What are the criteria for Singaporens to apply Malaysia My Second Home?

Question

What are the criteria for Singaporens to apply Malaysia My Second Home? Formerly, I was a Malaysian who had converted to singaporean. Now, I wish to retire in Malaysia....what are the criteria and how to apply Malaysia My Second Home?

Answer 1

You need to show proof that you are financially sound - salary slips (or other proof of monthly income) and bank statements for the latest 3 months.

If you are below 50 years old, you need to show proof of monthly income exceeding RM10,000.00 and available fund exceeding RM550,000.00

If you are above 50 years old, you need to show proof of monthly income exceeding RM10,000.00 and available fund exceeding RM350,000.00

Once conditional approval is obtained, you need to fulfill the conditions as stated below:

i) Aged Below 50 years old

- Open a fixed deposit account of RM300,000.00.

- After a period of one year, the participant can withdraw up to RM240,000.00 for approved expenses relating to house  purchase, education for children in Malaysia and medical purposes.

- Must maintain a minimum balance of RM60,000.00 from second year onwards and throughout stay in Malaysia under this programme.

ii) Aged 50 years and above

Can either choose to:

- Open a fixed deposit account of RM150,000.00 ; OR

- Show proof of monthly off-shore income of RM10,000.00 such as pension scheme.

Only applicants who are drawing from Government Approved Funds can be considered for the " Monthly off - Shore Income " criteria.

After a period of one year, participants who fulfill the fixed deposit criteria can withdraw up to RM90,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.

Participant must maintain a minimum balance of RM60,000.00 from the second year onwards and throughout stay in Malaysia under this programme.

Note:

1 ) Successful applicants need to open their fixed deposits in Ringgit Malaysia (RM) only.

2) Participants need to obtain prior approval from Ministry of Tourism before proceeding to withdraw the fixed deposit

3) Participants under this programme may withdraw their entire fixed deposit anytime should they decide to terminate their stay in Malaysia under this programme. However, they must obtain prior approval from the Ministry of Tourism.

Medical Report

All applicants and their dependents (spouse and children) are required to submit a medical report from any private hospital / registered clinic in Malaysia.

Medical Insurance

Applicants below 60 years old must have medical insurance.

For more details please visit website at:

http://www.foreversummer-mm2h.com.my/

Hope this is useful.

Thomas