15 Nov '13, 1am

Johor to impose 2% levy on foreigners

Although this is lower than the rate of four to five percent proposed earlier, it is still more than double the current RM10,000 (S$3,900) fee paid by foreigners to acquire properties within the state. Given that the property price cap for foreigners is at RM1 million (S$389,200) and above, the RM10,000 fee is almost equivalent to a one percent levy. But the RM1 million cap applies only to new applications and not for projects that have already been approved, explained Real Estate and Housing Developers' Association (Rehda) Johor Chairman Koh Moo Hing. Commenting on the state government’s response that it is expecting the levy to grow its coffers and curb skyrocketing home prices, Koh noted that it was local demand causing the increase in prices and that current quotas have already been put in place to limit foreign ownership. As a result, the association warned the state ...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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