Have you heard of Malaysia My Second Home Programme? If you have been traveling quite a bit in Malaysia and is considering another home somewhere in the world, why not consider making Malaysia your second home? Malaysia My Second Home programme or MM2H is promoted by the Government of Malaysia to encourage people from all over the world to stay as long as possible in Malaysia on a social visit pass with a multiple entry visa up to a period of 10 years and is renewable.
There were several updates that were made since end 2006 to make the programme more attractive. Among the updates is the option for parents of the MM2H participants to be included in the programme. Parents who are 60 years and above are provided with long term visas to enter the country without having to qualify for the MM2H financial requirements.
In the old guidelines before 23 Dec 2006, each participant is allowed to purchase up to 2 units of residential houses with a minimum price set from RM 150,000 to RM 300,000 depending on the location of the property. In general, the price of the house is set to:
Malaysia My Second Home New Guidelines
In the new Malaysia My Second Home guidelines, each participant is allowed to purchase up to 2 units of residential houses at a minimum of RM 250,000 nation wide without applying for approval from the Foreign Investment Committee(FIC). This does not apply to the state of Sarawak where the purchase price remained at RM 350,000 and above.For those below 50 years, one will have to open a fixed deposit account of RM 300,000.For those above 50 years, one will have to open a fixed deposit account of RM 150,000 or show proof of monthly offshore income of RM 10,000 and above.
After 1 year, the participants are allowed to withdraw the fixed deposit for purchase of house, education of children in Malaysia or for medical purposes but a minimum of RM 60,000 must always be maintained at all times from the second year onwards.You are also eligible to purchase a duty free car.You can either apply for this programme by filling the form and submitted it to the Government or go through licensed company that handles this programme. It usually takes 3 months to get the application approved. Once successful, you are to come to Malaysia within 6 months from the date of approval. You will need to apply for extension if you cannot meet the deadline.
If you are in the city of Kuala Lumpur and would like to have a personalised service, head for MM2H Centre, the One-Stop Centre in Menara Dato' Onn in Putra World Trade Centre which is located just opposite The Mall. Here, you will be able to source for information, counselling and enquiry about this programme. Both individuals, companies, local and foreigners who are keen to promote or join this programme will be entertained. Further enquiries can be obtained by calling:Tel: +6 03 2696 3367, +6 03 2696 3354, +6 03 2696 3361 or +6 03 2696 3351.
Summary of Malaysia My Second Home Benefits
In summary, the benefits of joining this programme once approved include:
10-year Social Visit Pass and Multiple-Entry Visa. Individuals are free to stay in Malaysia and travel wherever in Malaysia that they desired.If no laws are broken, the Social Visit Pass is renewable after 10 years. Maids can be brought over once approval is granted. Invest and setup own businesses here.Children can further their studies in the colleges and universities here. Import your existing car or purchase a new CKD car tax free.
The tax savings is approximately 33%. Not necessary to get special approval from Foreign Investment Committee (FIC) to purchase property in Malaysia. For countries that have "Double Taxation Agreement" with Malaysia, the overseas income of individuals will not be taxed if they stayed more than 182 days in Malaysia.Able to get up to 80% credit facility for housing loans. Currently, foreign nationals are only allowed to get up to 60% credit facility from financial institutions.With all the benefits in store, hurry and sign up the Malaysia My Second Home Programme and you will definitely enjoy your stay in Malaysia.
Priority For Millionaires
The latest update on MM2H programme is that applicants who buy properties worth RM1 million and above in Malaysia will have their applications fast-tracked. All you have to do is show proof of your Sale and Purchase Agreement when submitting the applications. Applications are usually processed within 4 weeks based on the checking of your financial, medical, health and security background.
Malaysia has many properties that are for rent or sale by the owners. The various types of homes that you may want to consider to stay could be apartments, condominium, semi-detached house, bungalow, double-storey terraced house, single-storey terraced house or town-house depending on your budget. If you require assistance to purchase a property in Malaysia, please use the form below to submit your enquiry and we will get back to you as soon as we can.