Choosing an ideal property in a foreign country be it residential or commercial requires time or patience and local knowledge. If you don’t have either, there is a high chance you end up with a property that is not to your liking. Penang, a small state in Malaysia is one of the places where foreigners are buying, as an investment or as a place to stay. There are many interesting points to note for would-be-foreign-investors or people who are looking for a place to retire or stay.
- Malaysia is the only country that allows foreigners to buy properties, be it landed or condominiums and own them outright. Properties purchased can be freehold or leasehold depending on the type of development. There are no complicated processes, proxies when it comes to owning properties. The title bears your name(s). The legal process of buying/selling is executed by a solicitor of your choice. In the event of death, the property can be transferred to anyone stated in your will without much hassle or costs.
- One can buy any type of residential or commercial properties although agricultural land may have some restrictions. Foreigners are allowed to buy heritage houses but they must abide by the local council rules on renovations, restoration and refurbishment.
- Real Estate property in Penang gain tax for foreigners is 30% if the property is sold within the first five years and 5% thereafter (as of November 2015).
- This is no limit to the number of property that a foreigner is allowed to buy but there is a minimum purchase price. It is listed below:
**In Penang, MM2H holders have lower minimum purchase price for
Tourism in Penang
Over the last few years, Penang has attracted a lot of foreigners. Most of them are tourists and many of them are repeated visitors. From the tourism point of view, Penang is a great place to visit. Georgetown is a UNESCO World Heritage site with many colonial and old buildings. Crafts of the olden days are still practised and there just too many things to do and see in Penang. You may need a few weeks to appreciate fully what Penang has to offer.
Staying in Penang
Penang has the following characteristics:
- Low cost of living
- High quality of life
- Excellent infrastructure
- Medical tourism is thriving here with great healthcare services
- Good roads and highways that are build for high speeds
- Airports and rail networks are rather extensive
- Good telecommunication networks
- Language is not a problem. English and Mandarin is widely spoken and understood. Media like newspaper, television, road signs (majority) are in English or have English words.
- Excellent food and great weather (hot and humid year round, around 25-34°C daily)
- No big natural disasters like earthquakes, typhoons, tornadoes or volcanoes.
- Consistently ranked top five by magazines and retirement sites for being one of the best places to retire to.
Loads of residential facilities and rich cultural influence have turned Penang is the best place to retire In Malaysia since 2011.
Malaysia My Second Home:
Malaysia My Second Home Program is a long-term multiply-entry Social Visit Pass. It is a 10-year visa which can be renewed every ten years. The esteemed participants would be allowed to stay for as long as they like to do so, since there is no requirement to stay for a limited time span in Malaysia. Spouse and children under the age of 21 are allowed to join the applicant under this visa. It is considered as one of the longest duration social visit visa in the world (other countries offer only limited period like 1-5 years). An array of benefits can be attributed to MM2H Visa project and they are précised below:
- Income remitted from outside Malaysia is not taxed.
- Buy a car or import your exiting vehicle tax-free.
- Purchase medical insurance from private insurance companies in Malaysia.
- Bring in pets (normal pets like cats and dogs) without much hassle or issues.
- Bring along your present domestic helper
- Participants older than the age of 50 would be allowed to do part time jobs here.