Malaysia is rapidly gaining popularity as an ex-pat goal on account of its tropical climate, unique culture, and less expensive cost of living. Now, the Malaysian government has made it significantly simpler for non-residents to call this area home with their Malaysia My Second Home visa program.
Malaysia has gone well beyond with their MM2H visa. Replacing the former program known as the “Silverhair Program”, this visa stretches out to ex-pats all ages, not simply retirees. Also, one application encompasses all of your dependents, including your life partner, your kids (under 21 years of age), and your parents.
The MM2H program is technically a “10 Year Social Visit Pass with Multiple Entry Visa” that, as the name infers, only has to be renewed once at regular intervals (10 years). During this time, you never need to stress over momentary visa renewals and you are allowed to leave the country as you wish without disrupting your visa status. Furthermore, there is no minimum stay necessity to keep your great standing.
One of the greatest advantages of the MM2H program is that your foreign income source or benefits will not be taxed. Besides, any premium earned from fixed deposit accounts is tax-free, as are any benefits you make from selling property while in Malaysia.
However, be aware that when purchasing a house, there is a minimum price tag of MYR500,000 (which is about $152,000 USD) for foreigners, yet there is no restriction to the amount of property you can purchase.
If you want a vehicle while you’re living in Malaysia, MM2H has that secured too. There will be no import duty, sales tax, or excise duty in the event that you import your vehicle within a half year or if you purchase a locally-assembled vehicle within a year of receiving your MM2H status.
The advantages don’t stop there. Your children will get study permits for both public and tuition-based schools until they’re 18 and in that time, you can even have a foreign live-in house cleaner of your option who will be eligible under your visa. Furthermore, everybody will be covered under the compulsory medical insurance.
If you’re under 50, to qualify this programme, you will need to :
- Have MYR500K financial balance in your bank account in your most up-to-date three months of statements.
- Makeover MYR10K monthly salary with most up-to-date 3 months statements
- Maintain MYR300K under Fixed Deposit in Malaysia
If you’re over 50, you’ll need to:
- Have MYR 350K financial balance in your bank along with your last three months of statements
- Makeover MYR10K monthly salary with the latest 3 monthly statements
- Maintain MYR150K under Fixed Deposit in Malaysia or by using your last three bank statements you can show over MYR10K monthly Government pension.
The Malaysian government is setting up an online portal to permit online applications. In the meantime, all MM2H applications must be submitted to Malaysia My Second Home Program Office, either directly or through an agency. The processing time is around half a year from document submission.