Photo courtesy of www.rehdapenang.com

Malaysia My 2nd Home Program

Malaysia is the place where you can count on for retirement and a place to live in. Alongside Singapore and Thailand, it is one of the top choices for foreign property investors.

According to an Asian property trends survey conducted online last year, two of its cities, George Town and Kuala Lumpur ranked 9th and 10th most favourite locations among foreigners for property investments.

The survey indicated that 55% of the respondents were looking for high end properties in the RM327,157 (US$100,000) to RM1.6 million price range with 15% keen to invest in property ranging from RM1.6 million to RM3.2 million.

The Malaysia My Second Home (MM2H) programme allows citizens of other countries to retire and reside in Malaysia with their spouses, children, parents and even in-laws.

Successful applicants will be granted a social visit pass initially for 10 years, which is renewable thereafter subject to the validity period of the applicants’ passport.

Eligibility
It is open to citizens of countries recognised by Malaysia regardless of race, religion, gender or age.

Financial Requirements

(i) New Applications
Successful applications are required to comply with the following financial criteria:

a) Aged below 50 years old
- Must open a fixed deposit account of RM300,000.

- After a year, the participant may 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 RM60,000 from the second year onwards and throughout their stay in Malaysia under the MM2H programme.

- Show proof of monthly off-shore income of RM10,000 for single applicant or RM15,000 with dependent applications.

b) Aged 50 years and above

- Must open a fixed deposit account of RM150,000

- After a period of one year, the participant may withdraw up to RM90,000 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.

- Must maintain a minimum balance of RM60,000 from the second year onwards and throughout their stay in Malaysia under the MM2H programme.
- Show proof of monthly off-shore income of RM10,000 such as a pension scheme or dividend income.

(ii) Existing Participants
Existing participants for MM2H visa status where MM2H applications were submitted prior to 1 April 2006 will not be subject to
financial requirements when they renew their stay in Malaysia under this programme. However, approvals for renewals are subject to
the fulfillment of the conditions required by the Malaysian government.

a) Single participant with a fixed deposit of RM100,000
Participant may withdraw up to RM40,000 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
Must maintain a minimum balance of RM60,000 from the second year onwards and throughout their stay in Malaysia under MM2H.

b) Participant and spouse with a fixed deposit of RM150,000
Participant may withdraw up to RM90,000 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.

Must maintain a minimum balance of RM60,000 from the second year onwards and throughout their stay in Malaysia under MM2H.

Participants under MM2H (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 tourism ministry.

Latest updated (9th May 2009)

LATEST FINANCIAL INFORMATION:
a)  Aged Below 50 years old :
After a period of one year, the participant can withdraw up to RM150k for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
Participant must maintain a minimum balance of RM150k from second year onwards and throughout stay in Malaysia under this programme.
b)  Aged 50 years and above :
After a period of one year, participant who fulfills the fixed deposit criterion of RM150k can withdraw up to RM50k for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
Participant must maintain a minimum balance of RM100k from the second year onwards and throughout his/her stay in Malaysia under this programme
c)  For All Ages:
Approved participants who have purchased and owned property which were bought at RM1 million and above in Malaysia may comply with the basic fixed deposit requirement of RM 100k or RM150k. This amount may not be withdrawn until the participant decides to terminate his/her participation in MM2H programme.

Apply MM2H Directly

Incentives for MM2H Participants

New MM2H Applications

MM2H Frequently Asked Questions

It Pays to Set Up a Home Here

Penang Property Market is Lucrative