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Announcement From Ministry of Tourism Malaysia Print E-mail

ANNOUNCEMENT

By Ministry of Tourism Malaysia 

 

Effective 1 July 2008, new applicants who have purchased and owned residential  property which were bought at RM1 million and above in Malaysia are eligible to apply for exemption from placing the full FD amount required of MM2H participants. They only have to comply with the basic financial requirement of FD or RM 60,000. This amount may not be withdrawn until the participants decide to terminate their participation in MM2H programme

New applicants have to observe the following conditions:

1.The purchased residential  property may be a fully-completed unit or one under construction.  For any property purchased, applicants aged below 50 and those aged 50 and above must produce copies of payments made to  developers, amounting to a minimum of  RM 300,000 or RM 150,000  respectively, in place of the required Fixed Deposit under this programme.    This amount does not include legal fees, transfer fees, commissions and any other related payments.

2.The property must cost a minimum of RM 1 million OR

3. Several  properties  totalling RM 1 million and above can be accumulated for this exemption.

4.The exemption may be considered for residential property which was bought within 5 years of application to participate in MM2H programme.

The following documents are required to be submitted for the financial exemption :

    * Certified copy of Sale and Purchase Agreement

    * Certified copy of Transfer of Ownership /Transfer of Deeds(if applicable)

    * Proof of mortgage loan payment ( if applicable)

    * Proof of Quit Rent/Assessment Rate Bill payment (if applicable)

    * Certified copy of Title Deed/Land Title (if applicable)

The supporting documents must be submitted together with the new application to Malaysia My Second Home Centre.