Malaysia My Second Home program is an international residency scheme enacted by the Government of Malaysia to allow foreigners to live in the country on a long-stay visa of up to 10 years. Successful applicants are then entitled to enter and leave the country on a largely unrestricted basis, and also benefit from other incentives aimed at making their stay in Malaysia more convenient.
In 2017, the government has approved over 30,000 applications under the Malaysia My Second Home program, with the highest number of applications from China. Most of the applicants were from China, followed by Japan, Bangladesh, the United Kingdom, Iran, Singapore, Taiwan, Korea, Pakistan and India.
Upon Application Financial Requirements
1. Applicants under 50 are required to show liquid assets above RM500, 000 and a monthly income of over RM10, 000.
2. Applicants over 50 are required to show assets over RM350, 000 and monthly income of RM10, 000.
Upon Approval Fixed Deposit Requirements
Applicants under 50 will need to open a fixed deposit account in Malaysia of MYR300, 000.00 at any bank with a local branch. After a period of one year, the participant can withdraw up to MYR150, 000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
Applicants over 50 that received a government pension over RM10, 000 a month will be exempted from making the Fixed Deposit. Applicants can either choose to open a fixed deposit account in Malaysia of MYR150, 000.00 with a local branch; or show proof of monthly off-shore government pension of at least MYR10, 000.00.
After a period of one year, the participant who fulfills the fixed deposit criteria can withdraw up to MYR50, 000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
If you have further enquire, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Malaysia Office hotline by 603- 2141 8908 or email to email@example.com. Add: Unit 6.06, Level 6, Amoda 22, Jalan Imbi, 55100, Kuala Lumpur, Malaysia.
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