PENANG INFORMATION - MALAYSIA MY 2ND HOME (MM2H)
PENANG - My 2nd Home Programme (MM2H)
Penang with its natural beauty, laid back nature, tropical weather and historical significance is becoming one of the world's top destination to live and invest in. Offering a low cost-of-living and increasingly world-class living standards and infrastructure, the tropical haven is an ideal second home or retirement destination for considerations.
The ' Malaysia My Second Home ' is a special programme initiated by Malaysia Government under a scheme specially designed to encourage Expatriate retirees to buy properties and live in Malaysia as their second home.
The number of second home ownership by offshore expatriates have increased to 12,000 since the scheme was initiated in 2002.
Benefits Of Malaysia My Second Home
Interested expatriate participant can purchase a house or apartment during their stay in Malaysia. Value of the property must not be less than Rm500,000.00
Each participant can bring in their own personal car or to purchase Malaysia-assembled car with the need to pay import tax, excise duty and sales tax. The waiver on duties can be as much as 300 % .
Employment of one housemaid for household chores is allowed for every participant.
Terms And Conditions For Application Of Malaysia My Second Home Programme
Applicants Below 50 Years Of Age
Need to open a fixed deposit account in Malaysia and maintain a minimum balance amount of Rm300,000.00 for a period not less than 1 year, after which the participant can withdraw Rm150,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical expenses. From the second year onwards, the participant is required a minimum of Rm150,000.00 throughout his/her period of stay in Malaysia under MM2H.
Applicant Above 50 Years Of Age
Either open a fixed deposit account in Malaysia and maintain a minimum balance amount of Rm150,000.00 for period not less than 1 year ; Or show proof of government approved pension funds of Rm10,000.00 per month.
After a period of one year, the participant who maintained Rm150,000.00 in fixed deposit, can withdraw Rm50,000.00 for approved expenses related to house purchase, education for children in Malaysia and medical expenses. A minimum balance of Rm100,000.00 must be maintained in the fixed deposit account throughout his/her period of stay in Malaysia under MM2H.
Note: Approved expatriate applicants of all ages who may have purchased and owned properties at RM 1 million and above in Malaysia, are still required to maintain the minimum fixed deposit amount in their account until they decide to terminate their participation in MM2H programme.
Interested applicants for MM2H programme can check on latest information updates from Malaysian government official web site : www. mm2h.gov.my.