Fixed Deposit

  • Question: Can I withdraw the fixed deposit after successfully joining the MM2H programme? If not, when can fixed deposit be withdrawn?

    Answer:

    I may only withdraw up to MYR50,000.00 or MYR150,000.00 (whichever is relevant to me) after a period of one (1) year from date of issuance of MM2H visa with prior written approval from the Ministry of Tourism for expenses relating to house purchase, education for children in Malaysia and medical purposes. A minimum balance of Fixed Deposit of MYR100, 000.00 or MYR150, 000 must be maintained from the second year onwards and throughout the duration of participation under MM2H Programme. I may withdraw the whole fixed deposit at any time should I decide to terminate this Programme by obtaining the Approval letter from the Ministry of Tourism accordingly.

  • Question: Can I place the fixed deposit in a Malaysia bank located in my country?

    Answer:

    No, I have to open the required fixed deposit account in Malaysia.

  • Question: Which banks should I place my fixed deposit with?

    Answer:

    I may place my fixed deposit at any banks here, including foreign banks with local branches in Malaysia.

  • Question: Can I place the required fixed deposit in a foreign currency?

    Answer:

    The fixed deposit for this program must be made in Malaysian Ringgit; any amount beyond the stated requirement can be made in other foreign currencies.

  • Question: Can the purchase of a house in Malaysia which is valued more than RM500, 000.00 be considered as having fulfilled the financial criteria for this programme?

    Answer:

    No, I must fulfill the fixed deposit requirement if applicable as the purchase of a house is not compulsory for participants under this programme.

  • Question: Can I withdraw from the fixed deposit account for a few months and then topped it back later?

    Answer:

    No, I am not allowed to do this, unless for an emergency purpose with prior written approval from the Ministry of Tourism.

  • Question: How to open Fixed Deposit Account in Malaysia?

    Answer:

    I must be present physically with my passport and the original MM2H Conditional Approval Letter at the bank in order to open the bank accounts here.

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