Malaysia My Second Home (MM2H) Program
The Malaysia My Second Home (MM2H) program has already received 30,000 applications from people around the world since its launch more than a decade back. Most of these people are retirees. While many plan to relocate and settle here permanently, others are looking forward to spend some quality time for an extended period in this country. A good thing about this program is that people below retirement age and for those people who work outside Singapore but wanted to have a base at Malaysia applicable for MM2H. Government of Malaysia gives assurance to all applicants that after a period of 10 years, their visas would be renewed.
Ministry of Tourism and Culture (MOTAC) is responsible for promoting MM2H, with approval of applicants and issuance of visas made directly by the Immigration Department of the Ministry of Home Affairs. A “MM2H One-Stop Centre” has been set up under the MOT and it is anticipated that all visa procedures will be transferred from the Immigration Department to the One-Stop Centre by the end of 2006.
Advantage for those who stay long here able to get permission to avoid any taxes in his home country with a little help from the Malaysian government. There is a material advantage as well, since Malaysia does not levy any taxes on foreign remittance. Most important things that concerns elderly people is medical care with several internationally (ISO) certified hospitals available in Malaysia offering first-class care, quite fast and easy to get medical attention and gain access to specialists in Malaysia.
The program is open to all citizens of countries recognised by Malaysia regardless of race, religion, gender or age. Applicants are allowed to bring along their spouse and unmarried children below 21 years old. So far over 23,000 people have been approved for the MM2H visa. Applicants 50 years old and above can either choose to:
Open a fixed deposit account in Malaysia of MYR150,000.00 with a local branch; OR
Show proof of monthly off-shore government pension of at least MYR10,000.00.
All applicants and their dependents (spouse and children) are required to submit a medical report from any private hospital, medical insurance policy covering in Malaysia and participants in the incentives program. Each participant is permitted to purchase residential houses at a minimum price above RM 1,000,000 (1M) at Kuala Lumpur and Penang that are pre-approved by the Foreign Investment Committee of Malaysia.
There is few restrictions on MM2H program there is participants are not allowed to work or be employed while staying in Malaysia. Persons wishing to obtain employment visas should apply directly to Immigration Department of Malaysia. Participants should not participate in activities that can be considered sensitive to the local people and/or a threat to the security of the country.
Source: Wikipedia & 12retireinmalaysia.com