Malaysia My Second Home (MM2H) Programme is a conjunction programme by the Government of Malaysia and Ministry of Tourism and Culture (MOTAC). This program to attract and welcome people from all over the world (foreigner) to come, stay and reside in Malaysia as long as possible using a multiple – entry social visit pass. The social visit pass is renewable every ten (10) years. MM2H Programme is open to other people from all countries recognised by Malaysia regardless of gender, age, race or religion. They are allowed to bring together their spouses or children age below 21 years, unmarried as dependants. Until today, there’s over 42,000 people have been approved for this programme.
MM2H Visa Permit Requirements
Before any approval from the secretariat, applicants must have this requirement upon successful submission of their MM2H application.
- For applicant age 50 and above – they should have liquid assets with value of RM 350,000, monthly income RM 10,000 and fixed deposit at least RM 150,000.
- For applicant age below 50 – they should have liquid assets with value of RM 500,000, monthly income RM 10,000 and fixed deposit at least RM 300,000.
After approval, applicants are comply with this placements upon receipt of the conditional approval letter from Malaysia Immigration Department.
- For applicant age below 50 – they must open a fixed deposit at least RM 300,000. After one year, applicant can withdraw half from the amount, up to RM 150,000. They also
Must maintain at least RM 150,000 from second year on-wards and throughout stay in
Malaysia under this programme.
- For applicant age above 50 – they must open a fixed deposit at least RM 150,000 and after one year, they can withdraw up to RM 50,000 if they meet the criteria. Applicant also must maintain a minimum balance of RM 100,000 from the second year on – wards and throughout his / her stay in Malaysia under this programme.
For those successful applicants, they must open their fixed deposits account in Ringgit Malaysia. Before they can withdraw their money from fixed deposits, they must obtain approval from Ministry of Tourism first. They can withdraw full amount anytime if they decided to terminate their stay and leave Malaysia. However, they should get approval from the Ministry if Tourism before they can withdraw entire fixed deposits.
All applicants and their dependents are required to submit a medical report from any registered clinic / private hospital in Malaysia after approval.
They also must have a valid medical insurance policy covering their stay, which is applicable in Malaysia. However, if they don’t get medical insurance because of their age (above 59), or pre – existing medical condition, this requirement can easily be waived.
Benefits and Incentives
Once the application is successful, there are many benefits and incentives provided for successful applicant. Participants may enjoy the following incentives:
Social Visit Pass with Multiple Entry will be granted for 10 years and can renew after 10 years. Can stay and leave Malaysia anytime. Applicant can apply for one maid depend on guidelines of the Immigration Department.
Participant can purchase residential houses at minimum price above RM 1,000,000, and permitted area is in Kuala Lumpur and Penang. They must get approval from Foreign Investment Committee of Malaysia.
The Government has chosen to annul the tax incentive on purchasing another privately vehicle or imported private vehicle into Malaysia under MM2H Programme. This tax incentive will be ended from 1 January 2018 yet Ministry of Finance will consider to MM2H member with first MM2H’s visa endorsed starting 1 January 2017 until 31 December 2017 to submit complete application via Sistem Maklumat Pengurusan Cukai Kerajaan Malaysia or Sistem Maklumat Pengurusan Cukai before 31 December 2018.
Each participant are allowed to bring their children or step children age below 21 years and unmarried as their dependents. They can continue schooling in Malaysia and must apply for a student pass.
MM2H participant eligible for tax exemption of offshore pension fund into Malaysia. Their source is not taxable in Malaysia.
For participant 50 years and above, they can work as a part timer, terms apply.
Participant can have their own business as Directors without any requirement of any local Malaysians, terms apply.
Tax exempted for imported personal, household items or even interest gained from fixed deposit. Can make an investment in share markets, units trust or local companies.
All application no longer use Agents or any third parties. Start from January 2009, the Government of Malaysia allow individual applications (direct application) which is easy. All document can be presented in English. Applicants may get full information from the official website, www.mm2h.gov.my.