The Malaysia My Second Home Programme offers non Malaysians a ten year renewable visa and various other privileges which are explained in this website. So far over 30,000 people have been approved and it is generating a lot of interest. The programme is primarily attracting people who wish to retire in Malaysia or spend extended periods here.
Ten Year Visa For Malaysia
Successful applicants will receive a ten year visa which allows them multiple entry and exit from the country. However it should be noted that the visa is issued based on your passport validity. It is very important to check the expiry date of your visa when you receive it as it may well not agree with the passport validity. In most cases the visa will expire some time before the expiration of your passport. You are required to obtain a new passport and get the visa extended before the expiration date of the visa chopped in your previous passport. Failure to do this means you will have to pay a penalty as the immigration department will regard you as being in the country illegally.
The government has advised that this visa does not lead to Permanent Residency. Obtaining PR in Malaysia is a difficult and lengthy process.
House Purchase In Malaysia
Participants can apply for a bank loan in Malaysia for the purpose of purchasing a property. (There is a minimum price, which has changed more than once on recent years and varies depending on the state – please contact our help desk for the latest rules & regulations.) It should be noted that local banks will require evidence of ability to repay the loan and usually require repayment by the time the borrower reaches 65 or 70. It is possible for foreigners to buy freehold land in Malaysia. All property purchasers have to receive state approval, which can take up to six months to secure.
Duty Free Car Purchase In Malaysia
A participant can choose to either import one car, which already belongs to him, from his country of residence subject to approved permit (AP), which is exempted from payment of import duty, excise duty and sales tax OR purchase one locally made car in Malaysia free of any taxes. It should be noted that if you import a car it must have been owned by the applicant before the MM2H application was submitted.
The application for importing a car has to be done within 6 months from the date of visa endorsement and the purchasing of a locally assembled made car must be done within 1 year from the date of visa endorsement. The approval for importing a tax-free car can take up to 3 months and the approval to purchase a locally assembled made car can be approved can take up to roughly 1 month.
Learn more about purchasing and importing cars in Malaysia.
If you have any questions about MM2H or would like us to be your agent, please contact us through our free help desk.