On a trip to Kuala Lumpur last week, I was discussing the acquisition of an oil palm plantation with clients when the issue of disbursements such as estate land board application & registration fees, stamp duty on the instrument of transfer cropped up. Although my team & I are aware, as announced in the 2017 Budget, the stamp duty on the instrument of transfer for amounts over RM1,000,000/- is set to increase from 3% to 4% WEF 1st January 2018, it was only then that the magnitude of the proposed amendment to the Stamp Act dawned on us, which is the reason for sharing this write up.
Because, even if you’re not planning on purchasing a large plantation, it might be something worth looking into. For instance, if you were to purchase a property worth RM2,000,000 after 1st of January, 2018 as opposed to today, the increased cost to you could potentially be RM10,000/-. So, rather than wait till December 2017 when it is anticipated “panic” signings will occur and when most people tend to be on leave, why not think of entering into your purchases now? Something to mull over!
I caught up recently with my sister, Tiffany, who coincidentally also just visited and reviewed a place I’ve been meaning to check out (great minds!). It’s called the Habitat Penang Hill, and it’s a nature trail & canopy walk run by two close friends of our family, Freddie and Allen. The Habitat trail takes you past 3 of Penang Hill’s oldest historic bungalows and rainforest. Read more about the Habitat at Penang Local, my sister’s website on everything Penang.
Here’s my latest video to start your week off. Enjoy!
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What an exciting couple of weeks it has been! I got a few challenging wills signed off and advised on some complex structures for Malaysian families with UK ties.
Penang’s amazing restaurants: Over the past months I’ve put in the effort & had the privilege of dining in some amazing places because I believe when you work hard, you reward yourself with a good meal.
MM2H wills and estate planning issues for expats: Penang has a substantial expat population, a lot of whom are British and are here through the Malaysia My Second Home (“MM2H”) programme. In light of the UK tax changes effective from 6 April 2017, I thought it would be helpful to update the local British expat community as well as Malaysians who are invested in the UK on how the changes may affect them. So I organised a group of talks with a UK tax accountant, Jon Golding.
There are so many exciting things to do in Penang. In fact, if you Google ‘things to do in Penang’, you’ll be hit with a whole load of suggested sights to see, restaurants to try and hidden gems to explore! (more…)
In my years sharing advice on the Malaysia My Second Home (MM2H) programme, I have encountered the same questions many times. I have compiled these FAQs into a list to help individuals like you who might be considering MM2H.