Incentives

Participants of Malaysia My Second Home Programme are provided with various incentives to make their stay more comfortable and enjoyable in Malaysia.

House Purchase

Please be informed that property purchase is not a pre-requisite for participating in MM2H programme.

Any foreigner may purchase any number of residential property in Malaysia, subject to the minimum rates established for foreigners by the different states. They start from RM500,000 per unit for most states, from 1st January 2010. Land is a state matter and it is important to check state laws before making any commitment, as the minimum purchase price is not standardised between states.

We advise buying homes which are already issued with certificates of fitness but if you intend to purchase from developers, ensure that it is a reputable company.

Also ensure that your lawyer does a thorough check with the local land office that you have ownership rights to any property that you are purchasing. Profit made on the sale of property is 5% (Real Property Gains Tax)

* New Announcement
Effective 1 July 2008, new applicants

who have purchased and owned residential property which were bought at RM1 million and above in Malaysia are eligible to apply for exemption from placing the full FD amount required of MM2H participants. They only have to comply with the basic financial requirement of FD or RM 150,000 (for those below 50 years old) or RM100,000 (for those above 50 years old). This amount may not be withdrawn until the participants decide to terminate their participation in MM2H programme.

New applicants have to observe the fullowing 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 300,000 or RM 150,000 respectively, in place of the required Fixed Deposit under this programme. This amount does not include legal fees, transfer fees, commissions and any other related payments.
• The property must cost a minimum of RM 1 million OR
• Several properties totalling RM 1 million and above can be accumulated for this exemption.
• The exemption may be considered for residential property which was bought within 5 years of application to participate in MM2H programme.

The following documents are required to be submitted for the financial exemption:

• Certified copy of Sale and Purchase Agreement
• Certified copy of Transfer of Ownership /Transfer of Deeds(if applicable)
• Proof of mortgage loan payment ( if applicable)
• Proof of Quit Rent/Assessment Rate Bill payment (if applicable)
• Certified copy of Title Deed/Land Title (if applicable)

The supporting documents must be submitted together with the new application to Malaysia My Second Home Centre.

Car Purchase

Each participant is allowed to bring in his/her own personal car OR to purchase a locally-assembled car without the need to pay import duty, excise duty and sales tax.

Import Car

Application to IMPORT a motorcar from the participant’s country of citizenship/last domicile must be forwarded to the Ministry of Finance within a period of six months from the endorsement date of Malaysia My Second Home (MM2H) social visit pass. The condition for such importation is that the MM2H participant should be the owner of the motorcar prior to obtaining the MM2H visa, as evidenced in the motorcar registration document.

Locally-Assembled Car

An Application to PURCHASE a new motorcar made or assembled in Malaysia must be must be forwarded to the Ministry of Finance within a period of one year from the endorsement date of Malaysia My Second Home (MM2H) social visit pass.

Note:

• Completed application forms with relevant documents which are submitted to Ministry of Finance will be processed within 10 working days.
• Do not make an outright purchase of the motorcar before obtaining approval for tax/duty exemption from the Ministry of Finance. However, a booking for a motorcar may be made prior to obtaining approval from the Treasury.
• Importation or purchase of motorcar must be for personal use only and not for commercial use.
• 'Personal Car' is referred to a car which was purchased by participant before joining the MM2H programme.
• Participants are only allowed to sell their imported/locally purchased car after 2 years' stay on the programme.

Domestic Helper

Each applicant is allowed to apply for one maid subject to the prevailing guidelines of the Immigration Department of Malaysia.

Education

Applicants are allowed to bring their children who under 21 years old and not married as their dependants under this programme.

Children who intend to continue their schouling in Malaysia are required to apply for a Student Pass and should be insured throughout their stay under this programme.

Tax

Participants are bound by the pulicies, systems and regulations of taxes of this country and they do not have exemption qualifications as granted to Diplomatic Missions in Malaysia.

However, tax exemption is given to pension remitted into Malaysia. Participants are required to obtain the endorsement from the Authorities in their country of origin as to the total amount of yearly pension received. A copy of this letter has to be submitted in their application.