Re: Living in JB 3 (Johore)
Just found out that can buy agricultural land but must be valued at RM500k or at least 5 acres for agricultural activities or agro-tourism or agro-based industrial activities.
Yes, but not a lot have managed to get it as there are many conditions attached. Still one can try though.
. Foreign Investment Committee
The FIC is a committee within the Economic Planning Unit of the Prime Minister’s Department, which amongst others, reviews and regulates the acquisitions by foreign interests of assets and interests in Malaysian companies and businesses.
2.1 FIC Guidelines
2.1.1 All property acquisition by foreign interest that do not require the approval of the Economic Planning Unit, Prime Minister’s Department but falls under the purview of the relevant Ministries and/or Government Departments as follows:
(a) acquisition of commercial unit valued at RM500,000 and above;
(
b) acquisition of agricultural land valued at RM500,000 and above or at least five (5) acres in area for the following purposes:
(i) to undertake agricultural activities on a commercial scale using modern or high technology; or
(ii) to undertake agro-tourism projects; or
(iii) to undertake agricultural or agro-based industrial activities for the production of goods for export. (c) acquisition of industrial land valued at RM500,000 and above; and
(d) transfer of property to a foreigner based on family ties is only allowed among immediate family members.
2.1.2 Acquisition of residential unit by foreign interest valued at RM500,000 and above. This acquisition, however, do not require the approval of the Economic Planning Unit, Prime Minister’s Department but falls under the purview of the State Authorities.