Malaysia My Second Home

Transcription

1 Long term multiple-entry social visit pass August (MM2H) Sdn. Bhd.

2 Agenda 1. What is MM2H? 2. Why MM2H? 3. Requirements for MM2H 4. (company profile) 5. Questions & Answers

3 What is Program (MM2H)? MM2H is a long term visa and the validity is 10 years. This visa allows you to stay in Malaysia for as long as you like as it is renewable. Participants can stay in any part of the country except Sabah and Sarawak where he/she may need to convert the MM2H visa to the Sabah/Sarawak version.

4 Why MM2H? 1. Visa runs are costly and illegal. The Immigration computer system has been upgraded to detect visa runs. 2. MM2H does not compel you to stay in Malaysia. You can stay as short or as long as you like. You can apply for the visa, endorse the passport, leave the country and return in 9 years time to visit as a tourist. 3. There is no age limit though younger applicants will find it harder to get the approvals. 4. When you renew the visa in 10-years time, you use back the same set of conditions as you have used during application. If there are any benefits, you get to enjoy it too even though it is not present during the time of your application however this is subject to change.

5 Why MM2H? 5. You are entitled to buy a locally-assembled car tax-free (maximum 30% off sticker price but there is a big variation among manufacturers). 6. In Penang, since 23/2/2014, the minimum property purchase price is RM500,000 (maximum 2 units can be purchased at this price). This benefit is subject to revision by the Penang state government. Some banks may require MM2H as a perquisite for mortgages. 7. There is no need to take any tourist visas to enter Malaysia. Beneficial for those who need visas to enter Malaysia (e.g. Indian, Chinese) 8. Participants can work part time (20-hours per week). Doing business is not a problem and there is no need for a local partner. 9. No taxes on income remitted into Malaysia. You can be a tax-resident here but paying no taxes. 10. Import of household effects tax-free. You can import your own car within 6- months from the date of passport endorsement.

6 Criteria / Requirements of MM2H (Part I) Below 50 Years Of Age Fixed deposit of RM300,000 RM150,000 can be withdrawn one year after passport endorsement Above 50 Years Of Age Fixed deposit of RM150,000 OR Monthly Government Pension of >RM10,000 (can combine with spouse) RM50,000 can be withdrawn one year after passport endorsement The requirement is the same for singles, with spouse or with children Withdrawals can only be made for property purchase, car purchase, children s education and medical expenses in Malaysia. Withdrawals cannot be used for other types of expenses like property rental RM150,000 or RM100,000 must be maintained at all times for the visa to be valid For those using the pension method, no fixed deposit is required (thus no withdrawals of fixed deposits)

7 Criteria / Requirements of MM2H (Part II) 1. During application, the applicant needs to demonstrate financial strength. Documents need to be submitted to show that the applicant has at least RM500,000 equivalent (in foreign currency) in cash or fixed deposit. Properties, funds or stocks are not accepted. 2. There is no need to transfer the money into Malaysia, just demonstrate (using bank statements). Once the application is approved, the applicant has to bring in the money for fixed deposit. 3. Marriage certificate is required. Common law marriage is not accepted. 4. Property purchase is not a requirement, thus, if you were to buy a property here in Malaysia, you still need to fulfill all criteria. Properties cannot substitute the financial strength requirements.

8 Criteria / Requirements of MM2H (Part III) 5. Fixed deposit must be in Ringgit Malaysia and it has to be in a bank in Malaysia. Joint account is acceptable but the money cannot be withdrawn unless it is approved by the Ministry of Tourism 6. Medical insurance and medical checkup is required during passport endorsement (not during application). Age related disease is not an issue. 7. We as sponsors are financially liable of your stay in Malaysia. The government requires sponsor to do the initial vetting of applicants. 8. Applicants are not allowed to seek fulltime employment in Malaysia. Part time employment (>50 years old only, subject to approval) or setting up a business are permitted (subject to the type of business).

9 BARRIER. Left side is not important after approval. Application for MM2H Demonstrate financial strength of at least RM350,000 (> 50 years old) or 1 RM500,000 (<50 years old) as evidenced by last 3 month's bank statements showing consistent balance 2 Need to prove an average monthly income of at least RM10,000 as evidenced by at least the last 3 month's bank statements. (showing deposit of income) 6-8 weeks later Approval under the fixed deposit method Applicants needs to bring in RM150,000 (>50 years old) or RM300,000 (<50 years old) where it will be put as fixed deposit in Ringgit Malaysia (yearly auto renewal for 10 years) in a bank operating in Malaysia. The bank can be a local or foreign bank. OR Approval under the government pension method If the government pension is more than RM10,000 per month (single or with spouse), the applicant does not need to put up a fixed deposit. The applicant just comes in for passport endorsement. This method is for those >50 years old only. 3 Forms, application letters, LGCs, photos, etc 1 Applicants need to state upfront during application which method they intend to use. They cannot change the approval method after the approval is obtained. For the government pension method, the pension has be to be more than RM10,000 per month irregardless of whether the applicant is married or not. 2 After the approval is obtained, the Ministry does not ask about the financial strength and income that is being demonstrated during application. It is not relevant anymore after the application is approved.

10 Approval letter will state that the applicant is approved under Fixed Deposit or Income method. Within 6 months from date of approval Applicant and dependents (as stated in the approval letters) must visit Malaysia to complete the passport endorsement. You cannot take in passports for your spouse/children. All must be present in Malaysia. Main applicant may complete the endorsement first and followed by the dependents at a later date. Once passport is endorsed, the process is completed. The applicant may leave the country if he/she desires. Require 5 working days (starting from Monday) to complete this process To be done only in Malaysia and not outside Malaysia. For MM2H purposes, we will see the applicant when the passport has expired, lost or ran out pages. Other than that, we can help the applicant with tax-free car purchase, shipment of household effects or any other assistance that he/she requires We take your passports to KL for endorsement Applicant must prepare RM300,000 or RM150,000 for the fixed deposit (if it is approved under the fixed deposit method), complete a medical checkup, purchase medical insurance (if required) before passport endorsement can start. If these 3 items are not done, passport endorsement cannot begin.

11 (MM2H) Sdn. Bhd. 1. We are the first licensee (MM2H/0001) and we have been doing it formally for more than 8 years. 2. We do nothing but MM2H.We focus on you only. 3. We stress on service and we want it to go beyond expectations. 4. We have helped hundreds of foreigners apply for the visa and relocate to Penang 5. We are aiming for 100% of clients satisfied (zero unhappy clients). We have plenty of clients who will vouch for us. Most of our clients are referred by our existing clients. 6. Our approval rate is 99.8%. (we were informed that industry standard is 60-70%). 7. We provide integrated services with help from visa application to property search, renovations and home management. We have our trusted business partners doing this for us.

12 (MM2H) Sdn. Bhd. Level #1, 48 Pahang Road, Georgetown, Penang, Malaysia Telephone : +(60) Facsimile : +(60) Mobile : +(60) (Roselind Moey) roselindmoey@gmail.com

13 Next steps Do I need the visa? You don t need to be present in Malaysia to apply for the visa. You can courier the documents to us Opening a bank account in Malaysia we can be your sponsor. What to do next if I am interested in this program? Getting to know Penang

14 THANK YOU Questions & Answer Session Please visit our website for more information or contact us for the latest details. Every effort has been made to ensure that the information contained in this presentation is true and up to date. We are not responsible for any factual error or any consequences arising from the use of this presentation material. Contact us if there are any doubts.