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Malaysia: My Second Home Plan
The rules and regulations allowing foreigners to come and stay in Malaysia have been relaxed. Before 2001, foreigners who intend to build a second home in this country must be at least 55 years old or above and they must also have reached their retirement. Due to these stringent requirements, the response was not good and this prompted the government to revise some of the original stipulations. Realising that foreigners who make a second home in Malaysia are here to stay for long term that in turn help to boost the economy of the country, changes have been made to the previous rules and regulations. Beginning in 2001, there is no longer an age limit imposed on such foreigners. Applicants must have at least RM150,000.00 in the form of a fixed deposit in a local bank in order to qualify. For working applicants, the minimum income for singles must be at least RM7,000.00 while for a couple, their combined earnings must be at least RM10,000.00. As for applicants who are 50 years old and above, they only need to furnish proof in the form of the previously mentioned fixed deposit and also proof of their earning power. Applicants must also have a local guarantor except in applications where they meet all the rules and regulations set out by the Malaysian Government. For convenience, property developers are allowed to become guarantors and applicants with guarantors supporting their application will be exempted from an interview with the Immigration Department. In such a case, the guarantor will have to register himself with the Immigration Department. Applicants will be required to go through a medical check up and purchase medical insurance. Successful applicants are prohibited from working, i.e. becoming an employee of a company. They are however allowed to open their own company after obtaining approval from the Immigration Department. Interested parties can apply from the Immigration Department, Tourism Department and Malaysian embassies located abroad. Applications can also be made through agents, lawyers and other parties approved by the Malaysian Government. This “Malaysia : My Second Home” plan is targeted at high income earners of foreign origin and its promotions done by the Tourism Board of Malaysia. Applicants and their families only need to hand in two passport size photographs of themselves and the necessary related documents. Their applications will be processed and approved (if they qualify) in 30 days' time. Normally, the age of an applicant is a crucial determining factor – the older an applicant is, the more chances of him obtaining approval. Successful applicants will be given a visa, renewable every five years, that has no restriction on the number of times they can enter Malaysia. They will be allowed to purchase property valued at least RM150,000.00 and above. "Malaysia : My Second Home" plan actually possesses many attractive qualities for retired foreigners. For example, Hong Kong nationals find Malaysia has a lower living standard with expenses at a much lower rate. Therefore retired foreigners with their retired fund will have more purchasing power to spend in Malaysia compared to their own countries. Foreigners with children studying in Malaysia should consider making their second home here as they will be able to visit their offspring anytime coupled with expenses at an affordable rate. Other type of applicants include those whose countries are at war and for such a group, they do not have to wait for their visa approval but can enter the country direct as long as they meet all the rules and requirements. For further information on "Malaysia : My Second Home" plan, please contact :
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