About Malaysia
Formed in the year 1963, Malaysia is one of the most famous countries in the South Eastern Part of Asia. It is located very close to Equator. Malaysia’s land body consists of 2 territories which is separated by the South Asian Sea by 400 miles. This amazing country invites high net worth interested individuals to obtain residence in Malaysia through its My Malaysia Second Home Visa Program.
Malaysia is known for its architectural wonders. Its capital of Kuala Lumpur houses the tallest sky scrapers in the world. Malaysia is one of the developed countries in South East Asia. Its economy witnesses a steady growth and has a backing of solid governance.
The population of Malaysia comprises of local population, Indians, Chinese, Thai and other Asians. It follows multi-ethnic culture. The country has a lot of beaches and is a hub for tourism in the south East Asia. There is a lot of water life here. Water Adventure sports are quite famous in this country. Technology and industrialization are 2 major backbones of the economy of Malaysia.
Infrastructure offered by Malaysia for local population and to conduct business is quite good. The roads and traffic policies are world class. The country boosts of more than 200 industrial parks. It is connected with other countries through airways and waterways. It has 7 airports in all.
My Malaysia Second Home Visa Program
The Government of Malaysia came up with this program My Malaysia Second Home to encourage entrepreneurs to make Malaysia their second home. It’s a multiple entry VISA valid for 10 years. The main applicant and immediate family can relocate to Malaysia with this Visa Program.
Eligibility Criteria
- Anybody who is 18 years and more can apply for this program as the main applicant
- You need to provide medical certificate and certificate to prove you are free from any kind of criminal activities.
- You need to provide certificates to prove relationships
- You will have to obtain Malaysia insurance
- If you are above 50 years of age, then you need to prove that your personal net worth is more than MYR 350,000 (USD 85,000) and that you are earning, a monthly income of MYR 10,000 (USD 2,500/-)
- If you are below 50 years of age, then you need to prove that your personal net worth is more than MYR 500,000 (USD 125,000) and you should be earning a minimum of MYR 10,000 (USD $2500) every month.
Application Process
Malaysia’s Ministry of Tourism handles the whole process
- You will have to submit your application showing your interest to obtain Malaysia residency
- Once the application is cleared, you will receive a ‘Conditional Approval’ letter from the Ministry of Tourism.
- If you are below 50 years of age then you need to open a bank account in Malaysia into which you will have to deposit MYR 350,000 (USD 75,000). Else if you are above 50 years of age, then you need to deposit MYR 150,000 (USD 37,500).
- This amount should be maintained for the first year. In the second year you can withdraw up to 150,000 MYR to utilize it in Malaysia to either buy property or for educational purposes. In subsequent years, you will have to maintain this minimum balance.
- If you are more than 50 years of age, then you can withdraw up to 125,000 MYR to be utilized within Malaysia.
- It is mandatory for every applicant to obtain Malaysian Insurance
- You will have to obtain local medical certificate too for further clearance.
Once you have obtained all these documents, you need to submit them once again to the Ministry of Tourism and once these documents are validated, you will be granted your Malaysian Residence Visa.
Key Notes
- This is not a Permanent Residence Program
- This Visa allows multiple entry and indefinite stay in Malaysia to the time till the visa is valid.
- Its Renewable, however, it cannot be converted into any other visa program in Malaysia