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Discontinuation of The Reduction Of Fixed Deposit Placement Based On Property Purchase And MM2H Approval By Government Pension
Kindly be informed that MM2H Centre has discontinued the reduction of Fixed Deposit placement based on property purchase worth RM1 million and above in Malaysia. Also discontinued is the MM2H...
Feeling at home in Malaysia Print E-mail
Tuesday, 01 March 2011 00:00

The enigmatic Frank Zappa once said that a country is not a real country without a beer and an airline. “It helps if you have some kind of a football team, or some nuclear weapons, but at the very least you need a beer,” he added.

Malaysia might not have nuclear weapons, at least not that we know of, but the country’s football team just kicked the hell out of ours, while recent news suggests that AirAsia is still the best low cost airline in the world. Brewery wise, the Islamic country actually has Jaz Beer, a local beer brand produced using German technology and spices.

But as the new administration doesn’t probably think that the Zappa standard is anything to reckon with, developments are underway to make Malaysia one of the most preferred countries to live in by 2020.

The project is called the Greater Kuala Lumpur, expanding the current KL area into four times the size of Singapore.

Seven out of 10 Malaysians are expected to live in urban areas like this in 2020. And not just Malaysians, the government has recently reintroduced Malaysia My Second Home (MM2H) program throughout the world, including Jakarta, welcoming foreigners and Indonesians who want to live in Malaysia.

“The program expects future applicants to come to the immigration on their own, but the government does appoint different agents to facilitate the process,” said Khairul Hisham, the president director of Pro Versatile Venture Sdn. Bhd on Feb. 25. Speaking in front of a live audience at the two-day Malaysia My Second Home and Property Promotion event at JW Marriot, Jakarta, Pro Versatile is the government’s sponsored agent for Indonesia.

Those who love Malaysia as much as the Malaysians do can now get an extendable 10-year multiple-entry visa through the program. To apply, one will need to place a fi xed deposit of RM300,000 in a local Malaysian bank at least six months after the paperwork is accepted. Those aged 50 and above will only need to deposit half.

Up to half of the amount in the fi xed deposit can be withdrawn after a year of the visa release date, through it will need to be spent in Malaysia for crucial matters such as purchasing a house, paying your child’s school fee s or medical bills.

And though the program cleverly omits the word house, the positive benefi ts that come with the visa will make its applicants want one. Property purchase will be a lot easier with the acquired visa, omitting the previous licensing requirements from state government.

If you buy a car one year after the visa release date, you’ll get various taxes omitted from your purchase that will reduce the car’s real price by half.

The visa holder can also work in Malaysia without a working visa, though it restricts them from working more than 20 hours per week.

“The government assumes that applicants are already holding an important position in their company.

In addition, unlike similar programs from other countries, visa holders are not required to spend a period of time in Malaysia after receiving the visa. We’re considering offering the program as an exit strategy for those looking for a convenient refuge outside their country,” said Hisham.


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