wonderful picturesque villas. Unlike other Asian countries, in Malaysia you can own the property outright without any complicated purchase procedure. Like a local, you have the same rights to the properties and the entire property will be titled under your name.
Malaysia strictly follows the British legal system. Get a solicitor to represent your interest to do everything legally with a will. Be it your liquid assets, any type of property or belongings, you can will them to whoever you wish. No inheritance tax is applied in Malaysia.
From our end, we offer only MM2H visa and its additional services including monitoring of your property renovation and home management. Selling out cars, properties, any kind of insurance or tours are not done by us. We have pretty good contacts for reliable property agents. So, let us know when you need and allow us the privilege to find the right professional for you.
Being an exotic island in Malaysia, the northern part of the island is more preferable to the foreigners as it consists of numerous shopping destinations, market place, clubs, events and heritage spots. Batu Ferringhi market, Georgetown, Tanjung Bungah, Gurney Drive are only few names to mention. Many foreigners love to stay at the Southern part of this island since the northern part of the island remains too crowded especially during weekends and long public holidays. Moreover, this part is comparatively nearer to the Penang bridge, Penang international airport and Queensbay Mall.
If you are a nature lover and want to live in large houses at an affordable rate, choose Balik Pulau located in the center of the island. Wherever you may stay in Penang, a drive to the nearest shopping spots or private medical centers will take less than 45 minutes, during off-peak hours. A medical center, be it a private or government hospital, is only a 15minute drive.