Foreign concerns are defined as follows:
1. Foreign citizens.
2. Companies incorporated overseas.
3. Companies incorporated in Malaysia but more than 50% owned by the above two definitions.
The Foreign Investment Committee (FIC) has relaxed its rules to allow foreigners to own all types of property including residential and commercial priced above RM150,000.00 without setting a company with local equity participation. The previous rules only allowed to buy properties which had been fully completed or 50% completion properties.
Under the present FIC ruling, foreigners are allowed to own all types of residential and commercial properties costing more than RM150,000.00 including shop houses, office spaces and industrial lots in either existing or soon-to-be-launched projects.
This further relaxation guidelines on the property acquisition by the foreign buyers is on the move to encourage or attract more investments from abroad and improve the investment environment in Malaysia.
WHO ARE ELIGIBLE TO APPLY?
It is open to all citizens of countries recognized by Malaysia regardless of race, religion, gender or age.
The applicant must prove a minimum fixed deposit of RM150,000.00 with any Malaysian financial institution and have a monthly offshore income equivalent to at least RM7,000.00 if single or RM10,000.00 if with spouse. But if applicant is above 50 years old, he has only to prove either a fixed deposit of the same amount or a monthly income as stated.
OTHER CONDITION
Having a reputable sponsor can be help. However this condition is not required if the financial background and status of the applicant satisfies the Processing Officer.
To have a medical report from any recognized hospital.
A medical health insurance valid in Malaysia.
The successful applicant cannot seek gainful employment in Malaysia unless he possess special expertise and obtains the permission of the Malaysian government.
HOW TO APPLY?
Application can be made direct to:-
* Department of Immigration, Malaysia
Block 1 (North), Level 4, Damansara Uptown Centre
50550 Kuala Lumpur, Malaysia
* Any Malaysian representative offices overseas and also Tourism Malaysia Offices.
Applications can also be made through agents, lawyers and others.
To be enclosed with the application are two (2) passport size photographs of the applicant, spouse and accompanying children together with relevant supporting documents.
APPROVAL
Under normal circumstances, all applications that fulfill the criteria should be processed and approved within 30 days after submission of the application.
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