Detailed introduction to the Malaysia Second Home project

Malaysia is an economically developed country in the world, so what is the Malaysia Second Home project? I have compiled a detailed introduction to the Malaysia Second Home project here, hoping it will be helpful to everyone.

1. Malaysia Second Home

The Malaysia Second Home project is a policy introduced by the Malaysian government to attract foreign funds, promote tourism and develop the economy.

The Second Home Plan project originated in 1996. It is a longer-term residence plan implemented by the Malaysian Ministry of Tourism for foreign retired elderly people, namely the "Silver Ethnic Project", which encourages foreign retired elderly people to bring their own Pension money to travel to Malaysia and stay there for a long time.

Due to the good results after the implementation of the project, the government decided to officially change the name of the "Silver-haired Ethnic Project" to the "Malaysia Second Home Project" in 2002. The applicants are no longer limited to retired elderly people, but expanded to Foreign nationals over 21 years old.

2. The Current Situation of Malaysia’s Second Home

Strictly speaking, the “Second Home” is not a complete immigration plan, but a long-term visa-free immigration plan that allows holders of Some people can live in Malaysia with legal status for a long time without changing their nationality, and enjoy treatment that is not much different from locals. For example, they can start an independent company, buy a car or a house with a loan, and their children can also study in the government. Public schools enjoy the same medical insurance policy as locals, and can even buy tax-free cars better than locals.

Once the Second Home project was implemented, it received enthusiastic response from applicants. In 2003 alone, the number of applications reached the total number from 1996 to 2002. By the end of 2016, the Malaysian government had approved a total of 32,737 eligible foreign individuals or families to settle in Malaysia.

China has always ranked first among the top 10 sources of Malaysian Second Home Projects, with a total of 4,111, followed by Bangladesh, the United Kingdom, Japan, Singapore and other countries and regions.

3. Application conditions for Malaysia My Second Home

The main applicant must be 21 years old or above;

The main applicant has no criminal record;

Applicants under 50 years old: deposit MYR 300,000, or purchase a property of MYR 1 million + deposit of MYR 150,000;

Applicants over 50 years old: deposit MYR 150,000, or purchase MYR 1 million MYR real estate + MYR 100,000 deposit.