What is Iskandar Malaysia ?
Why Invest in Iskandar Malaysia?
Schedule of Payment
Real Property Gain Tax (RPGT)
Malaysia My Second Home Programme
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 recognised by Malaysia regardless of race, religion, gender or age. Applicants are allowed to bring their spouses and unmarried children below the age of 21 as dependants.
It is open to citizens of all countries recognised by Malaysia regardless of race, religion, gender or age. Applicants are allowed to bring their spouses and unmarried children below the age of 21 as dependants.
Financial Requirement
Applicants are expected to be financially capable of supporting themselves on this programme in Malaysia.
Upon application: i. Applicants aged below 50 years are required to show proof of liquid assets worth a minimum of RM500,000 and offshore income of RM10,000 per month. For certified copy(s) of Current Account submitted as financial proof, applicants must provide the latest 3 months’ statement with each month’s credit balance of RM 500,000.
ii. Applicants aged 50 and above may comply with the financial proof of RM350,000 in liquid assets and off shore income of RM10,000 per month. For certified copy(s) of Current Account submitted as financial proof, applicants must provide the latest 3 months’ statement with each month’s credit balance of RM 350,000. For those who have retired, they are required to show proof of receiving pension from government approved funds of RM 10,000 per month.
iii. New applicants who have purchased properties worth at least RM 1 million qualify to place a lower fixed deposit amount upon approval.
Applicants are expected to be financially capable of supporting themselves on this programme in Malaysia.
Upon application: i. Applicants aged below 50 years are required to show proof of liquid assets worth a minimum of RM500,000 and offshore income of RM10,000 per month. For certified copy(s) of Current Account submitted as financial proof, applicants must provide the latest 3 months’ statement with each month’s credit balance of RM 500,000.
ii. Applicants aged 50 and above may comply with the financial proof of RM350,000 in liquid assets and off shore income of RM10,000 per month. For certified copy(s) of Current Account submitted as financial proof, applicants must provide the latest 3 months’ statement with each month’s credit balance of RM 350,000. For those who have retired, they are required to show proof of receiving pension from government approved funds of RM 10,000 per month.
iii. New applicants who have purchased properties worth at least RM 1 million qualify to place a lower fixed deposit amount upon approval.
Upon Approval
Successful applicants are required to comply with the following financial criteria upon receipt of the `conditional approval letter' from Immigration Department of Malaysia..
Aged Below 50 years old
* Open a fixed deposit account of RM300,000.00.
* After a period of one year, the participant can withdraw up to RM150,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
* Must maintain a minimum balance of RM150,000.00 from second year onwards and throughout stay in Malaysia under this programme.
Approved participants who have purchased and own property which were bought at RM1 million and above in Malaysia may comply with the basic fixed deposit requirement of RM 150,000 on condition that the property has been fully paid and ownership documents such as grant and land title have already been issued. This amount may not be withdrawn until the participant decides to terminate his participation in MM2H programme.
Aged 50 years and above * Can either choose to:
- Open a fixed deposit account of RM150,000.00 ; OR
- Show proof of government approved pension funds of RM10,000
* After a period of one year, participant who fulfills the fixed deposit criterion can withdraw up to RM50,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
* Participant must maintain a minimum balance of RM100,000.00 from the second year onwards and throughout his/her stay in Malaysia under this programme.
Approved participants who have purchased and owned property which were bought at RM1 million and above in Malaysia may comply with the basic fixed deposit requirement of RM 100,000, on condition that the property has been fully paid and ownership documents such as grant and land title have already been issued.This amount may not be withdrawn until the participant decides to terminate his participation in MM2H programme.
Successful applicants are required to comply with the following financial criteria upon receipt of the `conditional approval letter' from Immigration Department of Malaysia..
Aged Below 50 years old
* Open a fixed deposit account of RM300,000.00.
* After a period of one year, the participant can withdraw up to RM150,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
* Must maintain a minimum balance of RM150,000.00 from second year onwards and throughout stay in Malaysia under this programme.
Approved participants who have purchased and own property which were bought at RM1 million and above in Malaysia may comply with the basic fixed deposit requirement of RM 150,000 on condition that the property has been fully paid and ownership documents such as grant and land title have already been issued. This amount may not be withdrawn until the participant decides to terminate his participation in MM2H programme.
Aged 50 years and above * Can either choose to:
- Open a fixed deposit account of RM150,000.00 ; OR
- Show proof of government approved pension funds of RM10,000
* After a period of one year, participant who fulfills the fixed deposit criterion can withdraw up to RM50,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
* Participant must maintain a minimum balance of RM100,000.00 from the second year onwards and throughout his/her stay in Malaysia under this programme.
Approved participants who have purchased and owned property which were bought at RM1 million and above in Malaysia may comply with the basic fixed deposit requirement of RM 100,000, on condition that the property has been fully paid and ownership documents such as grant and land title have already been issued.This amount may not be withdrawn until the participant decides to terminate his participation in MM2H programme.
Medical Report
All applicants and their dependants are required to submit a medical report from any private hospital or registered clinic in Malaysia.
All applicants and their dependants are required to submit a medical report from any private hospital or registered clinic in Malaysia.
Medical Insurance
Approved participants and their dependants must possess valid medical insurance coverage that is applicable in Malaysia from any insurance company.
However, exemptions may be given for participants who face difficulty in obtaining a medical insurance due to their age or medical condition.
Approved participants and their dependants must possess valid medical insurance coverage that is applicable in Malaysia from any insurance company.
However, exemptions may be given for participants who face difficulty in obtaining a medical insurance due to their age or medical condition.
Fees - Purchase property
1. Government Stam Duties
2. Legal fees - Sale & Purchase Agreement and Loan Agreement
3. Valuation Fee
4. Agent Fee - If any..
2. Legal fees - Sale & Purchase Agreement and Loan Agreement
3. Valuation Fee
4. Agent Fee - If any..
STAMP DUTY FOR PURCHASE OF REAL ESTATE
Stamp Duty on loan agreement
Stamp duty on loan agreement = 0.5% X Total loan amount
2. Legal Fees
ISKANDAR - A Livable Metropolis In The Making
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