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.
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.
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.
It is important to highlight that the MM2H program requires participants to purchase property in Malaysia as a condition of residence. This program not only provides a pathway into the property market but also offers the benefits and security of long-term residency.
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:
- Secure Investment: Invest in Fixed Deposit account with zero risk, earning interest under the applicant’s name.
- Hassle-free Entry: Obtain a 5-year multiple entry visa, renewable indefinitely for easy travel.
- Homeownership Made Easy: Take advantage of BOCM’s MM2H Housing Loan Package for attractive interest rates and higher loan margins.
- Educational Opportunities: Bring dependent children under 21 years old for education purposes.
- Domestic Help: Apply for one maid to assist with household needs.
- Tax Benefits: Enjoy tax exemption on pensions remitted into Malaysia.
- Business Ventures: Eligible to register a limited company in Malaysia.
- Personal Items and Pets: Bring all personal belongings, including pets, tax-free into Malaysia.
- Speedy Approval: Experience an efficient approval process, typically within 60 days.
Meeting the Eligibility Criteria
1) Three-tiered Programme
The Ministry of Tourism has introduced a new three-tier visa programme, offering different requirements and benefits based on the applicant’s chosen tier: Silver, Gold, or Platinum. Each tier varies in terms of fixed deposit amounts, real estate eligibility, and visa duration.
The Silver tier requires applicants to deposit a minimum of US$150,000 and limits property purchases to real estate minimum valued at RM600,000 (approximately US$158,609). Successful applicants receive a renewable five-year visa but are restricted from working or investing in businesses in Malaysia.
The Gold tier mandates a deposit of at least US$500,000, with real estate purchases limited to properties minimum valued at RM1 million (around US$211,000).
The Platinum tier requires a minimum deposit of US$1 million and allows property purchases minimum valued at RM2 million (approximately US$423,000). This tier offers greater flexibility, permitting participants to work in Malaysia and invest in businesses, though it still does not provide a pathway to permanent residency.
Across all tiers, participants and their dependents are required to spend at least 90 days per year in Malaysia. Dependents can include spouses, children under 21, unmarried children aged 21 to 34, parents, parents-in-law, and disabled children of any age. Additionally, half of the fixed deposit may be withdrawn after one year for property purchase, education, medical and domestic tourism activity in Malaysia. The previous income requirement of RM40,000 per month has been waived.
The Malaysia My Second Home (MM2H) Programme has undergone significant updates, introducing a three-tier system with revised requirements and benefits. Participants and their dependents are required to spend at least 90 days per year in Malaysia. Dependents include spouses, children under 21, unmarried children aged 21 to 34, parents, parents-in-law, and disabled children of any age. Additionally, participants may withdraw up to 50% of their fixed deposit after one year for housing or medical expenses. The previous income requirement of RM40,000 per month has been waived.
2) Special Conditions Under Special Economic/Financial Zone
The Ministry of Tourism, Arts, and Culture has also introduced special conditions for the MM2H Program for the new Special Financial Zones of the country.
The special condition requires applicants to deposit a minimum of US$65,000 for ages 21 to 49; and US$32,000 for ages 50 and above. The property purchase must be directly from the developer and the minimum purchase price is subject to the respective state property acquisition policies. Successful applicants receive a renewable ten-year visa but are restricted from working or investing in businesses in Malaysia. This tier does not offer eligibility for permanent residency.
Living in Malaysia with the MM2H Programme
Healthcare
Malaysia offers high-quality healthcare services accessible to expatriates under the MM2H programme, with both private and public facilities providing excellent care. Most expatriates prefer private healthcare due to its affordability compared to Western standards. MM2H visa holders are advised to secure comprehensive health insurance to cover all potential medical needs and avoid significant out-of-pocket expenses.
Education
Expatriates in Malaysia under the MM2H programme have numerous educational options for their children, with many international schools offering British, American, and International Baccalaureate curricula. These schools provide high educational standards, facilitating a smooth transition and integration into Malaysian life while maintaining academic progression.
Culture
Expatriates in Malaysia enjoy adapting to the country’s vibrant mix of ethnicities, religions, traditions, and cuisines. The affordable cost of living ensures a comfortable lifestyle, and the MM2H programme participants often engage in local festivals, enriching their stay and fostering cross-cultural understanding.
Monetary Aspects
Banking
Investors in the MM2H programme must open a Fixed Deposit account in a Malaysian bank. The required deposit amount is as per the 3 tier categories. After two years, up to 50% of the deposit can be withdrawn for approved expenses, including real estate investments.
Real Estate
MM2H participants can invest in Malaysian real estate, with minimum purchase prices varying by state. Expatriates can buy multiple properties if each meets the price threshold, benefiting from potential capital appreciation and Malaysia’s strategic location. Staying updated on real estate policies ensures compliance and maximizes investment benefits.
Visa Related to the MM2H Programme
The MM2H visa, initiated by the Malaysian Immigration Department, is a Multiple-Entry Social Visit Pass allowing non-Malaysians to live in Malaysia. It is initially valid for 10 years and renewable every 10 years, subject to immigration conditions and a required cumulative stay in Malaysia. Applicants must present a valid passport and meet eligibility criteria, including financial requirements, which vary across West Malaysia, Sabah, and Sarawak.
Meeting the Eligibility Criteria
Citizens from any country may apply for the MM2H Program. 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.
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.
Exploring the Second Home Option via SMM2H
The SMM2H Programme allows individuals to reside anywhere in Malaysia, especially Sarawak. 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, to be eligible for the SMM2H Programme, applicants aged 30 to 49 must own a residential property in Sarawak valued at at least RM600,000.00, have children under 21 years old who are continuing their studies in Sarawak (only for those who already hold a student pass), and be undergoing long-term medical treatment in Sarawak certified by a Private/Government Physician registered with the Malaysian Medical Council. Applicants above 50 years old do not have any special conditions. Single applicants must have a fixed deposit account of RM150,000. For married couples, the fixed deposit account of RM300,000.
The Application Process for MM2H
The step-by-step guide for applying to the Malaysia My Second Home (MM2H) Programme is as follows:
- Check Eligibility: Ensure you meet the basic requirements, including financial means, age criteria, and other necessary conditions.
- Gather Required Documents: Collect essential documents such as passport copies, financial statements, medical reports (if applicable), and other supporting paperwork.
- Submit Application: Complete the MM2H application form and submit it with the required documents to the relevant authorities.
- Wait for Approval: The application processing time may vary; be patient while the authorities review your submission.
- Prepare for Relocation: Plan your move to Malaysia, including travel and accommodation arrangements, once your application is approved.
- 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.
Malaysia MM2H Requirements: Maintaining Your Status
Once approval is granted, applicants must continue to meet Malaysia MM2H requirements to maintain their status under the programme. One of the key obligations is retaining the fixed deposit in a Malaysian bank for the duration of participation in MM2H, with only partial withdrawals allowed under specific conditions such as property purchase or children’s education.
In addition, participants are generally expected to reside in Malaysia for a minimum number of days each year, depending on the latest guidelines, to demonstrate genuine intent to live in the country. Ongoing medical insurance coverage and a valid visa are also crucial to remaining compliant. Fulfilling these obligations helps ensure that MM2H status remains valid, avoiding complications during renewal or future applications for related permits.
Malaysia MM2H Requirements: Common Reasons for Application Rejection
Understanding the common reasons for rejection can help applicants better meet Malaysia MM2H requirements and improve their chances of approval. Applications may also be rejected in the event that supporting documents are incomplete, outdated, or not properly translated into English where required. Another reason is the omission of necessary health or insurance documentation, which are essential parts of the MM2H application process.
Lastly, inconsistencies between declared information and submitted documents can raise red flags during the assessment, leading to denial. By ensuring that all submitted materials are accurate, comprehensive, and aligned with official guidelines, applicants can avoid these common pitfalls.
The Right Place to Invest Your Money
With its low corporate tax rate of 15% to 24% 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 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
Q1. What is the MM2H Programme?
A: The MM2H Programme is Malaysia's initiative to attract foreign nationals who wish to live in the country for an extended period.
Q2. Who is eligible for MM2H?
A: Individuals 25 years old and above under the Silver, Gold, and Platinum tiers, whereas 21 years old for the special zone, who fulfill specific financial criteria are eligible for MM2H.
Q3. Can I work or do business in Malaysia under MM2H?
A: Only under Platinum categories is allowed.
Q4. How long does the MM2H application process take?
The MM2H application processing time varies, but it typically takes around 3 to 6 months for approval.
