The Malaysia My Second Home (MM2H) Program Guide

Malaysia offers a unique opportunity for individuals seeking a golden visa or residency by investment in Malaysia through its ‘Malaysia My Second Home’ (MM2H) program. This initiative allows you, as a foreign national, to receive a long-term visa to live in the country. The MM2H visa serves as a multiple-entry social visit pass and is initially valid for a tenure of ten years, providing a path for potential investors and retirees to reside in Malaysia with fewer bureaucratic hurdles.

To qualify for the MM2H program, you must meet certain financial and medical criteria, showcasing your ability to support yourself during your stay without seeking employment in Malaysia. Once accepted, you have the option to renew your pass, thus ensuring continuity of your life in Malaysia. This program underscores Malaysia’s welcoming stance towards expatriates and those looking to enjoy the myriad cultural, economic, and geographic offerings of this Southeast Asian nation.

Overview of Malaysia My Second Home (MM2H) Program

The Malaysia My Second Home (MM2H) Program is a residency scheme allowing foreigners to live in Malaysia on a long-term visa. Administered by the Government of Malaysia, MM2H permits a renewable stay with conditions tailored to meet the needs of various individuals seeking a second home in Malaysia.

Eligibility Criteria

To qualify for MM2H, you must meet specific financial and medical criteria set by the Government of Malaysia. The requirements include:

• Financial: You are required to show proof of sufficient financial resources, which usually involves a fixed deposit and a monthly offshore income.
• Medical: A medical report from a registered clinic in Malaysia.
• Insurance: You must have valid medical insurance coverage.

Benefits of MM2H

By participating in MM2H, you will be entitled to several benefits:

• Visa Duration: A renewable multiple-entry visa lasting up to 5 years.
• Family: You can include your spouse, unmarried children under 35, and parents or parents-in-law above 60 years of age.
• Property Ownership: Eligibility to purchase property under favorable conditions.

Government of Malaysia’s Role in MM2H

The Government of Malaysia plays a crucial role in MM2H:

• Regulation: Oversight is provided by the Ministry of Home Affairs to ensure the program’s integrity.
• Facilitation: Applications and renewals are processed by the Malaysian Immigration Department.
• Promotion: The Malaysian government markets MM2H as part of its initiative to promote the country as a desirable living destination for foreigners.

Application Process for MM2H

Embarking on the Malaysia My Second Home (MM2H) program can be a clear path to making Malaysia your new residence. The Government of Malaysia has established a structured procedure for this initiative, allowing you to apply for long-term residency with relative ease.

Required Documents

To successfully apply for the MM2H program, you must prepare the following documents:

• Letter of Application: A clearly written letter stating your intent to apply for the MM2H program.
• Passport: Copies of all pages with personal details and previous visas (valid for at least 18 months).
• Proof of Financial Capability: Evidence of liquid assets and a stable income source, including a copy of your Fixed Deposit Certificate if applicable.
• Background Check: A certified copy of a criminal record check from your home country.

Application Submission

After assembling your required documents:

1. Submit your application either directly or through an authorized agent.
2. Pay the relevant processing fees for due diligence checks and application handling.

It is critical that your paperwork is organized and complete to prevent delays or rejection.

Approval and Conditional Letter of Approval

Once your application is reviewed:

• If successful, you will receive a Conditional Letter of Approval from the Malaysian Immigration Department.
• You need to comply with the conditions stated in the letter, typically involving fixed deposits, medical insurance, and a medical report, within six months.

Compliance with these conditions is essential for the final issuance of your MM2H visa.

 

Financial Requirements

In applying for the Malaysia My Second Home (MM2H) programme, you must meet specific financial thresholds to prove your economic capability to sustain living expenses in Malaysia. These requirements are in place to ensure that participants of MM2H are financially sound and can support themselves without employment while residing in the country.

Minimum Income Level

You are required to demonstrate a minimum offshore income of RM10,000 per month. This income must be consistent and verifiable, serving as evidence of your ability to maintain your lifestyle in Malaysia without local employment.

Fixed Deposit

Upon approval of your MM2H application, you will need to open a Fixed Deposit account in a Malaysian bank. The required amount varies depending on your age:

• If you are below 50 years old, the Fixed Deposit amount will be RM300,000.
• For those aged 50 and above, the amount is set at RM150,000.

Proof of Financial Capability

To prove your financial capability, you must provide the following documents:

• A copy of your latest 3 months’ bank statement, showing liquid assets amounting to at least RM500,000 for applicants below 50 and RM350,000 for applicants aged 50 or above.
• Latest 3 months’ payslip or income statement, if applicable, to verify your offshore income claim.

It’s also worth noting that the MM2H visa is a renewable long-term stay visa, which means you will need to maintain these financial requirements in the long term to renew your participation in the program.

Property Investment and Rental Regulations

In Malaysia, the My Second Home (MM2H) program offers you not only residency options but also facilitates property investment with benefits that adjust to local regulatory frameworks. Here, you’ll find specifics about purchasing property and understanding rental agreements in Malaysia.

Purchasing Property in Malaysia

When you decide to purchase property in Malaysia under the MM2H program, certain benefits apply. You are allowed to purchase residential properties at a lower minimum price compared to non-MM2H foreigners. Specifically, in Penang state, you can purchase residential property starting from RM500,000, whereas the standard minimum price for foreigners is usually set at RM1,000,000.

• Property Type: Residential
• Minimum Price for MM2H Participants in Penang: RM500,000
• Standard Minimum Price for Foreigners: RM1,000,000

Please note that these thresholds can differ based on the location within Malaysia, and it’s important to consult current guidelines or a legal advisor for the latest regulations.

Rental Agreements and Conditions

When you’re renting property in Malaysia, you’ll enter into a rental agreement that outlines the terms and conditions of your tenancy.

• Deposit: Typically, you’ll be required to pay a security deposit equivalent to two months’ rent plus a utility deposit.
• Lease Duration: Rental contracts often have a standard lease duration of one year, which can be renewed upon agreement between you and the landlord.

It’s crucial to ensure that your rental agreement is clear on matters such as the rental amount, payment schedule, maintenance responsibilities, and any other specific conditions agreed upon. Additionally, understand your rights as a tenant to ensure a fair and legally compliant rental experience.

Renewing and Terminating the MM2H Visa

The MM2H visa offers a long-term stay in Malaysia, but it’s essential to understand the procedures for renewal and termination to maintain or end your residence status.

Visa Renewal Process

Renewing your MM2H visa is a systematic process to ensure that you can continue your stay in Malaysia without interruption. The key factors in the renewal process include:

1. Validity Period: Typically, your MM2H visa is valid for a period of 10 years and is renewable.
2. Documents Required: When the time for renewal approaches, prepare your documentation, which may include:
   • Current passport with the existing MM2H visa page.
   • New passport, if applicable (in case the previous one has expired).
   • Latest evidence of satisfying the financial criteria for the MM2H program.
   • A completed renewal form, obtained from the Malaysian Immigration Department.
3. Timelines: Begin the renewal process well in advance of your visa’s expiration date to allow ample time for processing.

Processing Steps:

• Visit the Malaysian Immigration Department’s office.
• Submit the required documents.
• Pay the processing fee.

Note: Always verify the current requirements and fees, as these can change.

Ending Participation in MM2H

If you decide to terminate your participation in the Malaysia My Second Home (MM2H) program:

1. Notification: Inform the Malaysian Immigration Department of your decision to terminate your MM2H visa.
2. Cancellation Process:
   • Surrender any issued MM2H passes.
   • Complete the necessary paperwork to officially end your status under MM2H.
3. Finalization: The termination process will culminate with the cancellation of your MM2H visa, following which you will be subject to the standard immigration rules applicable to tourists or other types of visa holders.

Important: Always consult with the MM2H officials for the most accurate and up-to-date advice on the renewal or termination processes.

Frequently Asked Questions

In this section, you will find concise answers to common queries about the Malaysia My Second Home (MM2H) program, which offers non-Malaysians a chance to reside long-term in Malaysia based on certain investment criteria.

What are the eligibility criteria for the Malaysia My Second Home (MM2H) program?

You must meet specific financial requirements to qualify for the MM2H program, such as having a minimum amount of liquid assets and a specified income level. These financial thresholds may vary based on your age and the criteria set out by the Malaysian government.

How has the MM2H program been updated for the year 2024?

As of the year 2024, the MM2H program may have undergone revisions to its policies or requirements. It’s important to refer to the latest updates released by the Immigration Department of Malaysia or the official MM2H website for the most current information.

What is the minimum monthly income requirement to qualify for the MM2H program?

The minimum monthly income requirement for the MM2H program has been historically set to a certain threshold, subject to updates. The actual figure can fluctuate, so it is advisable to check the official guidelines for the current year’s requirement.

Can a US citizen reside in Malaysia under the MM2H program, and if so, for how long?

Yes, a US citizen can apply for the MM2H program and, upon approval, can reside in Malaysia. The program typically grants a long-term multiple-entry visa, which was previously valid for 10 years, but you should verify the current duration as it may vary with new regulations.

Where can one find the official and most up-to-date information about Malaysia My Second Home?

For the most accurate and current information regarding the MM2H program, you should visit the official MM2H portal or the website of the Immigration Department of Malaysia.

What are the common challenges faced by participants of the Malaysia My Second Home program?

Participants may encounter difficulties in understanding the financial criteria or experience challenges during the documentation and application process. Changes to policy and requirements can also pose a hurdle, so staying informed about the latest regulations is crucial.