As a Second Homer, there are two(2) categories where you can either buy a locally assembled car in Malaysia or import your personal car from your country, which entitles you to the tax-free incentive.
For LOCAL CAR PURCHASE (CKD)
The MM2H tax-free car incentives for local car purchase (CKD) is only applicable within one year from the date of your MM2H visa was issued. In Malaysia, most of the good brand cars were produced locally (CKD) such as Mercedes, Volvo, BMW, Toyota, Honda, Nissan, Hyundai, etc.
Here is the latest 2014 MM2H Car Tax-Free Price List guide for your reference. The latest 2014 MM2H Tax free car price list stipulated may vary from time to time, controlled by Malaysia Ministry of Finance and Malaysia Customs Department.
Here are some useful links for latest models for your MM2H local car purchase:-
If you require, we will provide assistance to you to obtain MM2H Car Financing. The loan can range from 50% to 70% with repayment of 5 years to 7 years depending on your financial profile. The current bank interest rate is approx. 3% per annum. The car financing approval solely at the discretion of the banker. Please make sure your booking is refundable in the event your car financing is not approved.
Monthly bank repayment for MM2H car financing will be as follows:
For example, for a Toyota Vios of MM2H price of MYR 60,000 with an interest rate of 3.5% per annum
Loan amount of MYR 30,000 (50%) for 5 years, monthly installment will be MYR 588
Loan amount of MYR 30,000 (50%) for 7 years, monthly installment will be MYR 445
Loan amount of MYR 42,000 (70%) for 5 years, monthly installment will be MYR 822
Loan amount of MYR 42,000 (70%) for 7 years, monthly installment will be MYR 622
The MM2H Tax-Free Car Incentives and Financing services are available to all our Malaysia My Second Home participants with compliment (subject to terms and conditions apply for subscribing to the service)
MM2H TAX-FREE- IMPORTATION OF A CAR
This process can begin as soon as your MM2H (Malaysia My Second Home) visa is stamped and your car must be imported from your country within 6 months from the date of stamping.
The car can be of any model, and price but it has to be registered in your or your wife’s name, prior to your participation in the MM2H (Malaysia My Second Home) program and has to be from your last country of residence. The MM2H Tax-Free Car comes with few approvals to be obtained from the Ministry of Finance, Customs and Transport Department on your eligibility. Depending on your requirement, there will be some fees charged for the application and processing.