Malaysia My Second Home, also known as MM2H, is a programme that allows foreigners who fulfill certain criteria to stay in Malaysia for as long as possible. Under this scheme, successful applicants are given a multiple entry Social Visit Pass, which is initially valid for a period of ten (10) years, and is renewable thereafter.
Eligibility Criteria
It is open to citizens of all countries recognized by Malaysia regardless of race, religion, gender or age. Applicants are allowed to bring their spouse and unmarried children below the age of 21 as dependents.
| Country of Origin | Citizens from all countries (except for Israel) may apply. |
|---|---|
| Age | There is no age limit. |
| Financial Capacity | Applicants are expected to be financially capable of supporting themselves on this program during their stay in Malaysia (see detailed financial requirements below) |
| Medical Insurance | Approved participants and their dependents must possess valid medical insurance coverage that is applicable in Malaysia from any insurance company. However, exemptions may be given for participants who face difficulty in obtaining a medical insurance due to their age or medical condition. |
Financial Requirements – Upon Application
Applicants are required to submit proof of the following:
| Applicants | Liquid Assets | Monthly Income from home country or outside Malaysia |
| Aged below 50 years old | Minimum of RM500,000 (US$156,000)* | Minimum of RM10,000 (US$3,100)* |
| Aged 50 and above | Minimum of RM350,000 (US$109,000)* | Minimum of RM10,000 (US$3,100)* |
Notes:
- Retired applicants are required to show proof of receiving a monthly pension of at least RM10,000 (US$3,100)* from government-approved funds.
- For certified copies of bank accounts submitted as financial proof, applicants must provide the latest 3 months’ statement with each month’s credit balance of at least the required minimum amount.
- New applicants who have purchased properties worth at least RM1 million* qualify to place a lower fixed deposit amount upon approval.
* US$1.00 = RM3.2 (approx rate)
Financial Requirements – Upon approval
Successful applicants are required to comply with the following financial criteria upon receipt of the “conditional approval letter” from Immigration Department of Malaysia.
| Requirements upon approval: | |
|---|---|
| Below 50 years old: |
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| Above 50 years old: |
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* US$1.00 = RM3.2 (approx rate)
Incentives
(1) Dependent Privileges
Applicants are allowed to bring dependents under 21 years of age, as well as a maid (domestic helper), from their home country.
- Dependents above 21 years of age will have to submit a separate application.
- Application for maid (domestic helper) can be submitted only after the approval of MM2H.
(2) Purchase of Residential Property
Purchase of a property is not a prerequisite for participating in MM2H program. A foreigner may purchase any number of residential properties in Malaysia, subject to the minimum price established for foreigners by the different states.
They start from RM1,000,000 per unit in most states, as of October 2013. Land is a state matter and it is important to check state laws before making any commitment, as the minimum purchase price is not standardized between states. Advise on property purchase will be given upon request. A profit made on the sale of property is subjected to current Real Property Gains Tax (RPGT) rate set by the Government of Malaysia as follows:
| 1st year – 3rd year | 30% |
|---|---|
| 4th year | 20% |
| 5th year | 15% |
| 6th year and above | 0% |
(3) Car Purchase
The MM2H participant may purchase one new car made or assembled in Malaysia. He/she will be exempted from paying excise duty and sales tax on the new vehicle. An application to purchase a new car made or assembled in Malaysia must be forwarded to the Ministry of Finance within a period of one year from the endorsement date of Malaysia My Second Home (MM2H) social visit pass.
Additional information on purchase of car and procedure will be provided upon request.
(4) Education
Participants of Malaysia My Second Home Program are provided with various incentives to make their stay more comfortable and enjoyable in Malaysia. Under this programme, applicants are allowed to bring their unmarried children under 21 years old as their dependents and apply permission to study in Malaysia.
Please note that tertiary educational institutions (private colleges and universities), requires their students to have a Student Pass. Therefore, MM2H dependents that are enrolling into tertiary educational institutions are required to terminate their MM2H Social Visit Pass in order to apply for the Student Pass and should be insured throughout their stay under this program.
(5) Other Incentives
Other incentives given to qualified individuals include the following:
- Business and Investment Opportunities
- Part-time employment may be considered
- Ability to bring pets
Employment Restrictions
Applicants are not allowed to work under any employment during their stay in Malaysia. However, if applicant invests in certain companies or starts a business, he/she may be permitted to do so subject to approval. Any other form of employment, however, is strictly prohibited. – Interested in applying for the ‘Malaysia My Second Home’ Programme? Contact us at info@rikvin.com for more details.