The idea of having a Second Home visa is not only beneficial but also unique across the world. That’s why MM2H program is just unbeatable comparing to other visas. Be it for trade or delight, Malaysia visa application is suitable for all your purpose.
What are the MM2H Visa Requirements?
Following are the basic financial requirements of MM2H visa:
The visa applicants have to submit the proof of their sufficient financial resources to stay in Malaysia. But they are not allowed to ask for any employment or assistance from the Malaysian government.
Documents required –
Forms & application letter, Supporting documents (salary slip, pension etc.), Passports, Marriage certificate (if married), Business cards, Letter of no criminal records (except people working in Singapore, Hong Kong or Curriculum vitae / resume Singaporeans), Birth certificate (if you have children), Bank statements of last 3 months showing ID photos, deposit of income and your financial strength.
2. Candidates, who are under 50, have to show their liquid assets above RM500,000 along with a monthly income of over RM10,000 (equivalent).
3. For the people above 50, their liquid assets will include all the bonds, cash in the bank and securities.
Fixed Deposit Requirements For MM2H:
1. Applicants, who are accepting pension over RM10,000 per month, can request an exemption from creating the Fixed Deposits.
2. The MM2H Applicants under the age of 50 have to follow these rules mentioned below:
According to the Ministry, the minimum official financial strength is considered to be RM500,000 for the youngsters.
Here are some recommendations for the applicants.
For people less than 30 years = RM1,500,000
People under the age of 40 = RM1,000,000
People under 50 years = RM750,000
They have to create a Fixed Deposit of RM300,000 in a bank account of Malaysia.
If you have purchased your property just before 5 years of your MM2H application, then it’s not required to purchase any fresh property purchase is not required.
They are permitted to withdraw up to RM150,000 for purchasing property, house, medical insurance or expenses for children’s education, only after the certain deposit has been placed for one year. The remaining RM150,000 must be maintained at the bank for as long as the visa is valid.
After two years, these applicants will be eligible to withdraw some amount of their Fixed Deposit for car purchase grant. For Car purchase, the copy of Car Grant from the Road Transport Department is required.
They have to secure a minimum balance of RM150,000 from the second year onwards and throughout their stay in Malaysia under MM2H program.
For the applicants aged or above 50:
They should have an amount of fixed deposit of RM150,000 in Malaysian bank account.
They can withdraw up to RM50,000 of the fixed deposit after one year for property purchase, health insurance or child education.
Applicants have permission to withdraw some amount from their fixed deposit for car purchase grant.
These applicants are bound to have a minimum balance of RM100,000 as long as they want to stay in Malaysia under this program.
For the MM2H Applicants, who won houses with a total value of RM1 million and above.
Should have an evidence of ownership with the details of full payment of the property.
All those properties are required to be purchased within 5 years of application for MM2H visa or else you’ve to purchase fresh property.
They should have a Fixed Deposit of RM150,000 for people under 50 and RM100,000 above 50.
The MM2H visa holders are allowed to stay wherever they like in Malaysia excluding Sabah and Sarawak of Borneo as its mandatory to switch to the Sabah/ Sarawak version. However, conversion is a complicated process in itself, which requires a brand new Malaysia visa application. So, it will be your decision if you want to stay in Sabah/Sarawak.
According to the historical record, in 1963 Sabah and Sarawak united with Malaya to form Malaysia. They asked for sovereignty in some areas and Immigration in one of the areas. Therefore, Malaysians from Peninsular Malaysia have to show their identity cards while entering Sabah or Sarawak. They are provided with a tourist visa of 90-day and Sabah or Sarawak holds the right to reject their entry.