Successful applicants will receive a five-year visa (to be extended to ten years – probably effective April 1st 2006), which allows them multiple entry and exit from the country. This visa will be automatically renewed at the end of its validity without any need to resubmit all the documents required for the initial application. It should be noted the validity of the visa would not be longer than the validity of the passport although it is a relatively simple process to have the visa extended once you have your new passport. Longer-term visa holders may be able to receive permanent residence but this is quite a difficult process and there is no assurance it will be given.
Each participant is allowed to purchase residential houses at a minimum prices above
RM250, 000 each, depending on the location of the property.
Generally the minimum price for the purchase of houses in Malaysia are as follows:
1) Above RM350, 000 each for certain areas in the state of Sarawak (Kuching, Miri)
2) Above RM250, 000 each for other states
A participant can choose to either import one car which belongs to him/her personally from his/her country of residence subject to approved permit (AP), which is exempted from payment of import duty, excise duty and sales tax OR purchase one locally made car in Malaysia which is exempted from payment of excise duty and sales tax. It should be noted that if you import a car it must have been owned by the applicant before the MM2H visa was approved, as this is a privilege that allows people to bring in a car they already own.
Each participant is allowed to bring in one domestic helper. The maid should come from a country which has been approved by the government. This includes Philippines, Thailand or Indonesia.
Overseas pensions and other income are not taxable in Malaysia. Interests on Fixed Deposits are free of tax providing the deposit is for a period longer than one year or less than RM100, 000. Other income received in Malaysia will probably be taxable. There is no inheritance tax in Malaysia and no capital gains tax except on property. For property sales, non-Malaysians pay a Real Property Gains Tax of 30% in the first five years and thereafter 5%.