Immigration Malaysia | Malaysia My Second Home | Accounting Malaysia | Company Registration Malaysia | Business Registration Malaysia | Payroll in Malaysia
WHO IS ELIGIBLE?
Age: The “Malaysia My Second Home” program is open to all persons of any age from all countries recognized by Malaysia.
Financial criteria? Applicants 50 years and above Opened a fixed deposit account of RM150,000.00, and show proof of monthly off-shore income of at least RM10,000.00 Applicants below 50 years Have to open a fixed deposit account of RM300,000.00. You can withdraw some of your fixed deposit after one year for approved expenses such as a house purchase, education, medical or local investment. But you must maintain a minimum balance of RM150,000.00 throughout stay in Malaysia under this program.
Visa: Once your application has been approved by the Malaysian authorities you will be supplied with a Social Visit Pass which is initially for a period of ten (10) years (depending on the validity period of the passport) and is renewable.
Medical insurance: Applicants must possess a valid medical insurance policy from any insurance company that is applicable in Malaysia. The list of licensed insurers, their addresses and contact numbers are available at Central Bank of Malaysia.
Q. Can I withdraw my fixed deposit any time during my stay in Malaysia?
A. Participants are not allowed to withdraw the fixed deposit for the whole duration of the one year period, unless for emergency cases and with prior approval from the Ministry of Tourism. Participants may withdraw the fixed deposit any time should they decide to end their stay in Malaysia under this program.
Q. Can I place the fixed deposit in a Malaysia bank located in my country?
A. No. Participants have to place their fixed deposits in any Malaysian local bank or financial institution in Malaysia.
Q. Can the purchase of a house in Malaysia, which is valued more than RM150,000,-, be considered as having fulfilled the financial criteria for this program?
A. No. Participants are required to fulfill the fixed deposit requirement as the purchase of a house is not compulsory for participants under this program.
Q. Am I allowed to withdraw my fixed deposit for a few months and then bank it in back later?
A. No. Participants are not allowed to do this, unless for an emergency purpose but with prior approval from the Ministry of Tourism.
Q. When can I withdraw my fixed deposit? A. Partially deposit after the one-year period OR when he/she decides to terminate his/her stay in Malaysia by first informing the Ministry of Tourism of his/her intention to do so. Participants can apply to withdraw part of their fixed deposit for purchasing property, education for their children and emergency cases such as medical purposes, etc. with prior approval of the Ministry of Tourism.
IMPORTATION OF MOTOR VEHICLE
The MM2H participant may import one motorcar which belongs to him/her from his/her country of citizenship or where he/she last domiciled. He/she will be exempted from paying import duty, excise duty and sales tax on the imported motorcar.
The MM2H participant may purchase one new motorcar made or assembled in Malaysia. He/she will be exempted from paying excise duty and sales tax on the new motorcar.
TERMS AND CONDITIONS
1. The applicant is a participant of MM2H approved by the Ministry of Tourism & Immigration Department of Malaysia.
2. An application to import a motorcar from the participant’s country of citizenship / last domicile must be done within a period of six months from the date the MM2H visa is endorsed on his/her passport. The MM2H participant should be the owner of the motorcar as evidenced in the motorcar registration document prior to obtaining the MM2H visa.
3. An application to purchase a new motorcar made or assembled in Malaysia must be done within a period of one year from the date the MM2H visa is endorsed on his/her passport. Do not make an outright purchase of the motorcar before obtaining approval for tax/duty exemption from the Treasury. However, a booking for a motorcar may be made prior to obtaining approval from the Treasury.
4. Importation or purchase of a motorcar must be for personal use only and not for commercial use.
5. The MM2H participant is eligible for tax/duty exemptions for only ONE car.
6. Tax/duty exempted motorcars which are subsequently sold or transferred will be subjected to import duty, excise duty and sales tax according to the prevailing rates.
IMPORTING YOUR PERSONAL EFFECTS
By taking up residence in Malaysia you are entitled to import used household effects without payment of import duties and sales tax subject to the following conditions:
1. that the importer is the owner of the household effects in question;
2. that it has been in the importers possession and is used for a period of not less than 3 months;
3. that it will not be disposed off within 3 months from date of importation. Household effects are articles which are normally used in the house e.g. washing machines, refrigerators, hi-fi set, furniture, cookery, children toys, computers, clothing etc. The above mentioned facility is applicable to personal belongings only. Beyond Corporate House can assist in the relocation of your personal effects door to door from your origin country into Malaysia as well as providing destination services including home search, school search and Orientation services.
We also provide other services such as Immigration Malaysia, Malaysia My Second Home, Accounting Malaysia, Company Registration Malaysia, Business Registration Malaysia, Payroll in Malaysia. Call us now +603-20789990 or visit our website www.BeyondCorporateGroup.com for more information!