What are the
latest Terms and Conditions for Malaysia My Second Home Programme?
Terms and Conditions (New)
Financial Requirement (updated:31 March 2006)
Successful applicants (after 1 April, 2006) are required to comply
with the following financial criteria upon receipt of the
`conditional approval’:
i) Aged Below 50 years old
Opened a fixed deposit account of RM300,000.00 or
USD75,000.
After a period of one year, the participant can withdraw up to
RM240,000.00 or USD60,000 for the purchase of house, children
education or medical purposes in Malaysia.
Must maintain a minimum balance of RM60,000 or USD15,000 from second
year onwards and throughout stay in Malaysia under this programme.
ii) Aged 50 years and above
May either choose to:
- Opened a fixed deposit account of RM150,000.00 or
USD40,000; OR
- Show proof of monthly off-shore income of RM10,000.00
or USD2,500 (such as a pension scheme).
After a period of one year, participant who fulfills the fixed
deposit criteria can withdraw up to RM90, 000.00 or USD25,000 for
the purchase of house, children education or medical purposes in
Malaysia.
Participant must maintain a minimum balance of RM60,000.00 or
USD15,000 from second year onwards and throughout stay in Malaysia
under this programme.
Note:
1. Successful applicants need to open
their fixed deposit accounts in Ringgit Malaysia (RM).
2) Participants need to obtain
prior approval from Ministry of Tourism before proceed to withdraw
the fixed deposit
3) Participants under this programme 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 Ministry of Tourism.
EXISTING PARTICIPANTS (JOINED BEFORE 1 APRIL, 2006)
Existing participants will not be subjected to the new financial
requirements when they next renewed their stay in Malaysia under
this programme. Participants who complied with the fixed deposit
criteria are allowed after a one year stay in Malaysia to withdraw
their fixed deposit as follows:
i) Single Participant with fixed deposit of RM100,000.00
Can withdraw up to RM40,000.00 for the purchase of house, car or
invest in local share market
Must maintain a minimum balance of RM60,000.00 from second year
onwards and throughout stay in Malaysia under this programme
ii) Participant with spouse with fixed deposit of RM150,000.00
Can withdraw up to RM90,000.00 for the purchase of house, car or
invest in local share market
Must maintain a minimum balance of RM60,000.00 from second year
onwards and throughout stay in Malaysia under this programme
Note:
Participants under this
programme (both new and existing) may withdraw their entire fixed
deposit anytime should they decide to terminate their stay in
Malaysia. However, they must obtain prior approval from Ministry of
Tourism.
Medical Report
All participants and their
dependants (spouse and children) are required to submit a medical
report from any private hospital in Malaysia.
(Click here for list of
private hospitals in Malaysia)
Medical Insurance
Approved participants and dependents (spouse and children) must
possess a valid medical insurance policy which is applicable in
Malaysia. (Click
here for list of insurance companies in Malaysia)
Education
Children of Applicant
Applicant are required to apply for their children to study in
schools or any Institution of higher leaning recognized by the
Malaysian Government and to inform the Immigration Department so
that an endorsement “Permitted to study at…….. from…….to…….” can be
stamped by Malaysian Immigration Department on the passport.
Dependent of Applicant
Dependent of applicant (other than children) who wants to study in
any school or institution of higher learning recognized by the
Malaysia Government are required to inform the department for the
issuance of Student Pass.
(Click
here for list of Private Universities and Colleges in Malaysia)
Tax
Successful applicants are bound by the policies, systems and
regulations of tax of this country and are not accorded privileges
as granted to the Diplomatic Missions in Malaysia
Employment of Maid
Applicant are allowed to bring along their maid or apply for one
from source country. Process of bringing or applying for a maid
under Malaysia My Second Home Programme are subjected to the
terms and conditions for application of maid in this country, and it
will be processed by the Visa, Pas and Permit Division (of
Immigration
Department of Malaysia).
Fees
A payment of RM90.00 per year is charged for the issuance of a
Social Visit Pass under the “Malaysia My Second Home Programme”.
Visa fee is chargeable according to the existing rate applicable to
each country. Please refer to Immigration Department of Malaysia (http://www.imi.gov.my)
for a listing of the visa fee chargeable according to country of
origin.
For more information about Rules and Regulations from Immigration
Department of Malaysia,
please click here.
Why choose
to retire in Malaysia?
What are the latest Terms and Conditions?
What are the application procedures?
Where to apply?
What forms are available?
What are the frequently asked questions?
Back to
Malaysia My Second Home Programme
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