Investing in property
in France from Singapore or Malaysia

French banks apply the HCSF standard to residents of Singapore and Malaysia: a 35% debt ratio, insurance included, and a term of 25 years at most. They look at your income in Singapore dollars or ringgit with caution because of exchange rate risk, and not all of them accept non-residents from Asia. A family situation can also matter: one of our members had an approval withdrawn because of his marriage in Singapore, then reinstated once his separate property regime was taken into account. With a 6 or 7 hour lead over Paris, appointments are fitted in at the end of the day. A mortgage in Singapore dollars from a French bank is only possible if you mainly earn your income, or hold your assets, in that currency; most applications are financed in euros.

Also read: which banks lend to expats and how much down payment to plan for.

The €150,000 exemption on the capital gain of a dwelling remains available to French people living in Singapore or Malaysia, subject to conditions. However, do not count on the exemption for the former main residence sold after departure: it assumes that your new country helps France recover tax, and the tax authority’s list includes neither Singapore nor Malaysia. The local exemptions assume that you are a tax resident of the country and do not receive the rents through a local partnership.

Also read: how the rents of a non-resident are taxed.

An SCI does not change French tax on your rents, but it deprives you of the €150,000 exemption on resale, and Singapore and Malaysia may both treat it differently from France: to be studied with an adviser before buying through a company.

The right choice depends on your project and your country: compare with the rental income tax calculator.

Malaysia exempts foreign-source income received by a resident individual, unless it passes through a Malaysian partnership. The Malaysian authority requires that this income has been taxed abroad, which is the case for your rents taxed in France. This exemption, originally planned until the end of 2026, has been extended until 31 December 2036. Your French rents transferred to Malaysia are therefore not taxed there, but they must still be declared and justified, with your French tax notice as support. The 1975 France-Malaysia treaty leaves France the right to tax your rents (article 6) and your capital gain (article 13); if the Malaysian exemption ended, Malaysia would grant a credit for French tax (article 23).

In Singapore, the compulsory pension fund (the CPF) only concerns citizens and permanent residents. A French person on a work permit does not contribute to it: their retirement has to be built by themselves, and a property rented out in France, financed with a mortgage, is one of the ways to do it.

The steps of the ImmoPourExpat method, from the first call to letting →