Residency in Malaysia - My Second Home Program in Malaysia

Malaysia is a rapid-growing country in the field of economy, infrastructure and tourism. It is usual that this country will gain foreign attentions. The Tourism and Cultural ministry of Malaysia have taken this aspect in consideration. Malaysian government and authorities have introduced an opportunistic initiative. They have announced a program called MM2H. This MM2H stands for Malaysia My 2nd Home. The name itself is self-explanatory. It is an opportunity for potential expats all over the world to get a resident permit in Malaysia. If approved, applicant can migrate in to this country with spouse and children. It is without any doubt a very exciting offer. But this opportunity is not meant for everybody. People with strong financial backup can only enroll for this program. So far more than 40,000 expats from various nations got their approval in MM2H program. If you think you have a financial coverage for MM2H program, then this article is for you. Procedures and requirements for MM2H The are some differences in requirements for applicants of age below and above 50 years. For instance, a deposit of RM 300,000 is compulsory if the applicant is below 50. She or he need to show a liquid asset of RM 500,000 and a monthly offshore income of RM 10,000. Although, the depositor, can withdraw an amount of RM 150,000 after a year of deposit. For a candidate above 50 year, this deposit money has to be RM 350,000. He/ She also need to show an offshore government pension worth RM 10,000. Other than financial requirements, you need some common paperwork and documents. Following are the documents common to all possible candidates applying for MM2H: Medical insurance Medical report Required financial statements These are the facilities a candidate will get if approved for this program: Government permits property purchases. An approved candidate can buy a property in Kuala Lumpur, Penang or Sarawak. The costs ranges from RM 300,000 to RM 1 Million depending on the location. Participants from Sarawat has a permission to set their property anywhere in Malaysia. So, there are many areas where an approved candidate can buy a property in cheaper rate. Participants can buy vehicle Once approved a participant can buy a vehicle for personal usage. Government even allowed tax relaxation for local assembled or imported reconditioned vehicles. Ministry of Finance supposed to provide further facilities on vehicle purchases. Applicant can apply for State Identification card All approved entities can apply for State Identification card from Immigration Department. Having this ID card will give access through immigration check points in Malaysia. This State Identification card will also be helpful as long as residing in Malaysia. Part- time work is applicable for candidate above 50 Senior citizen with age above 50 can work part-time in Malaysia. So if you are an immigrant with age above 50, you can apply for any part- time job if interested, Education facilities for dependents Dependents of the candidate have the permission for schooling under MM2H program. The dependent must be below 21 and has to be legal children of the applicant. Furthermore, continuing school in Malaysia, dependent need to collect a student pass. Maid service Under the guidelines of Malaysia, Individual participants can hire a maid servant. In such case, hired staff should get wages and facilities mentioned in the guideline. Application procedure Various registered private body carries out application procedure of the MM2H. This Private companies are also called "Sponsor." The ministry of tourism of Malaysia provide license to these companies. Each of these companies process all applications and guide applicants in every step. The charge for such services varies from one sponsor to the next. From 2009 government of Malaysia has started self-service system in MM2H program. Here applicant can collect and fill-up their own application form. Immigration office's one stop service is available to help MM2H application process. On implementing such facility, candidate now no need to depend on sponsor companies. Such facility somewhat varies from state to state. Some state may demand for an agent to carry out the application procedures. Conclusion The article here has structured out a rough requirement for MM2H program. There are several other needs that need to be under consideration. For instance, you must have knowledge on taxation procedure under this program. There are several restrictions, do's and don'ts that you have to keep in mind. You may have to sign up for various of such agreements and deeds once appeared as a participant.