I have relatives from overseas wanting to buy residential land from me but the residential land is only worth 30,000.00 each. However, the new guidelines said that Foreginers cannot buy any land that is less than RM250,000.00 per unit. So is it possible that FIC can still approve the sale
Reply
Under the current EPU,JPM's Guideline on acquisition of properties, foreigners can only buy residential properties valued at RM250,000 and above (this minimum threshold will be revised/increased to RM500,000 by early next year (2010).
With regards to your intention of giving each of your relatives (being the shareholders of your development company) a plot of residential land valued at RM30,000, this is against the Guideline. However, as you explained, the 'repayment scheme' was to compliment your shareholders/relatives earlier commitment in your development company, I would advice you to discuss the matter with the relevant authority in Ipoh since Perak Corporation is one of the shareholder in your development company.
As I had mentioned to you, I had already replied to your inquiries yesterday but it failed to reach you.
Thank you.
Dear Mr. Toong,
Under the current Guideline on acquisition of properties, foreigners may acquire residential properties, in Malaysia, valued at more than RM250,000 per unit (vacant land OR vacant land with building). This minimum threshold for residential land/properties however will be increased to more than RM500,000 next year (2010).
Acquisition of residential unit is no longer under the purview of EPU,JPM, thus does not require the approval of EPU,JPM.
If your relatives are still keen on buying those residential lands, you may ask them to build and construct residential units on the said lands, which is to be valued (vacant land with building erected on the land) and certified by the contractor/architect, of more than RM250,000 per unit.
To check the validity of fact with website of call EPU
