WHAT IS MALAYSIA MY SECOND HOME/WHO LAUNCHED IT?
The “Malaysia My Second Home “Program was launched by the Malaysian Government in year 2002 to attract foreigners to live in Malaysia as long as possible on a multiple- entry social visit pass for a period of ten (10) years, and is renewable with indefinite extension as long as they do not violate the Laws of Malaysia. It allows the successful applicant to invest in properties or business of their choice. This program is one of the most attractive long term stay visa program. This program also helps to promote tourism and the economic development of Malaysia.
WHY DID FOREIGNERS CHOOSE MALAYSIA TO BE THEIR SECOND HOME?
1) Malaysia is known as a politically stable country and one of the safest countries to live in.
2) The mix culture of many different races in this county are living in harmony
3) Cost of living is relatively low
4) Malaysia is an education hub with a variety of international schools
5) Easy connectivity to places within Malaysia and other countries with well developed infrastructure and facilities, such as modern road rail, highway, airport and seaport.
6) Malaysia Government practices liberal investment and tax policies.
7) Foreigners can have 100% ownership of their business
8) English and Chinese language are widely used in the country, no language barrier at all, thus, easy communication.
9) Good Medical facilities
10) Weather in Malaysia is considered warm all year round, cool when it rains. One can also enjoy the cold weather at the highland resorts.
11) Food- International cuisine is available at reasonable cost
12) Malaysians are known to be warm and friendly people
WHAT’S SO SPECIAL ABOUT THIS PROGRAM/WHAT ARE THE PRIVILEGES?
1. Processing time for the approval is within 45 – 90 days only!
2. MM2H holders do not need to have minimum stay requirement throughout the 10 years to be
eligible for next 10 years’ renewal.
3. Children under MM2H pass can study in Schools and College without need to apply for yearly
4. Parents of age above 60 can be included in the application once the main applicant have
obtained the MM2H pass.
5. Tax-free car incentive – They can either import a car or buy car in Malaysia. The discount rate is approximately 35%, and depends on car model.
6. Maid incentive – allowed to bring a maid from their own country.
7. Property incentive – allowed to purchase any amount of properties with minimum purchase price of RM 500,000/- per unit in Melaka state, 1,000,000 in KL, 2,000,000 in Selangor, Penang is RM1 million for Condominimum and RM2 million for landed property. It is not a requirement but encourage as properties in Malaysia are affordable as compared to other countries and also it is good investment
8. Most MM2H holders are able to get housing loan and car loan from Malaysia bankers up to 70%
9. MM2H holders aged above 50 are not allowed to work (UPDATED)
10. MM2H holders can be an investor and can own 100% of their business in Malaysia.
11. They are allowed to stay anywhere in Malaysia except in Sarawak which they need to apply the
program separately to the respective State Immigration offices, as they do not allow agents to
assist in the submission of the applications.
12. They do need not to apply entry visa from Malaysia Embassy/Consulate in their country each time
they enter Malaysia when you are holding MM2H pass.
13. Successful applicants are allowed to remit their monies in and out freely from the country, with
no tax. Under the MM2H Program, for those countries who has a “Double Taxation Agreement” with
Malaysia, their Pension Fund that is taxable in their country shall be tax free here if they live here for
more than 182 days in a year.
14. The program is 100% risk free as the Fixed Deposits (after obtaining the “Conditional Approval
Letter) placed are in the applicant’s name, and can be in any bank in Malaysia.
15. This program can be terminated at any time during the 10 years period and 100% of the Fixed
Deposits placed with the bank under the program will be returned to the participant. Termination takes
about 5 -7 working days!
WHAT ARE THE BASIC REQUIREMENTS/CRITERIA TO APPLY
It is open to citizens of all countries recognised by Malaysia regardless of age, religion, gender and age and applicants are allowed to bring with them their spouses and children below the age of 21, unmarried as dependants.
Upon approval, successful participants will receive a ‘Conditional Approval Letter with validity of (6) months period from Immigration Department of Malaysia. The approved applicant are required to land in Malaysia to complete the Visa process within this period. The main categories of application are as follows:
- Aged Below 50 years old
Business Owners/Employees with proof of minimum monthly RM10,000 income and Savings Account of minimum RM500,000
- After approval, open a Fixed Deposit Account in any bank in Malaysia of RM300,000
After a period of (1) year, participants may apply to withdraw up to RM150,000 for approved expenses/purchases relating to property, car, education and medical purposes incurred in Malaysia. The balance of RM150,000 must be maintained throughout their stay under this program, unless terminated.
- Aged 50 years and above
Business Owners/Employees with proof of minimum monthly RM10,000 income and Saving Account of RM 350,000. After approval, open a Fixed Deposit in any bank in Malaysia of RM150,000
After a period of (1) year, participants may apply to withdraw the fixed deposit up to RM50,000 for approved expenses/purchases relating to house, car, education and medical purposes in Malaysia. The balance of RM100,000 throughout their stay under this program must be maintained, unless terminated.
- Pensioners/Retirees to show proof of monthly off-shore pension minimum income of RM10,000 from Government approved pensions/funds. (paid by their government)
Property Purchased Category
For those already invested in cash payment for RM 1 million & more value worth of properties (in Malaysia), conditional approval will be given based on Fixed Deposit of RM 100,000 (age above 50) and RM150,000 (age below 50).
WHAT ARE THE INCENTIVES?
1. TAX-FREE CAR – ONLY CKD (CAR COMPLETELY KNOCK DOWN)
MM2H holders are permitted to buy a locally manufactured or locally assembled car, tax free in Malaysia. Alternatively they can import their own car from their previous country of residence or their country of citizenship. The application for the importation has to be done within (6) months of obtaining the MM2H Visa and the car must have been owned at least (6) months before applying for the MM2H program. The procedure is more complicated than buying a local car. Tax exemption for locally purchased or imported cars need to do an online application. Manual application is not accepted .
2. DOMESTIC HELP (MAID)
Each participant is allowed to bring in one maid, should be between the age of 25 – 45 years old. Application have to be submitted after the approval of the MM2H Visa.
MM2H holders are not allowed to take up employment with any company in Malaysia.
Malaysia does not tax income from overseas, only income earned from Malaysian sources will be liable to taxation, eg. Rental income receivable from property.
MEDICAL EXAMINATION AND INSURANCE
All applicants are required to undergo a medical examination and purchase of medical insurance in Malaysia before obtaining the MM2H Visa Endorsement. For those who are above the age of 60, they are unable to obtain coverage. As such, this requirement can be waived.
1. Assist in summarising and preparation of all required documentations
2. Submission of complete application to MM2H Centre for approval
3. Assist in all subsequent follow ups requirement.
4. To ensure that the application is approved within the reasonable time
5. Assist to arrange for necessary transportation and accommodation upon client’s arrival.
6. Assist to arrange clients to open a bank account, obtaining medical insurance, arranging for medical examination and Visa Endorsement
Please send us an email @ email@example.com for any enquiry