Malaysia My Second Home

Malaysia My Second Home

Malaysia My Second Home Program
(MM2H)

Malaysia My Second Home (MM2H) Programme is introduced by our government to allow people from all over the world to live or retire in Malaysia in a long term basis. This Programme was transformed from the formally known Silver-Hair Programme which only applicable for those who were 50 and above. The MM2H is now open to all citizens of the world and has no restrictions on age, race, religion or gender. You may participate in this programme alone or bring along your spouse, dependents (under 20yr+ 4 months at the time of MM2H submission) and even your own maid from your country.

MM2H visa is actually a Ten (10)-Year Social Visit Pass with Multiple Entry Visa which is renewable every 10 years. It is basically a long-stay programme that allows the participants to live in Malaysia and not worry about their short term visa renewals. You are welcome to stay here for 365 days a year without having to leave the country because the visa renewal can be done in Malaysia.

Apart from having the opportunities to enjoy the good quality lifestyle and the unique values of Malaysia, our government is offering you who obtained the MM2H visa with attractive incentives to make your stay more comfortable and enjoyable in Malaysia.

The Malaysian government has designed Malaysia My Second Home Programme as an attractive settlement plan and welcomes people from countries all over the world, who meet certain criteria to live in Malaysia.

You would be given a 10-year Social Visit Pass with a Multiple Entry Visa that is renewable unless you have violated the Malaysia rules & regulations.

This program is opened to foreigners of 18 years old and above together with your dependants from countries politically recognized by Malaysia.

It is not a pre requisite to own properties to qualify for this program. However, you are encouraged to invest as it is much cheaper as compare to other countries in the region.

FINANCIAL REQUIREMENT

i. Applicants aged below 50 years are required to show proof of liquid assets worth a minimum of RM500,000 and offshore income of RM10,000 per month. For certified copy(s) of Current Account submitted as financial proof, applicants must provide the latest 3 months statement with each months credit balance of RM 500,000.

ii. Applicants aged 50 and above may comply with the financial proof of RM350,000 in liquid assets and off shore income of RM10,000 per month. For certified copy(s) of Current Account submitted as financial proof, applicants must provide the latest 3 months statement with each months credit balance of RM 350,000. For those who have retired, they are required to show proof of receiving pension from government approved funds of RM 10,000 per month.

iii. New applicants who have purchased properties worth at least RM 1 million qualify to place a lower fixed deposit amount upon approval.

UPON APPROVAL

Successful applicants are required to comply with the following financial criteria upon receipt of the `conditional approval letter’ from Immigration Department of Malaysia..

Upon Approval : Aged Below 50 years old
* Open a fixed deposit account of RM300,000.00.

* After a period of one year, the participant can withdraw up to RM150,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.

* Must maintain a minimum balance of RM150,000.00 from second year onwards and throughout stay in Malaysia under this programme.

Approved participants who have purchased and own property which were bought at RM1 million and above in Malaysia may comply with the basic fixed deposit requirement of RM 150,000 on condition that the property has been fully paid and ownership documents such as grant and land title have already been issued. This amount may not be withdrawn until the participant decides to terminate his participation in MM2H programme.

Upon Approval : Aged 50 years and above

* Can either choose to:
– Open a fixed deposit account of RM150,000.00 ; OR
– Show proof of government approved pension funds of RM10,000

* After a period of one year, participant who fulfills the fixed deposit criterion can withdraw up to RM50,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.

* Participant must maintain a minimum balance of RM100,000.00 from the second year on wards and throughout his/her stay in Malaysia under this programme.

Approved participants who have purchased and owned property which were bought at RM1 million and above in Malaysia may comply with the basic fixed deposit requirement of RM 100,000, on condition that the property has been fully paid and ownership documents such as grant and land title have already been issued.This amount may not be withdrawn until the participant decides to terminate his participation in MM2H programme.

MEDICAL REPORT

All applicants and their dependants are required to submit a medical report from any private hospital or registered clinic in Malaysia.

MEDICAL INSURANCE

Approved participants and their dependants must possess valid medical insurance coverage that is applicable in Malaysia from any insurance company.
However, exemptions may be given for participants who face difficulty in obtaining a medical insurance due to their age or medical condition.

SECURITY BOND
Direct Application only

Applicants applying directly are required to fulfill the security bond condition. Please refer to Personal Bond for rate per person by nationality, ranging from RM200-RM2000.00.

PERSONAL BOND
Application Through Agent

Licensed companies are required to provide the personal bond for their clients who have been approved under the MM2H Program.

RESTRICTIONS

WORKING / BUSINESSES
MM2H participants are not allowed to be employed. However, you can be an investor and can actively participate in your own businesses subject to existing Government policies, regulations and guidelines which are in force for the relevant sectors.

Participants above 50 years old with specialized skills and expertise that require in the critical sector of the economy are allow to work not more than 20 hours per week (application require and the employment pass shall be given).

ACTIVITIES
MM2H holders are not allowed to participate in activities that can be considered as sensitive to local people and as threat to the security of the country.

INCENTIVES

Participants of Malaysia My Second Home Programme are provided with various incentives to make their stay comfortable and enjoyable in Malaysia.

HOUSE PURCHASE

As from 1st January 2010, each participant is allowed to purchase any number of residential properties (landed or high rise) at a minimum price of above RM500,000. You can be 100% registered owner of the properties. Kindly visit www.propertylookout.com for more info.

You can obtain housing loan up to 80% as compare to normal 60% / 70% for foreign applicants (subject to your credibility and bank rules).

CAR PURCHASE
Each participant is allowed to bring in your own personal car OR to purchase a locally assembled car (CKD) without the need to pay import duty, excise duty and sales tax.

The saving can be up to 36% (depends on the car model & rate fixed by the authority)

Note:
1) Personal Car is referred to a car which was purchased and owned by participant before joining the MM2H programme.

2) Application of tax exemption must be submitted to Ministry of Finance within 6 months/1 year respectively from the date of receiving endorsement of Malaysia My Second Home Visa & Pass.

3) Participants are only allowed to sell their imported /locally purchased car after 3 years stay on the programme.

4) CKD means Car Completely Knocked Down, which is locally assembled.

DOMESTIC HELPER
Each applicant is allowed to apply for one (1) maid from country of origin or country approve by the authority subject to the prevailing guidelines of the Immigration Department of Malaysia.

EDUCATION
Applicants are allowed to bring your children who under 21 years old and not married as their dependants under this programme.

Children who intend to continue their schooling in Malaysia are required to apply for a Student Pass and should be insured throughout their stay under this programme.

TAX
All income brought into Malaysia is Tax Free, but income earn in Malaysia shall be subjected to tax.

Participants are bound by the policies, systems and regulations of taxes of this country and they do not have exemption qualifications as granted to Diplomatic Missions in Malaysia.

For participants have stayed more than 182 days in Malaysia could apply Tax Exemption for their pension fund. This is subject to those countries that have double taxation agreement with Malaysia.

FREQUENTLY ASKED QUESTIONS

FIXED DEPOSITS

Can I withdraw my fixed deposit any time during my stay in Malaysia?
Some banks allow periodical withdrawals of interest earned on your Fixed Deposit. This is subject to the bank’s policy and negotiation at the time of opening your account with the bank concerned. Please refer to banking portal www.bankinginfo.com. my for current rates and terms.

Can I place the fixed deposit in a Malaysian bank located in my country?
No. The fixed deposit account must be opened in any Malaysian bank or financial institution located in Malaysia.

Can the purchase of a house in Malaysia which is valued at more than RM500,000.00 be considered as having fulfilled the financial criteria for this programme?
No. Participants are required to fulfill the fixed deposit requirement or monthly off-shore income for those aged 50 years and above.

Am I allowed to withdraw my fixed deposit for a few months and then topped it back later?
No. Participants are required to place their fixed deposits on annual auto renewal basis.

When can I withdraw my fixed deposit?
After a period of one year, the participant may withdraw his/her fixed deposit for approved expenses relating to house purchase, education for children in Malaysia and medical purposes OR when he/she decides to terminate his/her stay in Malaysia by first informing the Ministry of Tourism of his/her intention at Malaysia My Second Home Centre. Participants can apply to withdraw part of their fixed deposit for emergency cases such as medical purposes, etc. with prior approval of the Ministry of Tourism.

When can I sell the car, which has been given all the tax exemptions?
Cars that have been exempted from taxes and duties under this program can be sold or its ownership transferred provided the prevailing taxes and duties on the car have been paid prior to the transaction. However, for imported cars the condition stipulated in the AP should be complied before any sale or transfer can be permitted.

Note and Disclaimer: Immigration law is often complex in nature with different eligibility and filing requirements. The material on this page and the other pages of this web site is general and for informational purposes only. The eligibility and filing requirements may be changed in future. It is not intended to replace the advice and counsel of a lawyer, and you should not rely on it solely when making decisions about your immigration status.

If you would like us to examine your particular situation and assist you in preparation of various documents as required by immigration authority concerned, it is possible to arrange an Appointment by telephone or e-mail for detailed consultation. Please contact us by telephone or e-mail at visacounsel@gmail.com

 

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