Can I withdraw my fixed deposit any time during my stay in Malaysia?
Some banks allow periodical withdrawals of interest earned on your Fixed Deposit. This is subject to the bank’s policy and negotiation at the time of opening your account with the bank concerned. Please refer to banking portal www.bankinginfo.com.my for current rates and terms.
Can I place the fixed deposit in a Malaysian bank located in my country?
No. The fixed deposit account must be opened in any Malaysian bank or financial institution located in Malaysia.
Can the purchase of a house in Malaysia which is valued at more than RM500,000.00 be considered as having fulfilled the financial criteria for this programme?
No. Participants are required to fulfill the fixed deposit requirement or monthly off-shore income for those aged 50 years and above.
Am I allowed to withdraw my fixed deposit for a few months and then topped it back later?
No. Participants are required to place their fixed deposits on annual auto renewal basis.
When can I withdraw my fixed deposit?
After a period of one year, the participant may withdraw his/her fixed deposit for approved expenses relating to house purchase, education for children in Malaysia and medical purposes OR when he/she decides to terminate his/her stay in Malaysia by first informing the Ministry of Tourism of his/her intention at Malaysia My Second Home Centre. Participants can apply to withdraw part of their fixed deposit for emergency cases such as medical purposes, etc. with prior approval of the Ministry of Tourism.
Do kindergarten level child need a Student Visa to attend kindergarten here?
Children below the school going age (that is 7 years old) are not required to apply for a Student Visa. They need only apply for a Social Visit Visa.
If my children are already married and want to study in Malaysia with their husband, do they need to pay the fixed deposit?
Not necessary. They can apply for a Student Visa once they have obtained places of study in Malaysia.
Do the participants have any special entitlements?
All participants are allowed to purchase residential properties at the minimum purchase price for foreigners established by the respective state governments. The current minimum price (January 2014) is RM1,000,000.00 for most states.
Can I purchase a house for residential purpose and a shop lot to be rented out?
No, you are only allowed to purchase residential properties.
Do I have to pay the yearly assessment and quit rent for my houses like the locals?
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?
No. Participants may transfer their property to their next-of-kin provided they have made a will to this effect. In the event of lack of documentation, the next-of-kin may claim the inheritance upon proof of identity and kinship.
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)?
Participants can purchase any type of housing properties provided that they have been issued with CF (Certificate of Fitness).
Do I need to obtain prior approval from Foreign Investment Committee (FIC) for the purchase and sale of my house?
Participants under this programme are not required to obtain prior approval for the purchase and sale of houses from FIC. However, they must write to the Ministry of Tourism giving details of the house (location as well as price) so that a letter can be issued to them certifying that they are eligible to purchase the said property under this programme. In addition, 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.
Can I keep pets in my condominium?
The By-laws of the Strata Title Act state that a parcel proprietor is not allowed to keep any animal in his parcel or on the common property which may cause annoyance to any other proprietor.
Is a participant who buys a second-hand local car eligible for tax exemptions?
Second hand cars are transacted on a willing buyer, willing seller basis and the government does not levy any sales tax and excise duty on such transactions. As such tax exemptions do not arise.
If I had a car accident and as a result I need to change the car, do I have to pay back the tax exemptions?
Given the following situations:
i. If the car is repaired and sold it will be subject to the applicable tax/duty according to the prevailing rates.
ii. If car is written off, taxes will be waived.
iii. If the participant wishes to buy another car, their application will be processed on the merit of each case. Under normal circumstances a participant of this program is allowed tax exemption for a car on a one time basis.
When can I sell the car, which has been given all the tax exemptions?
Cars that have been exempted from taxes and duties under this program can be sold or its ownership transferred provided the prevailing taxes and duties on the car have been paid prior to the transaction. However, for imported cars the condition stipulated in the AP should be complied before any sale or transfer can be permitted.