Applying for a Malaysian Second Home: A Detailed Guide
This article outlines the process of applying for a Malaysian second home, covering essential steps from opening a bank account to obtaining the final visa. It also touches on processing times and other important considerations.
Opening a Bank Account
If you don't have an existing Malaysian bank account, you'll need to open one. Previously, eligibility required either owning a house in Malaysia or holding a long-term visa. Check the current requirements with your bank. After opening an account, you must deposit a fixed sum, typically $150,000 USD (or its equivalent).
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This money needs to be transferred from your overseas account.
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The bank will allow you to deposit funds after the $150,000 USD transfer.
Fixed Deposit and Interest Rates
Generally, the fixed deposit is for one year. The interest rate on US dollar deposits can be attractive. Currently, many banks offer around a 4.4% annual interest rate, which is higher than current US dollar interest rates. Keep in mind these rates are subject to change.
Insurance Requirements
Insurance is mandatory when purchasing a second home. The insurance fee for the main applicant is often included in the second home application fee (e.g., the "White Silver" application fee of 40,000 yuan).
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You can purchase insurance independently.
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Your second home agent may reimburse the insurance fee, typically capped at 2,500 yuan per year.
The insurance included with the main application covers only the main applicant. Separate insurance policies are required for your spouse and children. For long-term stays in Malaysia, comprehensive medical insurance is highly recommended.
Medical Examination
After arriving in Malaysia, your second home agency will assist you in completing the required medical examination. This process is relatively quick; the report is usually available on the same day. The primary purpose of the medical checkup is to identify infectious diseases, not to assess overall health. Examples include pneumonia or other serious contagious illnesses.
The Signing Process
Once the deposit, insurance, and medical examination are completed, your second home agency will submit these documents along with your passports to the second home department. This initiates the signing process, where a formal visa is placed in your passport. This process typically takes two to three working days to complete.
Timeline and Registration
The entire process after receiving your approval letter must be completed within 90 days (three months). To expedite things, you can ask your agent for assistance with registration. Pay the initial registration fee (e.g., $15,000) from your home country. Then book your flight to Malaysia to do a medical checkup. With the medical report available on the same day, you can immediately visit the post office, and your application should be down in three working days.
Potential Delays and Processing Times
While the steps following approval are generally quick, the approval process itself can vary. Recently, processing times have increased due to a rise in applications. It can now take approximately three to four months to receive approval.
The order of approval isn't strictly based on the order of application submission. Applications may be processed in batches, leading to varying processing speeds.
Personal Experience and Final Thoughts
The speaker had been anticipating applying for a Malaysian second home since 2022, awaiting their 35th birthday to meet the age requirement. The rules changed over time, and they initially considered a student visa, but now recommend applying for a second home directly to avoid visa changes. The speaker recognizes the process can be tedious, but hopes this detailed guide is helpful. For any further questions, readers are invited to leave a message.
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