Malaysia My Second Home Program
Time to Permanent Residency: – Year ~ Time to Citizenship: – Years
Under the Malaysia My Second Home Program a foreign national, and his or her dependents, may obtain a 10-year multiple entry visa if they make a fixed deposit in a Malaysian bank or invest in real estate. Prior to the visa’s expiration, it can be renewed provided that requirements are still met.
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This program is aimed at retirees and persons of independent means that wish to establish residency in Malaysia. The visa does not allow working in the country, with certain exceptions, and does not entitle its holder to be eligible for a permanent residency permit, neither citizenship. It allows to stay in Malaysia for as long as possible on a multiple-entry social visit pass. The social visit pass is initially for a period of ten (10) years, and is renewable. It is open to citizens of all countries recognized by Malaysia regardless of race, religion, gender or age. applicants are allowed to bring their spouses and unmarried children below the age of 21 as dependents.
Investment
Applicants Aged Below 50 Years
Applicant must have liquid assets of at least MYR500,000, a monthly regular income of at least MYR10,000 and make a fixed deposit in a Malaysian bank of MYR300,000, half of which can be withdrawn to buy a house, purchase health insurance or pay for their children’s education.
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After two years, part of the deposit may be withdrawn to use the car purchase concession, as long as a minimum balance of MYR150,000 is maintained during the entire stay in Malaysia under the program.
Visa holders may purchase property without restriction, provided that the minimum price established for foreigners in the state where they make the purchase is applied. Usually the minimum price is MYR1m, but there are states like Penang with a lower minimum. Buyers must receive state approval, which can take up to six months. They may also apply for a bank loan. Local banks will require proof of repayment capability, since repayment is normally required when the borrower turns 65-70.
Other benefits include the duty-free, excise and sales tax-free import of an automobile owned by the visa holder requesting an approved permit (AP). As long as the car has been purchased prior to the date of the application and the application is carried out within a period not exceeding 6 months after the issuance of the visa, and is imported within a maximum period of 2 years. Visa holders can also purchase a tax-free Malaysian car during the first year of the visa.
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Applicants Aged 50 Years And Above
Applicant must have liquid assets of at least MYR350,000, in cash, bonds or shares, and have a monthly income of at least MYR10,000.
If income is not derived from a government pension, he or she must make a fixed deposit in a Malaysian bank of MYR150,000, from which MYR50,000 may be withdrawn to buy a home, purchase health insurance or children’s education.
After two years, part of the deposit may be withdrawn to use the car purchase concession, as long as a minimum balance of MYR100,000 is maintained during the entire stay in Malaysia under the program.
MM2H visa holders who are 50 years of age or older and possess specialized skills could work up to 20 hours per week in certain sectors, subject to the approval of a committee.
They could also establish and invest in a business, as long as they are not actively involved in the day-to-day running of the business.
Visa holders may purchase property without restriction, provided that the minimum price established for foreigners in the state where they make the purchase is applied. Usually the minimum price is MYR1m, but there are states like Penang with a lower minimum. Buyers must receive state approval, which can take up to six months. They may also apply for a bank loan. Local banks will require proof of repayment capability, since repayment is normally required when the borrower turns 65-70.
Other benefits include the duty-free, excise and sales tax-free import of an automobile owned by the visa holder requesting an approved permit (AP). As long as the car has been purchased prior to the date of the application and the application is carried out within a period not exceeding 6 months after the issuance of the visa, and imported within a maximum period of 2 years. Visa holders can also purchase a tax-free Malaysian car during the first year of visa.
Requirements
– A Malaysian sponsor is required to support the application and place a personal bond up to MYR2,000 before the visa is issued.
– Have medical insurance from any insurance company that is valid in Malaysia. Senior applicants who are denied coverage because of their age are exempt from this requirement.
– Undergo a medical examination in any private hospital or clinic registered in Malaysia.
– Police clearance certificate from the country of origin to prove that the applicant has no criminal record.
– Show evidence of ownership and full payment of property
Documents Required
Evidence of Health Insurance- Curriculum Vitae
- Original or Certified copy of Birth Certificate (if applicable)
- Original or Certified copy of Marriage Certificate (if applicable)
- Proof of net wealth
- Proof of income
- Bank Statement
- Original Police Clearance Certificate
- Medical Certificate
- Evidence of purchasing property (if applicable)
- Authorization letter to verify financial documents
- Job and Salary verification letter
- Certified copy of passport
- Covering letter
