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FINANCIAL REQUIREMENTS:
Below
50 years of age:
1. Fixed
deposit of RM300,000 (upon conditional approval of MM2H visa)
2. You
can withdraw RM150,000 after one (1) year
3. Must
maintain a minimum balance of RM150,000 from second year onward and
throughout stay in Malaysia under this program
4. Monthly
income of RM10,000 or equivalent in foreign currency (to show during
application)
Above
50 years of age:
1. Fixed deposit of RM150,000 OR
monthly off-shore pension of RM10,000 (government pension is 100% accepted but
the committee will evaluate if it is from a private source. If the pension
organization is reputable, then it might be accepted. If not, the approval will
be changed from pension to fixed deposit)
2. Government pension - husband
& wife's pensions can be combined.
3. Fixed deposit of RM150,000 is
only required only after the approval is obtained
4. Fixed deposit - you can withdraw
RM50,000 after one (1) year
5. Must maintain a minimum balance
of RM100,000 from second year onwards and throughout stay in Malaysia under
this program.
If the
applicant has purchased properties worth more than RM1million, they may be
exempted from putting in the full amount into the fixed deposit. However, they have
to pay up fully for their property.
YOUR
SOUND FINANCIAL STRENGTH EVIDENCE:
All applicants
must show that they have at least RM500,000 (RM350,000 for those above the age
of 50) equivalent in cash, deposits, bonds, securities, properties and other
assets.
YOUR
MEDICAL INSURANCE:
Medical
insurance is required for all applicants (including spouse and children).
Prices starts from RM 100 upwards and it depends on the age of the applicant.
YOUR
MEDICAL REPORT:
Medical check-up
is required for all participants (including spouse and children). It will be
done only when you come in for passport endorsement, not during application.
Important
Notes:
• The money can only be withdrawn
to purchase residential properties, education for children in Malaysia and for
medical purposes in Malaysia only.
• For residential property
purchase, the sales and purchase agreement has to be signed AFTER the 1 year
period. Otherwise, it is not valid and you cannot withdraw to purchase the
property.
• The deposit can be made in banks
in Malaysia only.
• Deposit cannot be placed in a
Malaysian bank overseas.
• All deposits has to be made in
Malaysian Ringgit only.
• For the pension method, there is
no requirement for you to transfer the money over to Malaysia. A letter from
the pension board and other financial documents (fixed deposits, bank
statements) is required.
• Visa holders are NOT allowed to
work or seek employment in Malaysia.
• Property purchase is NOT a
requirement. You can rent a place to stay if you want to.
• There is NO
"minimum-days-to-stay-in-Malaysia" requirement for this visa.
• To do business under MM2H visa,
you must follow the guidelines from the Ministry of International Trade.
• The main applicant may be the
husband or wife. Whoever has the higher financial strength should be the main
applicant.
• Part time work (20 hours per
week) is allowed but it must be approved by the MM2H committee.
• Employment Pass holders who wish
to participate in the MM2H program are exempted from the “cooling off period”
on the condition that their application to participate in MM2H program is
submitted 3 months before the expiry of the Employment Pass.
• Unmarried children under the age
of 21 are allowed to join this program as dependents of the parents.
• Parents of applicants (including
parents-in-law) are allowed to join applicant as dependent but they will get a
yearly visa. The parents must be more than 60 years old.
MM2HP
Benefits:
1. You are entitled to purchase one
car tax-free OR you are allowed to import your own car tax-free
2. No taxes on the income/pension.
3. You are allowed to stay in
Malaysia (without leaving the country) until the visa expires and you don't
need to leave the country during renewal.
4. You can enter and leave Malaysia as
many times as you may wish having a 10 Years Multiple Visa as a Social Pass.
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