Malaysia My Second Home1 Jan 2011
MALAYSIA MY SECOND HOME
Nearly 10,000 of the current expatriate population are living here in Malaysia as a part of the government’s “Malaysia My Second Home” programme. The incentives on offer to applicants include the chance to own your own home, get a ten-year multiple entry visa and can get a car tax-free.
While you won’t be able to sign up if you are working, the programme (commonly shortened to the handy “MM2H”) is very popular with retired and semi-retired people who want to spend either all or a portion of the year in the tropical beauty that Malaysia has to offer.
If you would like to get more information on what the programme is about, visit the official government website:www.mm2h.gov.my
Terms and Conditions
Aged Below 50 Years
• Must open a fixed deposit account of RM 300,000.
• After a period of one year, the participant can withdraw up to RM240,000 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
• Must maintain a minimum balance of RM 60,000 from second year onwards throughout stay in Malaysia under this programme.
Aged 50 Years & Over
• Can either choose to:
1. Open a fixed deposit account of RM150,000 or
2. Show proof of monthly offshore income of RM10,000 such as a pension scheme
• Only applicants who are drawing from the Government Approved Funds can be considered for the ‘Monthly Offshore Income’ criteria.
• After a period of one year, participants who fulfill the fixed deposit criteria can withdraw up to RM 90,000 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
• Participant must maintain a minimum balance of RM 60,000 from the second year onwards throughout stay in Malaysia under this programme.
All applicants and their dependents are required to submit a medical report from any private hospital /registered clinic in Malaysia. Approved participants and dependents must possess a valid medical insurance policy which is applicable to Malaysia.
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.
Malaysia My Second Home Agents
Listed here are our top picks for Malaysia My Second Home agents. It is advisable to use a trustworthy agent, although the government now provides the same service without charge.