| 2. | Financial Criteria |
| | a) | Upon Application |
| | | - 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 month’s credit balance of RM 500,000. |
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| | | - 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 month’s 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. |
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| | b) | 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. This letter sets out the steps that have to be completed before the visa is issued. This usually consists of placing the Fixed Deposit, having a medical examination in Malaysia and obtaining medical insurance for Malaysia. Once these steps are completed the visa can be collected from the Immigration Department in Putrajaya.
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- Approved applicants over 50 receiving a pension from a Government in excess of RM10, 000 a month can request exemption from making the Fixed Deposit. All others have to make a Fixed Deposit.
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| | | - Applicants aged below 50 years
| o Must place a Fixed Deposit in a bank account in Malaysia of RM300,000 |
| o Can withdraw up to RM150,000 for the purchase of house, medical insurance or |
| children’s education expenses after the deposit has been placed for one year |
| o Must maintain a minimum balance of RM150,000 from second year onwards and |
| throughout stay in Malaysia under this programme. |
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| | |
- Applicants who have purchased a house (or houses) with a total value of RM1 million and above.
| o Must show evidence of ownership and full payment of the property. |
| o Must have been purchased within 5 years of application for MM2H visa. |
| o Will have to place a Fixed Deposit in a bank account in Malaysia of RM150,000 if under |
| 50 and RM100,000 if over 50. |
|
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| 3. | Insurance Coverage / Medical Report
|
| |
| Applicants and their dependants must possess a medical insurance coverage from any insurance company that is valid in Malaysia. This may be waived for older applicants who are denied coverage because of their age. All applicants and their dependants are required to have a medical examination from any private hospital or registered clinic in Malaysia. Both these conditions are met after the letter of “conditional approval” is issued. |
| |
|
| 4. | Security Vetting |
| | Approvals are given subject to security vetting clearance conducted by the Royal Malaysian Police. |
| | |
| 5. | Restrictions |
| |
| Successful applicants are not permitted to participate in activities that can be considered as sensitive to the local people like political or missionary activities. |
|
Incentive for participant |
| 1. | 10 Years Visa |
| |
- Successful applicants will receive a ten year visa which allows them multiple entry and exit from the country. However it should be noted that the visa is issued based on your passport validity. It is very important to check the expiry date of your visa when you receive it as it may well not agree with the passport validity. In most cases the visa will expire some time before the expiration of your passport.
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- You are required to obtain a new passport and get the visa extended before the expiration date of the visa chopped in your previous passport. Failure to do this means you will have to pay a penalty as the immigration department will regard you as being in the country illegally. The government has advised that this visa does not lead to Permanent Residency. Obtaining PR in Malaysia is a difficult and lengthy process.
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|
| 2. | House Purchase |
| |
- Any foreigner may purchase any number of residential properties in Malaysia, subject to the minimum rates established for foreigners by the different states. They start from RM500,000 per unit for most states, from 1st January 2010. Land is a state matter and it is important to check state laws before making any commitment, as the minimum purchase price is not standardized between states.
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- For this purpose, participants can apply for a bank loan in Malaysia. It should be noted that local banks will require evidence of ability to repay the loan and usually require repayment by the time the borrower reaches 65 or 70. It is possible for foreigners to buy freehold land in Malaysia. All property purchasers have to receive state approval, which can take up to six months to secure.
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| 3. | Car Purchase |
| |
- A participant can choose to either import one car, which already belongs to him, from his country of residence subject to approved permit (AP), which is exempted from payment of import duty, excise duty and sales tax
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- Purchase locally made car in Malaysia is free of any taxes. It should be noted that if you import a car it must have been owned by the applicant before the MM2H application was submitted.
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- Approval for this has to be done after getting the MM2H visa and can usually be obtained within one month.
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- Importation or purchase of motorcar must be for personal use only and not for commercial use.
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- Participants are only allowed to sell their imported/locally purchased car after 2 years' stay on the programme.
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| 4. | Domestic Helper |
| |
- Each applicant is allowed to apply for one maid subject to the prevailing guidelines of the Immigration Department of Malaysia.
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5.
| Dependents |
| |
- Applicants are allowed to bring along their dependants (children below 21 years of age, step children, disabled children, and parents) under their MM2H visa. Older dependent children will have to get a separate visa.
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- Dependants attending school in Malaysia are also required to apply for a Student Pass which allows them to continue their education in schools or Institutions of Higher Learning recognised by the government.
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| 6. | 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.
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- However, tax exemption is given to pension remitted into Malaysia. Participants are required to obtain the endorsement from the Authorities in their country of origin as to the total amount of yearly pension received. A copy of this letter has to be submitted in their application.
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| 7. | Employment/Business Investment |
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- In February 2009 the government announced that MM2H visa holders 50 years old and above could work for up to 20 hours a week. This is applicable to visa holders who have specialized skills in certain approved sectors. We are advised the decision on whether to approve part time work is based on the approving committee view on whether a Malaysian could do the job.
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- It was also announced that MM2Hers will also be permitted to set up, and invest in businesses in Malaysia. They will be subject to the same regulations as other foreign investors but will be permitted to actively participate in the running for the business.
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CONTACTMALAYSIA MY SECOND HOME CENTRE (MM2H)
Ministry of Tourism Malaysia,
Level 23, Menara Dato' Onn,
Putra World Trade Centre,
50695 Kuala Lumpur
| Tel | : +603 2696 3351, 2696 3354, 2696 3361, 2696 3366, 2696 3367 |
| Fax | : +603 2698 8533 |
| Email | : infor@mm2h.gov.my |
MALAYSIA MY SECOND HOME CENTRE IMMIGRATION UNIT
Ministry of Tourism,Malaysia
Level 6,Menara Dato’ Onn,
PutraWorld Trade Centre
50695 Kuala Lumpur
| Tel | : +603-2696 3302, 2696 3323, 2696 3325 |
| Fax | : +603-2691 1272 |
| Email | : http://www.mm2h.gov.my |
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