Why Malaysia?
Supported by the Malaysian Government: This is a program initiated and implemented by the Malaysian Government. Therefore, this program has the continuous support of the government to ensure its success.
LIVING STANDARDS: Malaysia has one of the highest living standards in the region. It has the most modern infrastructure and facilities.
Cost of Living: The cost of living in Malaysia is one of the lowest in all of Asia and will remain so for quite some time. This is the result of the government's effective monitoring of the economy to ensure that inflation remains low from time to time, which in turn keeps prices of goods and services low.
Climate: Malaysia's climate is one of 'summer all year round, but fall when it rains', giving it a soothing and mild feel. The residential areas or resorts in the highlands of the country also feel like it is autumn all year round.
Basic amenities: Malaysia has a well-connected transportation system. Its modern highways, railways, air and sea transportation link all the big and small towns in the country. Public transportation such as buses, taxis, trains and airplanes are very comfortable, efficient and inexpensive.
Political stability: Malaysia's ruling government is the longest-serving freely elected government in the world. It is a government that represents all races, religions, cultures and so on. In fact, Malaysia is the most politically stable country in the world.
Rule of Law: The rule of law is fundamental to the Malaysian Constitution. Everyone has to obey the law. Everyone is equal before the law. Basically, Malaysia has a British legal system with an independent, reliable and trustworthy judicial system.
Safety: Statistics prove that Malaysia is one of the safest countries in the world. It has a very low crime rate.
Religion: Islam is the official religion of Malaysia, but the constitution has expressly guaranteed the right of people to practice other religions.
Culture and Language: Bahasa Melayu is the official language of Malaysia; English is the second language. However, other languages are also freely available. Similarly, the Malay culture dominates the country as the Malays are the dominant race in Malaysia and the region. Other cultures can also be practiced very freely. Moreover, the exchange of different cultures is also very free.
Education: Malaysia has one of the best developed and high standard education systems, both in public **** and private colleges. Famous international schools are located in the major cities and the medium of instruction is English. In addition, local universities and colleges have launched twinning programs with renowned universities and colleges around the world. This is a place that offers high standards from kindergarten to higher education. In fact, it is well on its way to becoming a center of educational excellence in the region. Simply put, Malaysia is an ideal place for international education at an affordable price or curve.
Medical Facilities: Malaysia has one of the most efficient health systems in the world and medical services here are very low. Private doctors, clinics and hospitals of international standard are available everywhere and at very reasonable prices. Malaysia is becoming the center of medical facilities in the region.
Housing: Malaysia has a wide range of quality housing throughout the country, including townhouses, semi-detached, detached houses, condominiums and ***** condominiums. There are also high-class residential areas in tourist areas such as the beach, near forests or theme parks, recreational areas and is centers. Foreigners are allowed to acquire two houses in Malaysia at a price not exceeding one hundred and fifty thousand ringgit (RM150,000.00) per house. They can also apply for a 60% loan from a local bank when purchasing a house.
Food and Fruits: Food from all over the world is available in Malaysia at reasonable prices. With so many races and religions living in harmony, it is no wonder that the various races have embraced the best of each other's food and turned Malaysia into an Asian food paradise. Similarly, Malaysia's tropical fruits are unique, attractive, abundant and available all year round. Enjoying these fruits is a real pleasure.
Leisure/Recreation: Malaysia has a wide range of leisure and recreational facilities for young and old, from theme parks, forest adventure/sports to water sports. It also has the largest number of golf courses in proportion to its population.
Shopping: Tourists usually like to buy items such as perfumes, watches, pens, electrical appliances, designer goods, etc., which are not taxed. Inexpensive items imported from overseas are available throughout the country.
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Under the "Malaysia: My Second Home" program, the Malaysian government welcomes foreign nationals with a Social Visit Pass to enter and exit Malaysia unlimitedly and stay in Malaysia for a long period of time. and stay in Malaysia for a long period of time.
The program is open to people from all over the world irrespective of nationality, age, religion and gender, and allows them to travel to Malaysia with their spouses, dependants (schooling or non-schooling) and a domestic helper.
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General Questions
1. Q: What benefits are available to participants of this program?
A: Successful applicants can enjoy the following benefits:
1. Upon obtaining a letter of approval from the government, you can purchase a house in Malaysia and enjoy up to 90% of the purchase price.
2. Purchase a car to Malaysia tax-free after half a year of obtaining Malaysian 2nd Homeland status.
3. Interest rate on fixed deposits (currently around 2.5% p.a.)
4. Interest on fixed deposits is tax deductible (see below under Fixed Deposits)
5. Bringing a domestic helper to Malaysia
6. Unlimited and discretionary residency in Malaysia
2. Q. What can I do to increase my chances of being approved?
Answer:Depositing a specified fixed deposit or/and providing a monthly income proof are only the minimum requirements to apply for this program. To increase the chance of approval, applicants are required to provide additional proof of deposit, other monthly income proofs and other asset proofs. If the applicant only provides a bank deposit equivalent to RM300,000.00 and income proof of RM10,000.00, the application will be difficult to be accepted. In addition, family applications are easier than individual applications.
3. Q: Is it necessary to reside in Malaysia after joining the program?
A: No. After the first check-in in Malaysia, you are free to come and go as you please with no time limit.
4. Q: Can I renew the program after 10 years?
A: Yes, the Malaysian government guarantees permanent renewal as long as the conditions of the initial application are met.
5. Q: Can I apply for permanent residence after 10 years if I join the program?
A: Yes, but there is no guarantee that the application will be successful. As long as the conditions of the initial application are met, the residence permit and multiple-entry visa will still be renewed.
6. Q: Who are the dependants?
A: Generally, an applicant may apply together with his/her spouse and dependants, who are defined as the applicant's children under the age of 18 years, or other persons if they can prove that they are dependent on the applicant. All dependants aged 18 years or above at the time of obtaining the visa from the Malaysian Government are required to maintain additional fixed deposits.
7. Q: How long does it take to apply?
A: Normally, applicants will be notified of the result within 2 months after submission of all application documents.
Fixed Deposit
1. Q: Can I withdraw the designated fixed deposit after I have successfully participated in the program?
A: Unless approved by the local Immigration Department or the applicant intends to renounce his/her right of abode in Malaysia, he/she is required to retain the specified amount of time deposit as per the requirements of the program. However, a portion of the fixed deposit can be invested in government-approved investment projects after one year.
2. In which bank can the fixed deposit be deposited?
A: Fixed Deposits can be placed in any bank in Malaysia, including foreign banks with branches in Malaysia.
3. Q: Can funds be deposited in other currencies with authorized financial institutions in Malaysia?
A: Yes, except for time deposits under this program, funds can be converted into other currencies such as US Dollars and deposited into authorized financial institutions in Malaysia.
4. Q: Malaysia has foreign exchange control, can I convert my funds into foreign currency when I withdraw them?
A: Yes, as long as the foreign currency funds were initially brought into Malaysia through legal channels, they can be converted into foreign currency for withdrawal.
5. Q: Do I need to pay interest tax on time deposits?
A: Interest earned by an individual is exempted from tax in the following cases: 1. Fixed deposits held in a bank for a period of twelve months or more 2. Deposits of less than twelve months up to a maximum of GHS100,000/-.
Work
1. Q: Can an applicant be employed in Malaysia under this program?
A: Applicants are not allowed to be employed in Malaysia under this program, but those with professional skills can apply for a Licensed Work Permit from the Immigration Department.
2. Q: Is it possible to set up a company / store / factory in Malaysia?
A: Yes, as long as it is in accordance with the Foreign Investment in Malaysia (FIM) regulations, details of which can be obtained from the Foreign Trade Promotion Center (FTPC).
3. Q: Do I need to pay income tax?
A: All foreign income is not subject to tax, however, income from investments in Malaysia is subject to tax under the Foreign Investment in Malaysia (FIM) regulations.
Housing
1. Q: Does the purchase of a house in Malaysia worth more than 150,000 ringgit equate to financial eligibility for this program?
A: No. Since the purchase of a house under this program is not mandatory, the applicant must first qualify for a fixed deposit.
2. Q: Can I apply for a loan from a local bank if I purchase a house in Malaysia?
A: Yes, the applicant can take a loan from the bank and can enjoy up to 90% of the purchase price.
Car and Driving License
1. Q: What are the benefits of bringing/purchasing a car for use in Malaysia?
A: Applicants are entitled to one of the following benefits: 1. Exemption from Entry Tax, Excise Duty and Sales Tax on cars entering the country on authorized entry 2. Exemption from Excise Duty and Sales Tax on locally assembled cars (including foreign brands) purchased in Malaysia
2. Q: Can you give me an example of tax exemptions for bringing/purchasing a car?
Toyota Camry Mercedes-Benz S-Class
General Price 170,000 yen 800,000 yen
Entry Tax, GST and Sales Tax (Savings) 70,000 yen 400,000 yen
Price under this scheme 100,000 yen 400,000 yen
(Information is for reference only. (Information is for reference only, the above prices are subject to change)
3. Q: Is there any time limit for duty-free carry/purchase of cars?
A: Within 6 months from the date of issue of the Certificate of Entitlement, applicants are required to apply for exemption of tax on the carrying/purchase of motor vehicles, which takes about 2 weeks to process. It takes about two weeks to approve the application. The applicant can purchase the car and complete the transaction within six months after the successful application for tax exemption.
4. Q: Do I need to pay sales tax when I buy a used car locally?
A: The local government does not charge sales tax and excise tax on privately purchased cars.
5. Q: Do I need to get a new driving license to drive in Malaysia?
A: The Malaysian government recognizes all international driving licenses. Therefore, as long as the applicant's International Driving License is still valid, there is no need to obtain a new driving license.