Return to site

MM2h Program for Foreigners

By MyExpat (MM2H) Sdn Bhd

· foreigners,mm2h,avid estates

MM2H visa permit Benefits & Incentives
Once your application is successful, there are various benefits & incentives provided as below:

MM2H Visa Permit

  • 10 year Social Visit Pass with Multiple Entry will be granted
  • Stay as long as you wish & leave Malaysia anytime as you please
  • Renewable after 10 years</li>

House Purchase
Any foreigner may purchase any number of residential property in Malaysia, subject to the minimum price established for foreigners by the different states. They start from RM500,000 per unit for most states, from 1st March 2014. Land is a state matter and it is important to check state laws before making any commitment, as the minimum purchase price is not standardized between states.
 

List of minimum price for purchase a property for each state

Car Purchase
Each participant is allowed to bring in his/her own car (used) or purchase a new locally-assembled car without having to pay import duty, excise duty and sales tax. However, they must apply for prior approval within the 6month / 1years time period given by the Finance Ministry and Ministry of International Trade and Industry. Participants are only allowed to sell their imported/locally purchased car after 2 years stay on the MM2H programme by paying the prevailing duties.

Domestic Helper
Each applicant can apply for one maid subject to the prevailing guidelines of the Immigration Department

Education
MM2H participants are allowed to bring their children who are below 21 years old and not married as their dependents.

Tax
Tax Exemption is given to remittance of offshore pension fund into Malaysia &amp; any other foreign funds transferred into Malaysia.

Business & Investment
You can own and actively run your own business, terms apply. Generally any MM2H visa holders can own their own business as Directors without the requirement of any Local Malaysians, terms apply.

Working Part Time
Over 50 year olds can work part time, terms apply.
 

Others

  • Import personal / household items, tax exempted
  • Invest in local companies, share market &amp; unit trusts
  • Interest gained from bank fixed deposit is tax exempted
  • Your parents can also join you as dependents under a renewable long term (6 monthly) visa

MM2H Visa Permit Requirements

BEFORE APPROVAL Applicants are required to comply with the following financial criteria upon successful submission of their MM2H application

AFTER APPROVAL Successful applicants are required to comply with the following financial Fixed Deposit placements upon receipt of the conditional approval letter from Malaysia Immigration Department

Aged Below 50 years

  • Open a fixed deposit account of RM 300,000.
  • After a period of one year, the participant can withdraw up to RM 150,000 for approved expenses relating to house purchase, education for children in Malaysia, medical purposes, rental, furniture, car purchase etc.
  • Must maintain a minimum balance of RM 150,000 from second year on-wards and throughout stay in Malaysia under this Malaysia My Second Home programme.

Aged 50 years and Above

  • Will either :- Open a fixed deposit account of RM 150,000 OR - If full Government Pension of RM 10,000 income is shown then no fixed deposit is required.
  • After a period of one year, participant who fulfills the fixed deposit criteria can withdraw up to RM 50,000 for approved expenses relating to house purchase, education for children in Malaysia, medical purposes, rental, furniture, car purchase etc.
  • Participant must maintain a minimum balance of RM 100,000 from the second year on-wards and throughout his/her stay in Malaysia under this MM2H programme.
  • Successful applicants need to open their fixed deposits in Ringgit Malaysia (RM) only.
  • Participants need to obtain approval from Ministry of Tourism before proceeding to withdraw the fixed deposit.
  • Participants under this program may withdraw their entire fixed deposit anytime should they decide to terminate their stay in Malaysia under this program. However, they must obtain prior approval from the Ministry of Tourism.

New applicants who have purchased and owned residential property which has a PAID amount of RM 1 million and above in Malaysia are eligible to apply for exemption from placing the full FD amount required of participants. They only have to comply with the basic financial requirement of FD of RM 100,00 for over 50 & RM 150,000 for under 50 respectively. This amount may not be withdrawn until the participants decide to terminate their participation in MM2H programme.

New applicants who have purchased and owned residential property which has a PAID UP amount of RM1 million and above in Malaysia are eligible to apply for exemption from placing the full FD amount required. They only have to comply with the basic financial requirement of FD of RM100,000 for over 50 & RM150,000 for under 50 respectively.

These applicants have to observe the following conditions:
  • The purchased residential property may be a fully completed unit or one under construction. For any property purchased, applicants aged below 50 and those aged 50 and above must produce copies of payments made to developers, amounting to a minimum of RM 1,000,000. This amount does not include legal fees, transfer fees, commissions and any other related payment.
  • The property must cost a minimum of RM 1 million OR.
  • Several properties totaling RM 1 million and above can be accumulated for this exemption.
  • Properties must have been bought in the last 5 years only

Medical Report
All applicants and their dependents (spouse and children) are required to submit a medical report from any private hospital / registered clinic in Malaysia after Approval.

Medical Insurance
Approved participants and dependents (spouse and children) must possess a valid medical insurance policy, which is applicable in Malaysia. If any applicants are above 59 years old then this requirement is waived. This is also required after approval.

Please head over to http://mm2h.co for more information on MM2H application

Courtesy of http://mm2h.co

All Posts
×

Almost done…

We just sent you an email. Please click the link in the email to confirm your subscription!

OKSubscriptions powered by Strikingly