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Malaysia Facts & Figures- FAQs
Malaysia is known for its large production of rubber and palm oil. It exports a great deal of petroleum and natural gas and ranks as one of the biggest sources of commercial hardwoods in the world.
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Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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| Information Type | Malaysia Data |
|---|---|
| Population | 34,671,895 (November 2024 est.) |
| Gross Domestic Product PPP (GDP) | $439.75 billion (2024 est.) |
| GDP Per Capita | US$12,253 (2024 est.) |
| Inflation Rate | 1.8% (2024 est.) |
| Currency | Ringgit (MYR) |
| Exchange Rate Versus U.S. Dollar | 4.38 ringgits per U.S. dollar (Nov. 8, 2024) |
| Languages | Bahasa Malaysia (official), English, Chinese, Tamil, Telugu, Malayalam, Panjabi, Thai |
| Capital | Kuala Lumpur |
| Population of Capital City | 8.81 million (metropolitan area) |
| Time Zone | GMT plus 8 |
| Seasons | Equatorial tropical: very warm, wet season year-round |
| International Dialing Code | 60 |
| Electricity | 220 to 240V / 50 Hz: Plug Type: A C G M |
| System of Government | Constitutional Monarchy |
| Current Leader | Prime Minister Anwar Ibrahim |
| Income Tax Rate for Residents | 0% to 26% |
| Property Tax | 6% of assessed value |
| Capital Gains Tax | No, but real property gains tax is between 5% to 10% |
| Inheritance Tax | No |
| Rental Income Tax | 22% to 28% |
| Transfer Tax | 1% to 3% |
| Sales Tax | 5% to 10%; service tax of 6% |
| Restrictions on Foreign Ownership of Property |
Nonresidents are free to purchase residential and commercial |
| Local Chamber of Commerce | www.nccim.org.my Level 3, West Wing, MENARA MATRADE, Jalan Khidmat Usaha, Off Jalan Duta, 50480, Kuala Lumpur, Malaysia Tel: 603-6204 9811 Fax: 603-6204 9711 Email: enquiry@nccim.org.my |
| American Chamber of Commerce |
www.amcham.com.my Suite 6-1A, Level 6 Menara CIMB Jalan Stesen Sentral 2 KL Sentral Kuala Lumpur 50470 Malaysia Tel: 603-2283-3407 |
| Primary Exports | Semiconductors and electronic equipment, petroleum, liquefied natural gas, wood, wood products, palm oil, rubber, textiles, chemicals, solar panels |
| Residency and Visa Requirements | Tourist Visa: 90 days upon entry
Residency: employment, dependent, student, and visit Passes; Malaysia My Second Home program grants five-year renewable visas with privileges; permanent residency requires five years of continuous living within the country Citizenship: 12 years of residency, renouncement of foreign citizenship, and adequate understanding of Malay language |
| Special Benefits for Foreign Residents or Retirees | Malaysia My Second Home Program: granted five-year visa, to which a permanent visa can be applied for afterwards. Tax-free imports of home goods, tax-free import or purchase of an automobile, no income tax on pension or other overseas income |
| National Airline | Malaysia Airlines www.malaysiaairlines.com |
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Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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