Malaysia, my second home- enjoy a ten year holiday in Malaysia

17 June, 2008 00:41

Malaysia is a tropical paradise – sunny days, warm evenings, sandy beaches and an easy lifestyle – all at a very affordable price. And to make it even more attractive, the government has introduced the Malaysia My Second Home programme. Commonly known as the MM2H programme, this is an international residency scheme that allows foreigners to live in the country on a multiple entry visa that can be renewed every ten years.

The MM2H programme has become a choice option for many seniors in western countries looking for a relaxed and comfortable retirement in a warm country. So far, over 8000 people have chosen this option and made Malaysia their new home. Read on and find out how you can enjoy a luxurious lifestyle at a fraction of what it costs in the west.

Who is eligible for the programme?

This programme is available to citizens of all countries except Israel, Serbia or Montenegro. Successful applicants are entitled to bring their spouse and unmarried children below the age of 18 years. Living in paradise does come at a certain cost. Applicants need to meet certain financial requirements.

Applicants below 50 years old are required to open a fixed deposit account of RM300,000 at any international bank with a local branch. After one year, the participant can withdraw up to RM240,000 for expenses, investment, children’s education and medical purposes. A minimum of RM60,000 must be maintained for the remaining stay in Malaysia.

Applicants above 50 years of age have to choose one of two options:

They need to invest a minimum of RM150,000 in a fixed deposit account at any international bank with a local branch
The need to show proof of a monthly off-shore income of at least RM10,000

At the end of one year, the participant can withdraw up to RM240,000 for expenses, investment, children’s education and medical purposes. As in the case of younger participants, a minimum of RM60,000 must be maintained for the remaining stay in Malaysia.

What are the main benefits?

Apart from the obvious benefits of sun and sand at an affordable price, there are some additional incentives for joining this programme. Chief among them are:

You are allowed to purchase residential property. Certain conditions and terms apply. Check the link below for more details
Love your wheels? No problem. You can bring in your car from home or purchase a local car without paying import duty, excise duty or sales tax
For those who want a little help at home, here’s some good news. Each participant is allowed to apply for one domestic helper in accordance to the rules and regulations set by the Immigration Department of Malaysia
And lastly, you can apply for an ID card which allows you to cross borders as a local instead of a foreigner. It must be noted that this card does not give you participant permanent resident status

Restrictions and things to watch out for

There are however some restrictions. If you’re a MM2H participant, you’re not allowed to work or be employed during your stay in Malaysia. Also, the government takes security very seriously. Any security threat or anti-government action can get you on the fast track out of the country.

How to apply

The first step to applying for your MM2H is to find an authorized ‘sponsor’. These ‘sponsors’ are private Malaysian companies that offer application and follow-up services to foreigners. Make sure you only use authorized sponsors as they are the ones licensed by the Ministry of Tourism. Charges for this service vary dramatically and it is wise to check with a few ‘sponsors’ before deciding on the right one for you. Below are links to some authorized ‘sponsors’ to help you get started.

http://www.mysecondhome.com.my/

http://visahome.com.my/

Want to find out more about the MM2H? Click here for more detailed information on moving to Malaysia: http://www.mm2h.gov.my/index.php

Sidd Lobo
Freelance writer based out of Munich