Posted: Wed Sep 07, 2005 9:51 pm Post subject: queries: information needed , thanks
Dear Consultant and Everyone:
I am a New Zealander , 53 years old, and I am interested in this second home program as a retirement plan.
I would like to know
(1) other than the bank deposit of MYR 150,000, any minimum limit of the value of property purchased( if it is in seremban or Pahan)?
(2) what is the length limit of the multiple entry visa? I mean each visit valid for how long and is the multiple visa valid for a total of 5 years?
(3) is it cheaper to buy a duty free car in Malaysia or in Singapore? I was reading a thread some days ago, one of the guest mentioned that he bought and imported a car from Singapore.
(4) the fixed term depost of MYR 150,000 ofr a term of 1 year? 5 years?
Joined: 04 Mar 2005 Posts: 103 Location: Kuala Lumpur Home Country: NULL
Posted: Wed Sep 07, 2005 11:00 pm Post subject: Re: queries: information needed , thanks
kok wrote:
(1) other than the bank deposit of MYR 150,000, any minimum limit of the value of property purchased( if it is in seremban or Pahan)?
I think I posted this Q&A before but I thought it could be a good idea to post it again...
Q. Are the participants entitled to any special entitlements?
A. All participants are allowed to purchase two units of residential properties of value more than RM150, 000.00 each. For this purpose, they can also apply for 60% loan locally.
Please note that the ceiling is higher for houses in the State of Malacca and Johore as it has been set at RM250, 000.00 and above each.
Q. Can I purchase a house for residential purpose and a shop lot to be rented out?
A. No, you are only allowed to purchase residential properties.
Q. Do I have to pay the yearly assessment and quit rent for my houses like the local?
A. Yes.
Q. In the event of unforeseen death is the participant able to hand over his Malaysian assets to any of his beneficiaries smoothly. Does the Government have any restriction on this matter?
A. Yes, provided he/she has a Will which indicated clearly to which the properties are to be given. If not the next of kin of the participant will have to apply to the Government to have his properties released to them as the rightful heirs.
Q. Must foreigners buy new Malaysia property only, such as from developers, or can they purchase any property, such as from individual owners (second hand or third hand property)?
A. Participants can purchase any type of housing property direct from property or housing developers. However, they are only allowed to purchase semi-detached or bungalow properties or condominiums from private individuals. Participants are not allowed to purchase single storey and double storey houses from private individuals. Participants are advised to purchase residential properties with CF (Certificate of Fitness) directly from the developers.
Q. Are they any written document from the authority yet, confirming the new RM150, 000.00 floor rates for foreign owned properties?
A. The recent reduced ceiling from RM250, 000.00 to RM150, 000.00 is mentioned in the Government’s economic stimulus package announced.
Q. Is the RM150, 000.00 foreign property ownership regulation applies to landed property only?
A. No. It also applies to other properties with strata titles such as condominiums, apartments and service apartments.
Q. If I buy a piece of land costing RM100,000.00 and to build a house costing RM100,000.00, which is less than RM150,000.00 regulation, am I breaking the regulation?
A. No, since the total cost of the whole house purchase is RM200,000.00 which is more than the RM150, 000.00 requirements.
Q. Do I need to obtain prior approval from Foreign Investment Committee (FIC) for the purchase and sale of my house?
A. Participants under this programme are not required to obtain prior approval for the purchase and sale of houses from FIC. However, they are required to send a copy of the approval letter obtained from the respective State Authority which has authorized the purchase or sale of the property concerned to FIC for information.
Q. Am I subjected to the property gain tax if I make a profit from selling my house?
A. Yes.
kok wrote:
(2) what is the length limit of the multiple entry visa? I mean each visit valid for how long and is the multiple visa valid for a total of 5 years?
The validity has recently been extended to 10 years and there is no such length limit for each visits in Malaysia. You can even stay 10 ys in a row.
kok wrote:
(3) is it cheaper to buy a duty free car in Malaysia or in Singapore? I was reading a thread some days ago, one of the guest mentioned that he bought and imported a car from Singapore.
(4) the fixed term depost of MYR 150,000 ofr a term of 1 year? 5 years?
You have to keep the fixed deposit during the whole length of your visa. If you withdraw the money before, your visa will get cancelled.
I believe there are plenty of members that have shared there experiences over the application and it could be worthwile for you to go through the different threads this MMSH forum includes...
In the meantime, hope the above will help and feel free to ask questions
Gender: Age: 50 Zodiac: Joined: 08 Jun 2005 Posts: 3 Location: Kuala Lumpur Home Country: india
Posted: Sat Oct 08, 2005 6:28 am Post subject: Appropriate Visa Status?
I am a foreigner from a Commonwealth member country, been residing here for the past 8 years. I plan to get married to a Malaysian professional. I have read various comments posted at this website on issues relating to foreigners married to Malaysian citizens and am concerned on the visa status once am married here. Could anyone suggest what would be the best option? a) Apply under the Malaysia My 2nd home? b) Apply under Spouse program? c) Apply for work permit?
Posted: Tue Oct 18, 2005 4:15 pm Post subject: MMSH
Hi,
Needs some advise for my Scottish uncle 70+ with a Malaysian wife now planning to come back under the MMSH .. Saw on the web there is online application .. but not too sure how it works coz seems nothing needs to be submitted .. Anyone tried ? Please advise.. Also some here wrote that it is better and cheaper to apply for single visit visa to be converted to MMSH .. ???? I always thought UK citizens do not need a visa to come here. .
Thank you
Posted: Mon Jan 23, 2006 8:48 pm Post subject: Re: MMSH - Dependants
RafiqT wrote:
I am 60, and so is my wife. However I have a daughter aged 7 and her mother aged 30 who would also need to "retire" with me.
Any problems?
Myself, wife and daughter hold a Swiss passport and the daughter's mother an Indonesian passport.
Income should be sufficient for all...
Rafiq
That is quite a family dynamics
As long as you have the papers to support your relationships, the application would be like the rest....meaning proving the 7 yr old girl is your daughter; and what is your relationship to her mother-if she's your other legal wife or maid etc.
Gender: Age: 61 Zodiac: Joined: 30 Jan 2006 Posts: 200 Location: Sydney/KL Home Country: australia
Posted: Tue Jan 31, 2006 5:35 am Post subject:
penny wrote:
Nod wrote:
Does anyone know if Citibank or HSBC Malaysia are qualified for as local banks for the FD requirement? My friend is thinking of applying for this programme and his money is in HSBC at the moment, does he need to shift his funds to a "local" bank like Public Bank or Maybank? Or is he fine as he is with HSBC right now?
Any foreign banks that has a branch here in Malaysia is OK.
As your friend already has acc in HSBC,then all he has to do is to open a FD Acc for MMSH purpose and transfer the money there.
I already have FD's with HSBC in KL. Can these be used or do they have to be specifically marked in some way for MMSH purposes?
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