The Guide of Malaysia MM2H Program (Malaysia My Second Home Programme) Requirements

Welcome to the enchanting land of Malaysia, where the Malaysia My Second Home (MM2H) Program beckons with open arms. This initiative offers a unique opportunity for foreigners seeking a vibrant and diverse living experience in this captivating country. Malaysia, renowned for its warm hospitality, stunning landscapes, and rich tourism and culture, is an ideal destination to call your second home.

This program opens doors for individuals worldwide to immerse themselves in the wonders of living in Malaysia. From retirees looking for a tranquil haven to adventurous souls seeking new horizons, Malaysia MM2H requirements let you in and welcome you to embark on an unforgettable journey of discovery and belonging.

Malaysia MM2H Requirements: Definition and Purpose

The Malaysia My Second Home (MM2H) Programme is a housing project launched by the Malaysian government and managed by the Ministry of Tourism and Culture (MOTAC) to attract overseas retirees and work expats looking to make Malaysia their second home. Eligible participants in the MM2H Programme can get a multiple-entry social visit pass, allowing them to stay in Malaysia for an extended period. This pass is valid for an initial duration of up to ten years, with the option of renewal if all requirements are met. 

The MM2H Programme, emphasises creating a welcoming environment for foreigners, and is an appealing alternative for persons wishing to start a new chapter in their lives in Malaysia. Participants will be able to learn about the country’s unique culture, natural beauty, and modern amenities, making it a perfect location for individuals looking to improve their quality of life. Although the MM2H visit pass allows for a longer stay, it is important to emphasize that it neither confers nor guarantees the recipient’s eligibility for PR status in Malaysia. However, the flexibility of extension and renewal assures that overseas participants can enjoy Malaysia’s attractions as a second home for many years. 

Malaysia MM2H Requirements: Option to Stay in Malaysia

MM2H visa holders are free to choose their residence anywhere in Malaysia except for Sabah and Sarawak. Those interested in residing in Sarawak must obtain the specific MM2H Sarawak visa version. Switching between the two versions can be challenging, so deciding on your preferred location before applying is advisable. 

Notably, property ownership is optional for the MM2H Programme. However, if you wish to own property in Malaysia, the programme offers certain benefits and a pathway into the property market. 

How Foreigners Thrive with Malaysia My Second Home Programme 

Under the MM2H Programme, foreigners can avail themselves of numerous benefits and incentives, including acquiring a renewable 10-year visit pass with multiple entries. This initiative facilitates the entry of foreigners who wish to make Malaysia their second home, granting them the flexibility to stay for an extended period and travel in and out of the country as they desire. 

Here are some of the enticing features that foreigners can enjoy through the MM2H Programme: 

1. Secure Investment: Invest in Fixed Deposit account with zero risk, earning interest under the applicant’s name. 

2. Hassle-free Entry: Obtain a 5-year multiple entry visa, renewable indefinitely for easy travel. 

3. Homeownership Made Easy: Take advantage of BOCM’s MM2H Housing Loan Package for attractive interest rates and higher loan margins. 

4. Educational Opportunities: Bring dependent children under 21 years old for education purposes. 

5. Domestic Help: Apply for one maid to assist with household needs. 

6. Tax Benefits: Enjoy tax exemption on pensions remitted into Malaysia. 

7. Business Ventures: Eligible to register a limited company in Malaysia. 

8. Personal Items and Pets: Bring all personal belongings, including pets, tax-free into Malaysia. 

9. Speedy Approval: Experience an efficient approval process, typically within 60 days. 

Meeting the Eligibility Criteria  

Citizens from any country may apply for the MM2H Programme. However, there are some financial conditions that an applicant must meet: 

Above 35 years old 

• A minimum of RM1,500,000 in liquid assets is required. 
• A minimum monthly offshore revenue of RM40,000 is required. 
• A Malaysian fixed deposit account with a minimum balance of RM1,000,000 

• One-time personal bond payment of approximately RM2,000 

The MM2H Program’s widespread popularity persists despite the dramatic rise in resources needed to support it. Reasons for this include the generous perks provided by the program and the relatively inexpensive cost of living in Malaysia. 

Malaysia MM2H Requirements: Newly Introduced Tier System

As of December 2023, the Ministry of Tourism has introduced a new visa system comprising three tiers: Silver, Gold, and Platinum. The Silver tier entails a fixed deposit of RM500,000 with a renewable 5-year visa; Gold requires RM2,000,000 with a 15-year visa, initially issued with a three- to five-year visa; and Platinum necessitates a RM5,000,000 deposit, offering eligibility for Permanent Residency. Each tier mandates spending at least 60 days annually in the country, though dependents can fulfill this requirement.

Eligible dependents include spouses, children under 21, parents, parents-in-law, disabled children of any age, and unmarried children aged 21 to 34. Additionally, half of the fixed deposit can be withdrawn after one year for housing or medical expenses. Clarification is pending regarding the minimum monthly income requirement, which might have been eliminated, although the previous criterion stood at RM40,000 per month.

The Restrictions for Malaysia MM2H Requirements

Various restrictions apply to the MM2H Programme, as detailed below: 

Requirement To Spend 90 Days In Malaysia 

This may not be possible for business proprietors who conduct business or have other obligations outside of Malaysia. 

Incapable of Actively Operating their Malaysian Enterprise Under the MM2h Programme Visa 

While MM2H visa holders can establish a private limited company in Malaysia, they cannot participate in its daily operations. For this, a work visa is required. 

Unemployment In Malaysia 

MM2H visa holders are prohibited from working or being employed in Malaysia. They are to work abroad, which contradicts the requirement that they spend 90 days in Malaysia, as there are concerns about what they can do during that time if they are prohibited from working. 

SMM2H: Exploring the Second Home Option in Sarawak, Malaysia 

The SMM2H Programme allows individuals to reside anywhere in Malaysia, except Sarawak and Sabah. If interested in living in Sarawak, applicants must apply for the SMM2H Programme, which requires sponsorship from a local Sarawak citizen or permanent resident. 

To be eligible for the SMM2H Programme, applicants must be above 50 years old, unless they are 30 and above and require long-term medical care in the country or have a child studying there. Single applicants must have a fixed deposit account of RM150,000. For married couples, the fixed deposit account of RM300,000. 

Malaysia MM2H Requirements: The Application Process

The step-by-step guide for applying to the Malaysia My Second Home (MM2H) Programme is as follows: 

1. Check Eligibility: Ensure you meet the basic requirements, including financial means, age criteria, and other necessary conditions. 

2. Gather Required Documents: Collect essential documents such as passport copies, financial statements, medical reports (if applicable), and other supporting paperwork. 

3. Submit Application: Complete the MM2H application form and submit it with the required documents to the relevant authorities. 

4. Wait for Approval: The application processing time may vary; be patient while the authorities review your submission. 

5. Prepare for Relocation: Plan your move to Malaysia, including travel and accommodation arrangements, once your application is approved. 

6. Attend the MM2H Briefing (For Peninsular Malaysia Applicants): If relocating to Peninsular Malaysia, attend the mandatory MM2H briefing organized by the authorities. 

7. Complete Immigration Formalities: Upon arrival in Malaysia, complete the necessary immigration procedures to obtain your MM2H visa or social visit pass, depending on your situation. 

The Right Place to Invest Your Money

With its low corporate tax rate of 17% and incentives for SMEs, Malaysia is an attractive destination for foreign investment. Boasting a population of 33 million and a strong GDP per capita of USD 12,450 in 2022 (ranked 63rd globally), it offers ample opportunities for businesses tapping into a growing consumer base with rising purchasing power.

Premia TNC’s Assistance

PREMIA TNC Professional Consulting, a specialized tax accounting firm, offers valuable support in navigating the MM2H Programme application. Our extensive expertise in the field ensures applicants receive comprehensive guidance throughout the process. From verifying eligibility to preparing essential documentation and meeting financial prerequisites, PREMIA TNC ensure a seamless application experience.  

With our assistance, individuals can enhance their chances of approval and successfully embark on their journey to Malaysia under the MM2H Programme, all while benefiting from our professional and dedicated approach. 

FAQ about Malaysia MM2H Requirements