Successful applicants (after 1 April, 2006) are required to comply with the following financial criteria upon receipt of the "conditional approval":
Aged below 50 years old:
• Open a fixed deposit account of RM300,000.00 (approximately US$82,000). Exchange rate is RM3.65 to US$1.
• After a period of one year, the participant can withdraw up to RM240,000.00 (approximately US$66,000) for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
• Must maintain a minimum balance of RM60,000.00 from second year onwards and throughout stay in Malaysia under this program.
Aged 50 years and above:
• Open a fixed deposit account of RM150,000.00 (approximately US$41,000) OR show proof of monthly off-shore income of RM10,000.00 (approximately US$2700) such as pension scheme.
• After a period of one year, participant who fulfills the fixed deposit criteria can withdraw up to RM90,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
• Participant must maintain a minimum balance of RM60,000.00 from the second year onwards and throughout stay in Malaysia under this program.
Successful applicants need to open their fixed deposits in Ringgit Malaysia (RM) only.
Participants under this program (both new and existing) may withdraw their entire fixed deposit anytime should they decide to terminate their stay in Malaysia under this program. However, they must obtain prior approval from the Ministry of Tourism.
Medical Report
All applicants and their dependents (spouse and children) are required to submit a medical report from any private hospital in Malaysia.
Medical Insurance
• Approved participants and dependents (spouse and children) must possess a valid medical insurance policy from any insurance company in Malaysia.
• Participants can also refer to the Section on 'Incentives and Others' on Health and Well-Being of Participant.
Incentives
Participants of Malaysia My Second Home program are provided with various incentives to make their stay even more comfortable and enjoyable in Malaysia. The incentives provided are as follows:
House Purchase
Each participant is allowed to purchase up to two units of residential houses at a minimum prices above RM150,000 each, depending on the location of the property. Generally the minimum price for the purchase of houses in Malaysia are as follows:
• Above RM350,000 each for certain areas in the state of Sarawak
• Above RM250,000 each for the state of Pulau Pinang, Melaka and Johor
• Above RM150,000 for other states
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.
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 18 years old and not married as their dependants under this program. Children who intend to continue their schooling in Malaysia are required to apply for a Student Pass and should be insured throughout their stay under this program. Please refer to the Ministry of Higher Education Malaysia's website at http://www.mohe.gov.my for a complete list of all private institutions of learning in this country and click on Section 'Incentives and Others' on Registering Children in Private Colleges and Universities.
Tax
Participants are bound by the policies, 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 ofhttp://www.hasil.org.my for the tax system
All applicants who wish to apply to stay in Malaysia under Malaysia My Second Home program must submit the following documents:
• Letter of Application
• Two (2) copies of Form IM.12 (Social Visit Pass Form)
• Two (2) passport-sized photographs
• A certified copy of Passport / travel document (all pages)
• A certified copy of a Marriage Certificate (if accompanied by spouse)
• A certified copy of birth certificate (if accompanied by Children)
• A certified copy of latest bank statement /other related finacial document to indicate the financial capability to support stay in Malaysia
Participants under Malaysia My Second Home program are not allowed to work nor do business while staying in Malaysia.
In addition, they should not participate in activities that can be considered as sensitive to the local people and a threat to the security of the country.