Do the participants have any special entitlements?
All participants are allowed to purchase residential properties at the minimum purchase price for foreigners established by the respective state governments. The current minimum price (January 2010) is RM500,000.00 for most states.
Can I purchase a house for residential purpose and a shop lot to be rented out?
No, you are only allowed to purchase residential properties.
Do I have to pay the yearly assessment and quit rent for my houses like the locals?
Yes.
In the event of unforeseen death is the participant able to hand over his Malaysian assets to any of his beneficiaries smoothly. Does the Government have any restriction on this matter?
No. Participants may transfer their property to their next-of-kin provided they have made a will to this effect. In the event of lack of documentation, the next-of-kin may claim the inheritance upon proof of identity and kinship.
Must foreigners buy new Malaysia property only, such as from developers, or can they purchase any property, such as from individual owners (second hand or third hand property)?
Participants can purchase any type of housing properties provided that they have been issued with CF (Certificate of Fitness).
Do I need to obtain prior approval from Foreign Investment Committee (FIC) for the purchase and sale of my house?
Participants under this programme are not required to obtain prior approval for the purchase and sale of houses from FIC. However, they must write to the Ministry of Tourism giving details of the house (location as well as price) so that a letter can be issued to them certifying that they are eligible to purchase the said property under this programme. In addition, they are required to send a copy of the approval letter obtained from the respective State Authority which has authorized the purchase or sale of the property concerned to FIC for information.
Can I keep pets in my condominium?
The By-laws of the Strata Title Act state that a parcel proprietor is not allowed to keep any animal in his parcel or on the common property which may cause annoyance to any other proprietor.