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Discontinuation of The Reduction Of Fixed Deposit Placement Based On Property Purchase And MM2H Approval By Government Pension
Kindly be informed that MM2H Centre has discontinued the reduction of Fixed Deposit placement based on property purchase worth RM1 million and above in Malaysia. Also discontinued is the MM2H...
Perak woos property buyers Print E-mail
Sunday, 23 May 2010 01:51
IPOH: Perak will be tapping into the Malaysia My Second Home (MM2H) programme to promote ownership of properties by foreigners in an effort to boost the state's economy.

The measure will also be in line with the state's comprehensive plan to boost the tourism sector as one of Perak's growth engines.

The state government, however, will study the RM500,000 financial threshold imposed as a condition for foreigners to purchase properties in Malaysia.

Menteri Besar Datuk Seri Dr Zambry Abdul Kadir said the move to tap into the MM2H was to turn the state's property sector into a competitive economic component.

In his speech at the launching of the Malaysian Property Expo 2010, which was read by state Local Government Committee chairman Datuk Dr Mah Hang Soon yesterday, he said the focus on MM2H was one of four steps taken by the state government to encourage growth in the property sector.

The others include providing a 45 per cent blanket discount on land premiums and reducing assessment for strata ownership from 16 per cent to 10 per cent.

"With regard to the MM2H programme, the state government will be studying the RM500,000 requirement imposed on foreign ownership because other states, I have learnt, have reduced the requirement to a more competitive rate," said Zambry.

The shift towards the programme was influenced by the lower property sales last year which saw a double-digit drop compared with the year before.

Last year, the property sector recorded 37,043 title transfers valued at RM4.45 billion while 2008 saw 45,123 title transfers valued at RM5.23 billion.

The MM2H is promoted by the government to allow foreigners who fulfil certain criteria to stay in Malaysia for as long as possible on a multiple-entry social visit pass. The social visit pass is initially for a period of 10 years and is renewable.

Foreign spouses of Malaysians and expatriates who wish to retire in Malaysia after expiry of their employment passes are also eligible to apply to stay on this programme.

Applicants are allowed to bring their spouses, unmarried children below the age of 21 and parents above the age of 60 as dependents provided the applicants are financially capable of supporting themselves.

The RM500,000 requirement applies to applicants aged below 50 years while for those above 50, the financial proof requirement is RM350,000.

Another measure to boost the state's economic growth is to identify new townships and growth areasin existing towns and suburban areas.

Zambry said a special committee had been set up for the purpose.


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