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Malaysia: My Second Home Plan
In order to make their stay in Malaysia comfortable and enjoyable, Malaysia My Second Home Programme (MMSH) participants are provided with various incentives, including:
House purchase
Each participant is allowed to buy two residential houses valued at between RM11 50,000 and RM350,000 and above - each. The minimum price will depend on location. The minimum price for house purchases is generally set at RM150,000 and above, except for Penang , Malacca and Johor - set at RM250,000 and above. But for Sarawak , the cheapest price is RM350,000 and above. Car purchase
Each participant is allowed to bring in his own car (used) or purchase a locally-assembled car without having to pay import duty, excise duty and sales tax. However, they must apply for prior approval within the time period given by the Finance Ministry and Ministry of International Trade and Industry.
Domestic helper
Each applicant can apply for one maid subject to the prevailing guidelines of the immigration Department.
Education
MMSH participants are allowed to bring their children who are below 18 years old and not married as their dependants. Dependants who intend to continue their schooling in Malaysia are required to ~ for a student pass.
Financial requirements
Effective April 1, MMSH applicants are required to comply with the following financial criteria:
1. Those aged below 50 years are required to open a fixed deposit (FD) account of RM300,000 or US$75,000 with any bank in. Malaysia . After a year, the participant can withdraw up to RM240,000 or US$60,000 for the purchase of a house, car or invest in the local share market.
2. For those aged 50 and above, they can choose to open an FD of RM150,000 or US$40,000 with any bank in Malaysia or show proof of monthly offshore income of RM10,000 or US$2,500. For example,payment slip. Those who fulfill the FD critf~ria can withdraw up to RM90,000 or US$25,000 for the purchase o a house, car or invest in the l(cal bourse after a years stay in Malaysia.
3. A minimum balance of RM60,000 or US$15,000 must be maintained in the FD from the second year onward and throughout the applica it's stay in Malaysia under the MMVSH programme.
Retire Plans And Tips with your "Malaysia - My Second Home Program"
1. Retirement Planning
2. 401k Retirement Plan Investing | 401k Investing Tips
3.TIAA-CREF
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