Time’s Right For Second Home
BERLIN: The time is now, the place is Malaysia.
This is Deputy Tourism Minister Datuk Donald Lim Siang Chai’s message to foreigners to visit Malaysia and participate in the Malaysia My Second Home (MM2H) programme.
“Between 20% and 30% of the expected 3,000 MM2H participants this year will be from Europe,” he said in an interview here on Saturday.
Under the MM2H programme, foreigners aged 50 and above are required to deposit RM150,000 in a local bank or show proof of having an offshore income of RM10,000 a month. Those below 50 will have to deposit RM300,000.
A year later, they need to maintain RM60,000 in their accounts and withdraw the remainder of the money.
Those taking up the MM2H programme can also buy houses costing RM250,000 and above without having to apply for approval from the Foreign Investment committee (FIC).
They are eligible to buy a duty free car
The Immigration Department’s Director of the Visa, Pass and Permit Division Ab Rahim Ismail said the department received between five and 10 applications for visas every day under the MM2H programme.
“Processing takes about two months,” he said.
Ab Rahim said that successful applicants were required to come to Malaysia within six months from the date of approval.
“They must apply for an extension if they cannot meet this deadline,” he added.
Source :The Star 12/03/2007 Close Window