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Thursday, December 3, 2020

Malaysia Property and Citizenship Guide

Location of Malaysia

Key Facts:

Climate – tropical; annual southwest (April to October) and northeast (October to February) monsoons

Population (2018) – 32,730,000

GDP (Per Capita) (2020) – $11,484

Official language – Malay

Major religions – Islam (61.3%), Buddhism (19.8%), Christianity (9.2%), Hinduism (6.3%), Chinese Folk Religion (1.3%) 

Ethnic Groups – Bumiputeran (68.8%), Chinese (23.2%), Indian (7.0%)

Government – federal parliamentary constitutional monarchy

Currency – Ringgit (RM) (MYR)

Taxes – Individuals are taxed on income derived from Malaysia. Foreign-source income is exempt in Malaysia.

Taxable income comprises all earnings derived from Malaysia, including gains or profits from a business, employment, dividends, interest, rents, royalties, premiums, or other earnings. Employment income includes most employment benefits, whether in cash or in kind.

Income tax is imposed at progressive rates up to 30% for resident individuals. Individuals who do not meet the residence requirements are taxed at a flat rate of 30%.

Capital gains are not taxed in Malaysia, except for gains derived from the disposal of real property or on the sale of shares in a real property company. The rate is 30% for such disposals of property made within three years after the date of acquisition. The rates are 20% and 15% for disposals in the fourth and fifth years after acquisition, respectively, and a 5% rate applies for disposals after five years. For disposals by an individual who is not a citizen and not a permanent resident, the rates are 30% and 10% for disposals within and after five years after acquisition, respectively. A citizen or a permanent resident may elect for an exemption for capital gains on the disposal of one residential property during a lifetime.

Residency by Investment:

To obtain permanent residency, expats will usually need to live continuously for a minimum of 5 years in the country under a legal form of documentation (work visa, renewed long-stay visa, etc.).

Citizenship by Investment:

To be Updated.

Why it makes sense?

To be Updated.

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