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Life Maid Easy In Malaysia
May 14, 2009Article by Ray Withers
Malaysian property investors who want to move to the country can qualify for special incentives from the government. The Malaysia My Second Home Scheme (MMSH) has run for some time, but has had several important updates since the New Year.
The over-50s buying property in Malaysia, can work up to 20 hours a week providing they have special skills and can invest in or run businesses. The scheme comes with a 10-year renewable social visit pass – plus visas for spouses and dependent children under 21-years-old.
Other advantages include:
Under MMSH, the investor can buy residential properties priced at a minimum of £47,000 per property, depending on the location:
- From £56,400 per unit for certain areas in the state of Sarawak
- From £47,000 per unit for other states
A car can be imported or a locally assembled car bought exempt from import duty, sales duty and sales tax, providing the car is for personal use. The car cannot be sold for two years.
Pensions remitted to Malaysia can be taken tax-free.
Anyone on the MMSH can apply for government permission to employ a maid
So far, more than 12,000 families have joined the MMSH scheme. A typical property at the bottom of the price band is Axis Pandan is two major developments – the midmarket Axis Residence Deluxe Kuala Lumpur, a 33-storey serviced apartment block including pools, gym and a sky lounge and the top-of-the –market Axis Crown Premier, Kuala Lumpur offering luxury living in a prime location with fantastic views over the city centre and the Royal Selangor golf club. The street levels of the blocks house the region’s largest shopping mall.
All apartments are delivered in a ‘ready-to-let’ offering gross yields of more than 8% and with 60% loan-to-value mortgages. Investments are available for just £19,000 cash plus purchase costs. Prices start at £50,000 for a two-bedroom apartment.