Foreign Investment Committee (FIC) Guideline
Acquisition of Properties by Foreign Interest under Foreign Investment Committee (FIC)’s Guideline
Acquisition of Residential Units Under Malaysia My Second Home programme
- Purchase of residential unit is exempted from FIC’s approval under the Malaysia My Second Home Programme
- All categories of residential units are allowed except for low-cost and medium low-cost units as determined by the state authorities, all properties built on Malay reserve land, units that are reserved for Bumiputera quota and agricultural land developed on the basis of the homestead concept
- State authority has the discretion to consider the acquisition based on location, no. of unit in any single project development and type of the properties.
- Any proposed acquisition under Malaysia My Second Home Programme must be directly applied to (MinistryofTourism).
- The detailed particulars of the acquisition should be notified to FIC by the Ministry
Acquisition of Properties
- Acquisitions of properties other than residential units are subjected to FIC’s approval
- Any proposed purchase should be more than RM 250,000 except state of Sarawak where the purchase should be more than RM 350,00 0.00.
Transfer of Properties by Foreign Interests
- Transfer of properties by foreign interests are only allowed to their immediate family members only
- Family members under FIC’s guidelines are through marriage (husband and wife), blood ties (grandfather, grandmother, siblings, step ‐ children and legally adopted children)
- Transfer of properties through Will or Court Order is exempted from FIC’s approval.
Acquisition Procedure of Residential Unit Under Malaysia My Second Home Programme
- Identify the property in which the participant intends to acquire
- Buy properties that have been issued the certificate of Fitness (CF)
- Seek information on the property from relevant authorities (land office, local authorities)
- Assign a lawyer and get the S & P Agreement signed
- Get a letter from Ministry of Tourism certifying that the acquirer is a participant of Malaysia My Second Home Programme