|Introduction Malaysia My Second Home (MM2H)
Malaysia My Second Home (MM2H) Program is promoted by the Government of Malaysia to allow people from all over the world who fulfill certain criteria, to stay in Malaysia as long as possible on a social visit pass with a multiple entry visa. The Social Visit Pass is initially for a period of ten (10) years (depending on the validity of the applicants’ passport) and is renewable. Malaysia My Second Home Program is open to all citizens of countries recognized by Malaysia regardless of race, religion, gender or age.
Applicants are allowed to bring along their spouse and children (below 18 years old who is not married). This Program is initiated organized and launched by the Malaysian Government. It is, therefore, a Program that the Government will continuously work to ensure its success.Foreigners who are married to Malaysians are not eligible for MM2H program but may apply to stay in Malaysia under the Immigration Department’s “Spouse Program” or Long Term Social Visit Pass.
This program is fully endorsed by the Government of Malaysia and your immediate family (spouse and children) can also participate in the program. Here are some of the key benefits of the program:
- You will get a 10-year Visit Pass and Multiple-Entry Visa (renewable every ten years) which will eventually give you a lifetime easy access to the country (perpetual visa).
- You can import your car or purchase a new car, tax-free and enjoy other tax incentives.
- You can invest and own businesses in Malaysia. This is like owning a second passport, or a second citizenship in Malaysia.
- You can enjoy a luxury lifestyle at a fraction of the costs. It is the cheapest and very affordable place to retire early. The best thing is that you still retain your citizenship and all its privileges in your own country. You can always go back if you miss having to wear 5 layers of clothing and thread through a thick snow at some 20 degrees below zero just to get your mail from your mailbox, or miss pushing your car to the side of the road during heavy snow storm due to frozen fuel line.
Successful applicants are required to comply with the following financial Fixed Deposit placements upon receipt of the “conditional approval letter” from Malaysia Immigration Department.
Aged Below 50 years old:
- Open a fixed deposit account of RM300,000.
- After a period of one year, the participant can withdraw up to RM150,000 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
- Must maintain a minimum balance of RM150,000 from second year onwards and throughout stay in Malaysia under this Malaysia My Second Home program.
Aged 50 years and Above:
- Will either:- Open a fixed deposit account of RM150,000; OR- Show proof of monthly off-shore income of RM10,000 pension without placing a fixed deposit.
- Only applicants who are drawing from Government Pensions can be considered for the ” Monthly off – Shore Income ” criteria. After a period of one year, participant who fulfills the fixed deposit criteria can withdraw up to RM50,000 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
- Participant must maintain a minimum balance of RM100,000 from the second year onwards and throughout his/her stay in Malaysia under this MM2H program.
- Successful applicants need to open their fixed deposits in Ringgit Malaysia (RM) only.
- Participants need to obtain approval from Ministry of Tourism before proceeding to withdraw the fixed deposit.
- Participants under this program may withdraw their entire fixed deposit anytime should they decide to terminate their stay in Malaysia under this program. However, they must obtain prior approval from the Ministry of Tourism. New applicants who have purchased and owned residential property which were bought at RM1 million and above in Malaysia are eligible to apply for exemption from placing the full FD amount required of MM2H participants. They only have to comply with the basic financial requirement of FD of RM100,00 for over 50 & RM150,000 for under 50 respectively.
This amount may not be withdrawn until the participants decide to terminate their participation in MM2H program. New applicants have to observe the following conditions:
- The purchased residential property may be a fully completed unit or one under construction. For any property purchased, applicants aged below 50 and those aged 50 and above must produce copies of payments made to developers, amounting to a minimum of RM1,000,000. This amount does not include legal fees, transfer fees, commissions and any other related payments.
- The property must cost a minimum of RM1 million OR Several properties totaling RM1 million and above can be accumulated for this exemption
- Properties must have been bought in the last 5 years only
What is Our Role?
Beyond Corporate Group is an authorized agent, fully approved and appointed by Tourism Malaysia, to assist all foreign citizens in the Malaysia My Second Home Program (MM2H).
Our role includes :-
- To assist in the arrangements and submission of your application to the Malaysia My Second Home Centre (for new application).
- To assist in all the follow-up requirements.
- To ensure the approval of application is obtained within a reasonable time period.
- To liaise with local parties on behalf of the applicant.
- To be a one stop service provider, where all the needs of the applicant is attended to.