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Malaysia My Second Home Exciting (MM2H) Program UPDATE: Malaysia relaxes criteria.

Updated: Feb 18

Malaysia relaxes criteria, potentially easing PR status. Income requirements waived; details unfolding. Pack your bags for a Malaysian adventure! 🌏🇲🇾 #MM2HUpdate



In 2021, the announcement of new terms for one of the most coveted residential and retirement visas in the world  for foreigners hoping to relocate to Malaysia was like a punch in the gut. Al Jazeera reported:


The program was revised in 2021 with tightened regulations that required applicants to have a monthly income of at least RM40,000 up from RM10,000 previously – pricing most applicants, especially retirees, out of consideration.

But now, we have an exciting update. The legendary Malaysia My Second Home (MM2H) Program just got a makeover! Imagine a visa that opens doors to a tropical haven. Hold your coconuts because, on 13th December 2023, Malaysia’s Minister of Tourism & Culture, Dato Sri Tiong King Sing announced that the MM2H vibe is getting chiller. It seems that income requirements are hitting the beach! No more stressing over the RM40,000/month rule. Minister Tiong spilled the beans, but hold on to your durians; more changes are sashaying in stages. And guess what? PR status might be on the horizon if you are blessed with flashy assets. Pack your bags peeps, and get ready for a Malaysian adventure that's as epic as a spicy laksa! #MM2HMagic


The MM2H visa did not previously confer or guarantee the recipient’s eligibility for PR status; which is an extremely difficult status to secure in Malaysia. The new eligibility criteria however infers that PR status is now possible if high asset requirements are met. There are 2 revised tiers however, with lower asset thresholds, that still offer long term visas with the flexibility of extensions and renewals, ensuring that successful applicants can enjoy Malaysia’s attractions as a second home for many years under these new categories.


The eligibility criteria, as it stands now, is as follows:


MM2H Tiers




SILVER

5 years renewable






GOLD

15 years renewable


PLATINUM

Eligible for PR

MM2H Criteria


Age Requirements


Minimum Age 30 years

Minimum Age 30 years

Minimum Age 30 years

Fixed Deposit in a Malaysian Bank

RM500,000

(Approx US$105,000)

RM2,000,000

(Approx US$420,000)

RM5,000,000

(Approx US$1.05 Million)

Dependents

Children aged up to 35 years and single.


Parents & In-laws who are above 60 years of age are allowed.

Children aged up to 35 years and single.


Parents & In-laws who are above 60 years of age are allowed.

Children aged up to 35 years and single.


Parents & In-laws who are above 60 years of age are allowed.

Medical Report

Required for applicant and all dependents.

Required for applicant and all dependents.

Required for applicant and all dependents.

Medical Insurance

Insurance that is valid in Malaysia is required for applicant and all dependents.

aged 59 and below.

Insurance that is valid in Malaysia is required for applicant and all dependents.

aged 59 and below.

Insurance that is valid in Malaysia is required for applicant and all dependents.

aged 59 and below.

Police Clearance

Required for applicant and all dependents aged 18 and above.

Required for applicant and all dependents aged 18 and above.

Required for applicant and all dependents aged 18 and above.

Fixed Deposit Withdrawal

Maximum of 50% Allowed for property purchase and/or medical expenses and/or tourism expenses within Malaysia – AFTER 1 YEAR

Maximum of 50% Allowed for property purchase and/or medical expenses and/or tourism expenses within Malaysia – AFTER 1 YEAR

Maximum of 50% Allowed for property purchase and/or medical expenses and/or tourism expenses within Malaysia – AFTER 1 YEAR

Property Purchase

Allowed to purchase property at minimum value of RM750,000. Can withdraw up to 50% of monies in fixed deposit for the purchase of property – AFTER 1 YEAR.

Allowed to purchase property at minimum value of RM750,000. Can withdraw up to 50% of monies in fixed deposit for the purchase of property – AFTER 1 YEAR.

Allowed to purchase property at minimum value of RM1.5 million. Can withdraw up to 50% of monies in fixed deposit for the purchase of property – AFTER 1 YEAR.

Mandatory minimum time spent in Malaysia

60 day per year for main applicant OR dependents

60 day per year for main applicant OR dependents

60 day per year for main applicant OR dependents

Eligibility to work and carry on business

TBA

TBA

TBA

Benefits of the MM2H Programme


Discover the allure of Malaysia with the Malaysia My Second Home (MM2H) Program. Embrace a vibrant lifestyle in a country celebrated for its warmth, scenic beauty and cultural richness. Whether you're a retiree seeking tranquility or an adventurer craving new horizons, Malaysia invites you to a journey of unforgettable experiences and a second home that captures your heart.


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


  1. Secure Investment: Invest your hard earned cash in a bank fixed deposit account earning interest under the applicant’s name.

  2. Hassle-free entry: Obtain a 5-year, 15 year multiple entry visa, renewable indefinitely for easy travel and even be eligible for permanent residence if you fall under the Platinum category.

  3. Import your personal and household items into Malaysia tax-free. Certain belongings, like vehicles, do, however, require permits/licenses.

  4. Invest in local companies, the share market and unit trusts.

  5. Interest earned on bank fixed deposits is tax-free.

  6. Offshore generated income or pension, and foreign funds may be transferred tax-free into Malaysia.

  7. As at the date of this post you may own and run your own local or overseas business subject to meeting separate work and business visa requirements.

  8. Visa holders may apply for their parents and in-laws to join them as dependents under a renewable long-term visa.

  9. Unmarried children below 35 years old can relocate to Malaysia with their parents.

  10. Eligible for 1 domestic help / nanny

  11. Efficient approval process, typically within 90 days.

The MM2H Program’s widespread popularity persists despite the dramatic rise in resources needed to qualify. Malaysia remains a popular country to live in. Foreigners have been looking for a pathway to long term residence in the country. The primary reasons are the cultural diversity, safety and security, excellent infrastructure and the relatively inexpensive cost of living in Malaysia.


Restrictions under the MM2H Programme


There are however some inconvenient restrictions that still apply. But rumour has it that they are being reviewed: Stakeholders are hoping that the Minister will relax these restrictions as soon as possible.


  1. There is a requirement to spend a minimum of 60 Days per year In Malaysia. This may not be possible for business proprietors who conduct business or have other obligations outside of Malaysia.

  2. Under exisiting rules, the MM2H visa DOES NOT grant the right to work or carry on a business in Malaysia. A separate application for a work visa needs to be made to work in Malaysia, even if it is in your own business Applicants can, of course, work abroad or in their home countries. However, this contradicts the requirement that they must spend a minimum of 60 days per year in Malaysia. It is envisaged that the Malaysian authorities will revise the work and business eligibility criteria and mandatory stay periods soon.


Al-Jazeera recently reported :


Michael Santos, a prospective applicant from the Philippines, said he welcomed the changes announced so far.

“It should allow us to purchase property and should be more efficient than before,” Santos told Al Jazeera. “The previous requirements are basically out of reach and impossible to meet. How can they attract investors with sky-high requirements?”

Ultimately, the success of this program will depend on one essential feature. For long-term foreign residents in Malaysia, the Minister must include the right to work and engage in business as well as offer a realistic path to permanent residency. This will make the program almost irresistible and offer peace of mind to foreign residents after years of uncertainty about their ability to live in the country for good.

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