From 1st July 2008 FD is only RM60,000 if you own Property over RM1m

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Part II .....

to mitigate any possible IHT that any "Big Brother" may get as a result of spying your retirement house, is to get an asset planning solicitor (in MY) to draw up a Trust Document to "home" the property. A similar method can be practiced in the UK by placing the Estate(s) in a Trusteeship.  Obviously, as a consequence, among other things, you will lose autonomy over the asset; but it's a small price to pay in order to retain the assets for the next generation.

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Just a note on my question about entering the scheme through purchase of a RM1mil+ property. According to Joy-stay, there is no capital gains tax on the sale of properties at all in Malaysia.

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hi,

To recap, Capital Gains Tax was suspended last year. It has not been abolished and is still there on the books ready for re-imposition. But, currently, it's been lifted.

Check-out Capital Gains Tax/Stamp Duty .

regards, Scott

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If I should die before I wake I trust the Taxman my wealth to take.....

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hi,

To recap, Capital Gains Tax was suspended last year. It has not been abolished and is still there on the books ready for re-imposition. But, currently, it's been lifted.

Check-out Capital Gains Tax/Stamp Duty .

regards, Scott

I can confirm this Scott. Last week I sold my house in Kuantan with considerable profit and no RPG tax was withheld.
Danny (now living in Penang, BF)

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hi, DannyB,

Thanks for the confirmation. And congrats on the sale and profit. Nice one.

regards, Scott

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Should you own the property (or in position of finalising purchase) BEFORE of AFTER intial application for MM2H  Approval?   Have seen varying versions of this - so:

Are the Rules:

1          Your Application for Approval would you have to show RM150,000 as Cash amount (with bank statements, copies Passport etc etc) and then once Approval arrives be allowed to withdraw the monies so that the FD is RM60,000 and finalise application with the medical and medical health insurance within six months.

OR

2           Your Application should be accompanied by "proof of purchase" over RM1m and Cash Amount (with bank statements, copies passports, etc,  etc) of RM60,000?

Thanks for any guidance given.

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Hi Jan,

I have found that an email to Lai Shevren or Cindy Lim at Motour usually gets a fast response on queries like this, address is info@mm2h.gov.my

or shevren@motour.gov.my

HTH

Bob

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I have found that an email to Lai Shevren or Cindy Lim at Motour usually gets a fast response on queries like this, address is info@mm2h.gov.my

or shevren@motour.gov.my

Thanks, Bob....Wilko