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Malaysia my second home: history

July 4th, 2006 by MM2H

A summary of the requirements of the Malaysia My Second Home program, listed in the Malaysia newspaper "New Straits Times" (1st July, 2006)

1996: Citizens of all nations (except Israel and Yugoslavia) welcomed to enter and stay under a social visit pass.
From 2002: Open to citizens of countries recognised by Malaysia regardless of race, religion, gender or age. Applicants allowed to bring along their spouse and children below 18 years old who are not married.

1996: Individuals required to have savings of at least RM100,000.00, while individuals with spouses need at least RM150,000. Otherwise, an individual had to have a monthly income of RM7,000, while individuals with spouses needed at least RM10,000.
From 2006: Foreigners below 50 years old require a Fixed Deposit account of RM300,000, while those aged 50 years and more can choose either to open a Fixed Deposit account with RM150,000 or show proof of monthly off-shore income of RM10,000 (such as through a pension scheme).

1996: Not allowed throughout the Malaysia my second Home Programme.
From 2006: Foreigners below 50 years old can withdraw up to RM240,000, while those aged 50 years or more can withdraw RM90,000 after one year for approved expenses relating to house purchase, educating their children in Malaysia and medical purposes. A minimum balance of RM60,000.00 from the second year must be maintained throughout the Malaysia my second Home Programme for both age categories.

Since 1996: Foreigners need to have a valid Medical Health Insurance issued by a Malaysian insurance company and a Medical Report by any recognised local private medical hospital or Government hospital.