There are a lot of great news for many who are interested in property in Malaysia. Especially for Penang apartment rentals, condominiums, and other forms of housing in that area and other areas in Malaysia, there are great benefits aboard.
Property in Malaysia is really in demand, and even though they have laws that are more landlord favorable, they still extend a lot more favor towards the tenants. So rather locals or foreigners looking to buy, sell, rent, or invest in property in this wonderful country, the benefits are abounding from tax breaks to getting more for your money.
There are great tax breaks available for the “Malaysia My Second Home”(MM2H) program. In this program, MM2H participants have visas, and can purchase property that is at least RM500,000 in Penang, but it’s limited to only two units. However, in other areas within Malaysia, foreigners don’t have limitations in purchasing limits, and the minimum amount for this program in those areas must be at least RM2 million for some, and RM1 million for others.
Another thing about some tax benefits include something that may not seem so beneficial at first, but it will be beneficial in the long run. Starting in the fall of 2012, there have been proposals to increase property gains taxes for the first few years. Starting in January 2013, the tax rate from the third to the fifth year has changed from 5 to 10%; however, no tax will be imposed after ownership of six years or more. Another thing that you should be aware of is that 15% will be charged to you if you sell the property within the first two years of purchasing it.
Besides these not so perfect occurrences, owning property in Malaysia is one of the most popular destinations in the world. Additionally, these changes are minor compared to the whole process and benefits of their properties.
Malaysia is thriving, and with that in mind, you can take full advantage of what they have to offer within the real estate market. This can be done by performing thorough research with well reputable companies who can assist you in getting the best. Also, keeping abreast of the new and updated regulations will help you go a long way within the market.