Lower property purchase threshold for foreigners in 2020
In the recent tabling of the Budget 2020, the Malaysian government has lowered the threshold for foreigners to buy high rise condominiums and apartments in city areas from RM1mil to RM600,000.
The Finance Minister, Lim Guan Eng explained that the proposal was made to reduce the supply overhang in condominiums and apartments amounting to RM8.3bil as of the second quarter of 2019.
He clarified that the move is only applicable to existing unsold units and not for any new or upcoming developments.
This will be effective January 1st 2020 and will run till 31st December 2020.
Earlier today the Prime Minister clarified that the decision does not mean that foreigners who bought the property would be given Malaysian citizenship.
Foreigners can retire or reside in Malaysia under the Malaysia My Second Home programme! Find out more about the MM2H programme by registering your details with us here and we will send you an info pack!.