Arranging your non-resident mortgage in Malaysia

As a former British colony, Malaysia is at once familiar and exotic. The country lies just north of the Equator and has a year round tropical climate with all the sandy beaches and cool mountain retreats that you would expect. The capital, Kula Lumpur is a thriving, cosmopolitan hub containing some exceptional culture. The city has a distinctive blend of East and West with traditional Malay architecture side by side with modern sky scrapers - The Petronas Towers are currently the tallest buildings in the world.

Economic growth in Malaysia has been significant despite the 1997 Asian crisis. When combined with the growth of tourism, the level of external investment and the current costs of property, it is easy to sea why Malaysia provides such a level of opportunity.

Residency visas are not provided with purchase of property in Malaysia, however there is a Malaysian Government plan for foreigners who wish to stay in Malaysia known as the Malaysia, My Second Home programme. This programme essentially permits a purchaser long-term stay in Malaysia for 5 years with a multiple entry visa. A number of other benefits are available to successful applicants.

All foreign nationals need to have their purchase approved by the Foreign Investment Committee (FIC) unless they have already been approved under Malaysia, My Second Home. This application is a simple formality and the solicitors handling your purchase will attend to this process on your behalf. For more information, you may wish to visit: www.epu.jpm.my under the heading FIC, specifically the section on FIC Guidelines - The Acquisition Of Properties By Local And Foreign Interests

Mortgages are available in Malaysia for non residents.

There are no non-status/ self-certification mortgage facilities available, therefore all loans need to be supported by a minimum of, proof of income. If you are employed, you will need to produce, your last six months payslips, P60/employers reference and your last 6 months Personal bank statements. If you are self-employed you will need copies of your Audited Accounts together with you last 12 months business, and 6 months personal bank statements.