The unique 'Marudu Breeze' property that this Website promotes offers an excellent Beachfront land purchase / lease opportunity on the coast outside Kudat town in Sabah, Borneo, East Malaysia.
(Click on the various tabs above for specific category details.)
This said, whether you're thinking of renting, leasing or buying property in any country, it is always advisable to carry out appropriate preliminary research.
( Rules & Regs are always changing so whilst everything offered on these pages is as we understand it, care should be taken to verify the latest situation.)
For non-Malaysians , one might consider of the Malaysian My Second home Visa (MM2H).
The MM2H Government Immigration based mechanism providing a renewable, 5 year, multiple entry visa.
There have been changes to this visa and the best version currently can be obtained through Sarawak. Sabah is also making overtures in this area in early 2023.
There is no Tax on Worldwide assets raised by the Malaysian Government on residents under this scheme.
For further details : www.mm2h.gov.my/index.php
(Use of an agent - Government approved or otherwise - is not mandatory.)
The process of renting a home is pretty straight forward and once the terms have been settled a legal agreement is drawn up and signed by both parties.
However, as a basic outline to the buying process :
After settling on a Property to purchase, a Sales & Purchase Agreement (SPA or S&P) is drawn up.
These are fairly standard documents but it’s better to have it done through a reputable Lawyer.
A deposit (usually 10%) is paid upon signature of the SPA.
A memorandum of transfer document is signed.
Valuation of the property is sometimes made by a Government representative.
Some of the fees one can expect when purchasing Malaysian property are :
- Legal fees : 1% for the first RM 500,000. 0.8% for the next RM 500,000. 0.7% for next RM 2,000,000. 0.6% for the next RM 2,000,000. 0.5% Thereafter.
- Property Stamp Duty : 4% for Properties over RM 1 Million.
- If you are using an Estate Agent the commission fee can be negotiated but is usually between 2.5 and 3 %. (The Malaysian board of Valuers stipulates a maximum of 3%).
- Capital Gains Tax :
As at 2019, provided the property has been owned for more than 5 years, the Malaysian Property Gains Tax for Individuals (Non Citizens) are 7 % and 3% for Citizens or permanent residents - this is less any permitted expenses.
The Government has recently announced some exemptions on Capital gains & other property purchase / sale incentives to promote economic growth following the Covid19 issue.
- Malaysian Fuel prices :
Prices at the Pump in Sabah are very attractive on an international scale and fluctuate marginally with market movements - as rough indicator current prices March 2023 are:
Petrol RON 95 : RM 2.05 P/Litre, RON 97 : RM 3.35
Diesel : RM 2.15 P/Litre
The Federal Government has acknowledged the merit of accelerating further development of the outer lying Provinces being cognizant of the intrinsic value of their Tourist and Agricultural prospects.
Over the
past few years considerable government investment has been directed at Sabah's
Road, Airport & Tourism infrastructure and there has been a burst of
private development response in the form of Hotel and Recreation construction.
The current Federal Budget makes provision for generous expansion of Sabah infrastructure this year.