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MM2H PROGRAMME

Malaysia My Second Home, Education, Investment, Medical & Insurances, Incentives & Metting Tours, Coach & Van Rental, Hotel Reservation

Frequent Questions & Answers

                      

                     

Fixed Deposits

Q   Upon successful application, can the applicant make any withdrawal?
A   Unless approved by the local immigration authorities, or applicant decided to give up the programme, they are retain specific amount of time deposits in bank. After 1 year, may withdraw half or some into property investment approved by the Government.
Q   Can I withdraw the deposit out than deposit it back again?
A   No. Not allowed to do that, unless approved emergency case by government authorities.
Q   When can I withdraw my Fixed Deposit? Can I withdraw it anytime? Any documents needed?
A   During the period of first year, participants are not allowed to withdraw the Fixed Deposit unless there is an emergency with the prior approval of the Ministry of Tourism.

After a period of one year, the participant may withdraw his/her Fixed Deposit for approved expenses and provide the documents as below:
1. Letter of intention to withdraw Fixed Deposit account
2. Copy of MM2H visa
3. Copy of front page passport
4. Copy of Fixed Deposit certificate
5. Copy proof of payment for:-
 Residential property purchase (to submit of all pages of Sales & Purchase Agreement & receipt)
 .   Car purchase (to submit car grant title & receipt)
 .   Children’s education (to submit receipt)
 .   Medical Expenses (to submit receipt)
6. Copy of House Hold certificate or student visa (Optional)
7. Copy of Conditional Approval Letter

Please be advised that the withdrawal is on a reimbursement basis and release of money will be made based on the amount paid. If applicant wishes to withdraw the interest accrued on savings, please indicate in the letter of intention. The processing and approval process will take three (3) working days from the date of submission of the application (provided the documentation is complete).
Q   Which financial institutions or bank can the fixed deposits can be placed?
A   Fixed Deposits can be placed in any bank in Malaysia where interest earned can be withdrawn.
Q   Can applicant's funds transfer into other currencies authorized financial institutions in Malaysia?
A   Can,But except for deposit under this scheme,other funds can be converted into currencies such as US dollar deposited into recognised financial institutions in Malaysia.
Q   After withdrawal, can it be converted to other currency?
A   Can , but terms and conditions applies.
Q   Interest from deposit tax free?
A   Deposit with banks for more than 12 months, interest earned tax free.
Q   Can I withdraw my deposits anytime during under the scheme?
A   Below 1 year, applicants is not allowed to withdraw the deposits unless emergency case or approved by government authorities.
Q   Can deposits into Malaysia authorised bank in other country?
A   Cannot. Authorised bank must be in Malaysia.
Q   To purchase a property more than RM1000,000.00, whether consider to be qualify for MM2H program?
A   No. Under this programme, it is not mandatory for participants to buy property, so participants must meet the basic deposit requirements in order to be qualified for MM2H programme.