MM2H Visa Holders Can Purchase an Unlimited Number of Properties!
One of the main objectives of the Malaysian Government introducing the Malaysia My Second Home program (10-years multiple-entry visa) for foreigners to enjoy their long stay in Malaysia. Currently, MM2H visa application avail with very affordable, low entry requirements which has successfully attracted more than 100 nationalities worldwide to-date, and as many as 23,000 families have joined the program. [Check out MM2H Criteria to Apply]
Many were still confused, on the number of properties eligible to own under this program, thinking that only a maximum of 2 residential properties can be purchased by MM2H participants. With effect of 1st May 2014, all foreigners including MM2H participants, the minimum purchase price for property purchase will be RM 1 million per property. Find out more, click here!
There is no more restrictions for foreigners concerning the number of properties purchased. All foreigners, including MM2H visa holders are allowed to purchase unlimited number of commercial property as well as land (with the exception of some land belonging to indigenous Malaysians) within a minimum of RM 1 million price. However, if your purchase is more than RM 10 million for a single property, the application need required to submit to the Malaysia’s Economy Planning Unit for approval, which will likely be approved as long as the purchase is from “clean money” source.
Property purchased by any foreigners, including MM2H visa holders, obviously provides a huge boost to Malaysia’s economy. Many MM2H participants have invested particularly in the areas of KLCC, Ampang and Mont Kiara.
Today, many wealthy people around the world are eyeing Malaysia! The most expensive single property, purchased by one of the richest men reported by Forbes, is a RM 38 million property in Binjai Park, directly facing KLCC. There is another full penthouse unit of nearly 20,000 sq. ft.,which is now selling at RM 50 million (USD 17 million)! This signature landmark is within the KLCC master plan which provides more than 20 million sq. ft. of commercial, retail, hotel, residential, convention and entertainment facilities. Foreign buyers are buying this kind of property as part of their trophy collections to be used as one of their many holiday homes in various global cities. The upscale project has so far attracted buyers from Hong Kong, the UK, Singapore, China, New Zealand, Taiwan, Dubai and Japan.
Find out more in our section in Malaysia property investment by foreigners with latest changes on your eligibility and how you can enjoy financing for your investment in Malaysia properties.
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