Malaysia My Second Home
Malaysia My Second Home Programme is promoted by the Government of Malaysia to allow foreigners who fulfill certain criteria, to stay in Malaysia for as long as possible on a multiple-entry social visit pass.
The Social Visit Pass is initially for a period of ten (10) years, and is renewable.
Eligibility
It is open to citizens of all countries recognized by Malaysia regardless of race, religion, gender or age. Applicants are allowed to bring their spouses and unmarried children below the age of 18 as dependants.
Foreigners who are married to Malaysians are not eligible for MM2H programme but may apply to stay in Malaysia under the Immigration Department's "Spouse Programme" with a Long Term Social Visit Pass (please refer to website http://www.imi.gov.my ).
Governmental Support
This programme is initiated, organized and launched by the Malaysian Government and is thus one that the Government will continuously seek to improve, to ensure its success.
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
Each participant is allowed to purchase residential houses at price above RM250,000, depending on the location of the property.
Generally the minimum price for the purchase of houses in Malaysia is as follows:
1 Above RM300,000 per unit for certain areas in the state of Sarawak (Kuching, Miri)
2 Above RM250,000 per unit for other state.
ACQUISITION OF PROPERTIES BY FOREIGN INTERESTS UNDER FOREIGN INVESTMENT COMMITTEE (FIC)’S GUIDELINE
1. Acquisition of Residential Units Under Malaysia My Second Home Programme
a. Purchase of residential unit is exempted from FIC’s approval under the Malaysia My Second Home Programme.
b. All categories of residential units are allowed except for low-cost and medium low-cost units as determined by the state authorities, all properties built on Malay reserve land, units that are reserved for Bumiputera quota and agricultural land developed on the basis of the homestead concept.
c. State authority has the discretion to consider the acquisition based on location, no. of units in any single project development and type of the properties.
d. Any proposed acquisition under Malaysia My Second Home Programme must be directly applied to (Ministry of Tourism).
e. The detail particulars of the acquisition, should be notified to FIC by the Ministry.
2. Acquisition of Properties
a. Acquisitions of properties other than residential units are subjected to FIC’s approval
b. Any proposed purchase should be more than RM250,000 except state of Sarawak where the purchase should be more than RM300,000.
3. Transfer of Properties by Foreign Interests
a. Transfer of properties by foreign interests are only allowed to their immediate family members only
- Family members under FIC’s guidelines are through marriage (husband and wife), blood ties (grandfather, grandmother, siblings, step-children and legally adopted children)
b. Transfer of properties through Will or Court Order is exempted from FIC’s approval
Procedure for Acquisition of Properties under Malaysia My Second Home
Programme
Acquisition Procedure Of Residential Unit Under Malaysia My Second Home Programme
a. Identify the property in which the participant intends to acquire
b. Buy properties that have been issued the Certificate of Fitness (CF)
c. Seek information on the property from relevant authorities (land office, local authorities)
d. Assign a lawyer and get the S & P Agreement signed
e. Get a letter from Ministry of Tourism certifying that the acquirer is a participant of Malaysia My Second Home Programme
Disposal of Properties
a. Identify interested local buyer. If foreign buyer, please seek prior approval from FIC
b. Sign the S & P agreement with the interested buyer
c. Notify relevant authorities (FIC, Ministry of Tourism, Inland Revenue Board) of the disposal of the property
For further inquiries, kindly contact:
Malaysia My Second Home Centre (MM2H)
Ministry of Tourism Malaysia
Level 23,Menara Dato’ Onn
Putra World Trade Centre
50695 Kuala Lumpur, Malaysia
Tel : +603 – 2696 3351
Fax : +603 – 2698 8533
Website : http://mm2h.motour.gov.my
Foreign Investment Committee (FIC)
Economic Planning Unit,
Prime Minister's Department,
Block B5 & Block B6,
Federal Government Administrative Centre,
62502 Putrajaya
Tel: +603 – 8888 3333
Fax: +603 – 8888 3755
Website: http://www.epu.jpm.my
Joint us as a member of JUTALINE, you will enjoy the service of a group of
our professional consultants in providing you with our professional advise
through our web and emails.
Why hassle with the research of the rules and regulations, engage us to
conduct on the necessary research just for you.
Join us now!
|
|
Back |
|
|
