Terms and Conditions (New)
Financial Requirement (updated: 15 May 2006)
Successful applicants (after 1 April, 2006) are required to comply with the following financial criteria upon receipt of the `conditional approval’ :
i) Aged Below 50 years old
* Open a fixed deposit account of RM300,000.00.
* 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.
* Must maintain a minimum balance of RM60,000.00 from second year onwards and throughout stay in Malaysia under this programme
ii) Aged 50 years and above
* Can either choose to:
– Open a fixed deposit account of RM150,000.00 ; OR
– Show proof of monthly off-shore income of RM10,000.00 such as pension scheme.
* 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.
* Participant must maintain a minimum balance of RM60,000.00 from the second year onwards and throughout stay in Malaysia under this programme.
Note:
Successful applicants need to open their fixed deposits in Ringgit Malaysia (RM) only.
EXISTING PARTICIPANTS (JOINED BEFORE 1 APRIL, 2006)
Existing participants will not be subjected to the new financial requirements when they next renewed their stay in Malaysia under this programme. However, the approvals of the renewal are subjected to the fulfillment of the condition required by the Government of Malaysia.
Participants who complied with the earlier fixed deposit criteria are allowed to withdraw their fixed deposit as follows after a one year stay in Malaysia:
i) Single Participant with fixed deposit of RM100,000.00
* Can withdraw up to RM40,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
* Must maintain a minimum balance of RM60,000.00 from second year onwards and throughout stay in Malaysia under this programme.
ii) Participant with spouse with fixed deposit of RM150,000.00
* Can withdraw up to RM90,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
* Must maintain a minimum balance of RM60,000.00 from second year onwards and throughout stay in Malaysia under this programme.
Please refer to the Section on ‘Incentives and Others’ on Opening Fixed Deposit Account in Malaysia and Withdrawal of Fixed Deposit.
Note: Participants under this programme (both new and existing) 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.
Medical Report
* All applicants and their dependents (spouse and children) are required to submit a medical report from any private hospital in Malaysia.
Medical Insurance
* Approved participants and dependents (spouse and children) must possess a valid medical insurance policy from any insurance company in Malaysia.
* Participants can also refer to the Section on ‘Incentives and Others’ on Health and Well-Being of Participant.
INCENTIVES
Participants of Malaysia My Second Home Programme are provided with various incentives to make their stay even more comfortable and enjoyable in Malaysia. The incentives provided are as follows:
House Purchase
Each participant is allowed to purchase up to two units of residential houses at a minimum prices above RM150,000 each, depending on the location of the property.
Generally the minimum price for the purchase of houses in Malaysia are as follows:
1) Above RM350,000 each for certain areas in the state of Sarawak
2) Above RM250,000 each for the state of Pulau Pinang, Melaka and Johor
3) Above RM150,000 for other states
Please refer to the Section on ‘Incentives and Others’ on Acquisition of Properties and Tax Procedure for Sale of Property.
Car Purchase
Each participant is allowed to bring in his/her own personal car OR to purchase a locally-assembled car without the need to pay import duty, excise duty and sales tax.
Note:
‘Personal Car’ is referred to a car which was purchased by participant before joining the MM2H programme.
Participants must apply for prior approval within the time period given to the Ministry Of Finance and Ministry of International Trade and Industry before bringing in personal car from country of residence or buying the locally-assembled car in Malaysia.
Please refer to the Section on `Incentives and Others’ on Exemption of Tax/Duty on One Motorcar, Bringing in Personal Car with Duty/Tax Exemption, Bringing in Second Vehicle and Selling Car That Has Been Given Tax Exemption.
Domestic Helper
Each applicant is allowed to apply for one maid subject to the prevailing guidelines of the Immigration Department of Malaysia.
Please click on the Section on ‘Incentives and Others’ on Bringing Foreign Maid.
Education
Applicants are allowed to bring their children who 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 a Student Pass and should be insured throughout their stay under this programme.
Please refer to the Ministry of Higher Education Malaysia’s website : www.mohe.gov.my for a complete list of all private institutions of learning in this country and click on Section ‘Incentives and Others’ on Registering Children in Private Colleges and Universities.
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.
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 for tax exemption.
Please refer to Inland Revenue Board Malaysia’s website: www.hasil.org.my for the tax system and click on Section ‘Incentives and Others’ on Informing Inland Revenue Board (IRB) on Income Earned in Malaysia.
APPLICATION / EXTENSION / TERMINATION
New Applications
All applicants who wish to apply to stay in Malaysia under Malaysia My Second Home Programme must submit the following documents:
1) Letter of Application
2) Two (2) copies of Form IM.12 (Social Visit Pass Form)
3) Two (2) passport-sized photographs
4) A certified copy of Passport / travel document (all pages)
5) A certified copy of a Marriage Certificate (if accompanied by spouse)
6) A certified copy of birth certificate (if accompanied by Children)
7) A certified copy of latest bank statement /other related finacial document to indicate the financial capability to support stay in Malaysia
Note :
• Items 2-4 are also required if accompanied by spouse and children as dependants
• Dependants refer to children aged below 18 years old and not married.
Successful applicants are exemted from the requirements of leaving the country to obtain a Visa from Malaysia Representative Office abroad. Visa will be issued in Malaysia together with a Social Visit Pass.
Extensions – Change of Passport
This applies to those who did not receive the full duration of the 10-year Visa because of the short validity period of their passport at the time of approval and would like to receive the remaining period upon the issuance of a new passport.
The applicant must appear in person at the Immigration Department of Malaysia and is required to bring the following documents :
1) Old and New Passport
2) Photocopy of the New Passport
3) IM.12 Form ; and
4) Payment of RM90 per year for the the social visit pass fee, payable to the Immigration Department of Malaysia
Extensions – After 10-Year Period
The applicants must be present in person at the Immigration Department of Malaysia and is required to bring the following documents:
1) Letter of Intent to continue stay in Malaysia under this programme
2) Passport
3) Photocopy of Passport
4) IM.55 Form
5) Payment of RM90 per year for the social visit pass fee, payable to the Immigration Department of Malaysia
Termination
The applicant should forward the following documents to the Malaysia My Second Home Centre :
1) Letter of Intent to terminate stay in Malaysia under this programme
2) Passport
3) Photocopy of Passport
Please click on the Section ‘ Application Procedures’ for the information on the New Application Process and Procedures for Extension Termination.
RESTRICTIONS
Participants under Malaysia My Second Home Programme are not allowed to work nor do business 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.
