Light transport jet Captain reported a NMAC while on final approach with 2 military aircraft that had passed just off the right wing and approximately 200 feet overhead.

Narrative

We were cleared for a visual approach to runway XXL at ZZZ. We were following the guidance of the ILS to landing. While descending on final approach we overheard the tower clear a military jet; a flight of 2 aircraft flying formation for an Overhead Break" indicating the aircraft should break for a left downwind over the field. As we were passing through about 1400 MSL (858 AGL) we received a TCAS RA indicating NO CLIMB should be initiated; in other words; continue to descend. I disconnected the autopilot and continued the descent towards the runway. A second or two later the 2 military aircraft formation passed less than 200 ft. off our right wingtip at our current altitude at roughly 250 KTS; about 130kts faster than our current speed. Needless to say; the noise of their high-power pass; close proximity; and our reaction to the unexpected TCAS RA was somewhat unnerving. The tower sounded startled at what had just occurred. They informed the lead of the 2 aircraft to extend their downwind after the overhead break and the tower would call their base. They also questioned the lead aircraft about why they were so low and had they had us in sight. The lead indicated that Approach Control had issued the clearance for the altitude for the overhead break. We landed without further incident. This was clearly a dangerous maneuver causing a near mid-air collision and an unsafe condition."