Tuesday, December 17, 2013

Malaysia My Second Home


Have you ever thought about living abroad? Living in a place that is foreign but has enough familiarity to make you feel comfortable? Multi-cultural, multi-ethnic Malaysia is one such destination, for not only is the country blessed with a year round amiable climate, it also enables folks to gain access to a good quality of life without breaking the bank.

In fact more and more people from around the world are beginning to regard Malaysia as a viable retirement option and the country nowadays features near the top in all various listings of the ‘best’ retirement destinations in the world. It is for this reason that the Malaysian government has launched the Malaysia My Second Home retirement scheme.  This scheme invites foreigners to come and lay down roots in Malaysia while choosing it as a retirement or a second home destination.

Salient features of the scheme

Open to all

The Malaysia My Second Home scheme is open to all nationalities.

Ten-year renewable residency visa

Under the scheme, successful applicants are bestowed with 10-year renewable residency visas (social visit pass), which they can renew indefinitely as long as they don’t violate Malaysia’s laws.

Easy and convenient application process

The application process for MM2H is relatively easy and convenient with approvals granted in 60 days. Applicants are not even required to be the country for the application process.

Financial Requirements

The financial requirements of the MM2H are much more reasonable than the investment requirements of various other countries.

Applicants below 50 years of age are required to show proof of liquid assets worth a minimum of RM 500,000 as well offshore income of RM 10,000 per month.

Applicants aged 50 and above must show proof of RM 350,000 in liquid assets and off shore income of RM 10,000 per month.

New applicants who have purchased properties worth at least RM 1 million may qualify for a lower fixed deposit amount.

Further details about financial requirements are available at:- http://www.mm2h.gov.my/conditions.php
 
Dependents

Successful applicants are permitted to bring along their spouses and unmarried dependents aged 21 and under.

Medical Insurance

All applicants and their dependents are required to submit a medical report from a private hospital or government agency. Successful applicants and their dependents are required to have valid insurance coverage for the duration of their stay in Malaysia.

Work

All MM2H visa holders are permitted to own businesses in Malaysia and if you are more than 50 years old, you are also permitted to work part-time (not more than 20 hours a week) in some critical need sectors Education, Bio-tech, Medical etc.

Incentives

In order to make the scheme more attractive, the Malaysian government offers a range of incentives for applicants under the MM2H scheme.

Want to explore new frontier in your advanced years? Why not explore the Malaysia My Second Home Scheme?

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