Can I withdraw my fixed deposit any time during my stay in Malaysia?
Some banks allow periodical withdrawals of interest earned on your Fixed Deposit. This is subject to the bank's policy and negotiation at the time of opening your account with the bank concerned. Please refer to banking portal www.bankinginfo.com.my for current rates and terms.
Can I place the fixed deposit in a Malaysian bank located in my country?
No. The fixed deposit account must be opened in any Malaysian bank or financial institution located in Malaysia.
Can the purchase of a house in Malaysia which is valued at more than MYR500,000.00 be considered as having fulfilled the financial criteria for this programme?
No. Participants are required to fulfill the fixed deposit requirement or monthly off-shore income for those aged 50 years and above.
Am I allowed to withdraw my fixed deposit for a few months and then topped it back later?
No. Participants are required to place their fixed deposits on annual auto renewal basis.
When can I withdraw my fixed deposit?
After a period of one year, the participant may withdraw his/her fixed deposit for approved expenses relating to house purchase, education for children in Malaysia and medical purposes OR when he/she decides to terminate his/her stay in Malaysia by first informing the Ministry of Tourism and Culture Malaysia of his/her intention at Malaysia My Second Home Centre. Participants can apply to withdraw part of their fixed deposit for emergency cases such as medical purposes, etc. with prior approval of the Ministry of Tourism and Culture Malaysia.
Can I transfer my Fixed Deposit Account tagged under MM2H Programme from one bank to another?
No. MM2H participants are not allowed to transfer Fixed Deposit Account tagged under MM2H Programme.
Do the participants have any special entitlements?
All participants are allowed to purchase residential properties at the minimum purchase price for foreigners established by the respective state governments. The current minimum price (March 2014) is MYR500,000.00 for most states.
Can I purchase a house for residential purpose and a shop lot to be rented out?
No, you are only allowed to purchase residential properties.
Do I have to pay the yearly assessment and quit rent for my houses like the locals?
In the event of unforeseen death is the participant able to hand over his Malaysian assets to any of his beneficiaries smoothly. Does the Government have any restriction on this matter?
No. Participants may transfer their property to their next-of-kin provided they have made a will to this effect. In the event of lack of documentation, the next-of-kin may claim the inheritance upon proof of identity and kinship.
Must foreigners buy new Malaysia property only, such as from developers, or can they purchase any property, such as from individual owners (second hand or third hand property)?
Participants can purchase any type of housing properties provided that they have been issued with CF (Certificate of Fitness).
Can I keep pets in my condominium?
The By-laws of the Strata Title Act state that a parcel proprietor is not allowed to keep any animal in his parcel or on the common property which may cause annoyance to any other proprietor.
Do kindergarten level child need a Student Visa to attend kindergarten here?
Children below the school going age (that is 7 years old) are not required to apply for a Student Visa. They need only to apply for permission to study at Immigration Department.
If my children are already married and want to study in Malaysia with their husband, do they need to pay the fixed deposit?
Not necessary. They can apply for a Student Visa once they have obtained places of study in Malaysia.
Is MM2H participant allowed to do business in Malaysia?
No. The MM2H Pass is a Social Visit Pass and allows MM2H participant to long-stay in Malaysia. If MM2H participant intends to do business, he/she would need to terminate the MM2H Pass.
I am interested to invest in Malaysia. Who can I contact to get more information?
You can contact the Malaysia Industrial Development Authority at: MIDA Headquarters Malaysian Industrial Development Authority (MIDA) Block 4, Plaza Sentral, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur, Malaysia. Tel: 603-2267 3633 Fax: 603-2274 7970 Website: www.mida.gov.my Email: firstname.lastname@example.org