Restrictions
A foreigner can purchase all residential and commercial properties EXCEPT the following, which are restricted:
- (a) Properties valued at less than RM500,000 per unit;
- (b) Residential units under the category of low and low-medium cost as determined by the state authority;
- (c) Properties built on Malay reserved land; and
- (d) Properties allocated to Bumiputera interest in any property development project as determined by the state authority.
- A Bumiputera is defined as follows:
- (i) Peninsular Malaysia - Malay individual or aborigine as defined in Article 160(2) of the federal constitution;
- (ii) Sarawak - Individual as defined in Article 161A (6)(a) of the federal constitution;
- (iii) Sabah - Individual as defined in Article 161A (6)(b) of the federal constitution.
The above is based on the Foreign Investment Property Guideline 2010 on the Acquisition of Property in Malaysia by foreigners.
This preview is an excerpt from the following publication. this publication for access to all the commentary and precedents.
Purchase of Real Property - Step by Step Guide & Precedents
by By Lawyers For Lawyers author - Jayadeep Hari & Jamil
Overview
This Purchase Step-by-Step Legal Practice Guide and Precedents contains extensive precedents and guidance to enable a lawyer to complete a purchase of property matter including guidance on:
- Sale and purchase agreement with title
- Sale and purchase agreement without title
- Purchase by foreigner
- Caveats
- Real Property Gains Tax
- Strata Titles Act 1985
A wide range of precedent forms and letters used through the course of the transaction are also included. As with all Step-by-Step Guides this guide takes you sequentially through a Purchase matter from getting the matter underway and taking instructions, right through to finalisation.