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| Terms & Conditions |
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| Eligibility |
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| The programme is open to all foreign citizens except those married to Malaysians and citizens of Israel, Serbia and Yugoslavia. The restriction on foreigners married to Malaysians is a recent change (November 2006). |
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| Finance/Income |
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| The following sets out the financial criteria which depend on the age of the applicant. If a married couple apply the oldest person’s age decides the appropriate criteria. |
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| It should be noted that applicants who choose the fixed deposit option do not have to place it until their visa application is approved. At that time they will receive a “conditional approval” letter by the immigration department. They have to bring this letter, together with evidence of completing any other conditions specified in the letter, to the immigration department. The visa will then be stamped in their passport. |
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| i) |
Applicants aged below 50 years old : |
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Open a fixed deposit account of RM300,000.00. |
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Must prove further savings / fixed deposit of at least RM500,000.00* |
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Have a monthly off-shore income of at least RM10,000.00( Please refer to Note 4) |
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After a period of one year, the participant can withdraw up to RM240,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes. |
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Must maintain a minimum balance of RM60,000.00 from second year onwards and throughout stay in Malaysia under this programme. |
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| ii) |
Applicants aged 50 years and above : |
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| Can either choose to : |
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| Option A: |
Open a fixed deposit account of RM150,000.00 |
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Must have further savings / fixed deposit of at least RM350,000.00(A monthly off-shore income of RM10,000.00(this can be dividend or interest payments from your savings or pension that does not meet the criteria in Option B) |
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| Option B: |
Show proof of monthly off-shore income of RM10,000.00 such as pension scheme. (Only applicants who are drawing from Government Approved Funds can be considered for the "Monthly off - Shore Income " criteria). |
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Must prove further savings / fixed deposit of at least RM200,000.00* |
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After a period of one year, participant who fulfills the fixed deposit criteria can withdraw up to RM90,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes. |
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Participant must maintain a minimum balance of RM60,000.00 from the second year onwards and throughout stay in Malaysia under this programme. |
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| Notes: |
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| 1) |
Successful applicants are only allowed to open their fixed deposit in Ringgit (RM) |
| 2) |
Participants need to obtain prior approval from Ministry of Tourism before proceed to withdraw the fixed deposit |
| 3) |
Participants under this programme may withdraw their entire fixed deposit anytime should they decide to terminate their stay in Malaysia under this programme. However, they must obtain prior approval from the Ministry of Tourism. |
| 4) |
A company letterhead to certify the salary / offshore income and the position in the company. The letter must be sign by the Financial / Account Manager(not the applicant himself). |
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* This can be in any licensed bank / institution in your home country or overseas. |
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| Announcement |
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| Effective 1 July 2008, new applicants who have purchased and owned residential property which were bought at RM1 million and above in Malaysia are eligible to apply for exemption from placing the full FD amount required of MM2H participants. They only have to comply with the basic financial requirement of FD or RM 60,000. This amount may not be withdrawn until the participants decide to terminate their participation in MM2H programme. |
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| New applicants have to observe the following conditions: |
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| 1) |
The purchased residential property may be a fully-completed unit or one under construction. For any property purchased, applicants aged below 50 and those aged 50 and above must produce copies of payments made to developers, amounting to a minimum of RM 300,000 or RM 150,000 respectively, in place of the required Fixed Deposit under this programme. This amount does not include legal fees, transfer fees, commissions and any other related payments. |
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The property must cost a minimum of RM 1 million OR |
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Several properties totalling RM 1 million and above can be accumulated for this exemption. |
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The exemption may be considered for residential property which was bought within 5 years of application to participate in MM2H programme. |
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| The following documents are required to be submitted for the financial exemption: |
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Certified copy of Sale and Purchase Agreement |
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Certified copy of Transfer of Ownership /Transfer of Deeds(if applicable) |
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Proof of mortgage loan payment ( if applicable) |
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Proof of Quit Rent/Assessment Rate Bill payment (if applicable) |
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Certified copy of Title Deed/Land Title (if applicable) |
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| The supporting documents must be submitted together with the new application to Malaysia My Second Home Centre. |
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| Insurance Coverage / Medical Report |
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| All applicants and their dependents (spouse and children) are required to submit a medical report from any private hospital / registered clinic in Malaysia. Approved participants and dependents (spouse and children) must possess a valid medical insurance policy which is applicable in Malaysia. |
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| Education |
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| Applicants are allowed to bring their children who are under 18 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 Student Pass and should be insured throughout their stay under this programme. |
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| Taxes |
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| 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. 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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| Security Vetting |
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| Approvals are given subject to security vetting clearance conducted by the Royal Malaysian Police. |
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| Restrictions |
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| Participants under Malaysia My Second Home Programme are not allowed to work/be employed while staying in Malaysia. In addition, they should not participate in activities that can be considered as sensitive to the local people and a threat to the security of the country. |
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Copyrights © 2007 My Next Home (MM2H) Sdn. Bhd. All rights reserved. |
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