MM2H Forums Expat Malaysia(Requirements and Benefits)
For Malaysia My Second Home(MM2Home)
ELIGIBILITY
The program is open to all foreign citizens (including foreign spouse married to Malaysians)
Successful participants are allowed to bring their dependants (wife and children)
FINANCES / INCOME
Below 50 years of age
Fixed deposit of RM300,000 (upon conditional approval of MM2H visa)
You can withdraw RM150,000 after one (1) year
Must maintain a minimum balance of RM150,000 from second year onwards and throughout stay in Malaysia under this program
Monthly income of RM10,000 or equivalent in foreign currency (to show during application)
Above 50 years of age
Fixed deposit of RM150,000 OR monthly off-shore pension of RM10,000 (government pension is 100% accepted but the committee will evaluate if it is from a private source. If the pension organization is reputable, then it might be accepted. If not, the approval will be changed from pension to fixed deposit)
Government pension - husband & wife's pensions can be combined.
Fixed deposit of RM150,000 is only required only after the approval is obtained
Fixed deposit - you can withdraw RM50,000 after one (1) year
Must maintain a minimum balance of RM100,000 from second year onwards and throughout stay in Malaysia under this program.
If the applicant has purchased properties worth more than RM1million, they may be exempted from putting in the full amount into the fixed deposit. However, they have to pay up fully for their property.
FINANCIAL STRENGTH
MM2H applicants are required to have adequate financial strength. All applicants must demonstrate that they have at least RM500,000 (RM350,000 for those above the age of 50) equivalent in cash, deposits, bonds, securities, properties and other assets.
MEDICAL INSURANCE
Medical insurance coverage by insurance companies operating in Malaysia. Medical insurance coverage is required for all applicants (including spouse and children). Prices starts from RM75 onwards and it depends on the age of the applicant.
MEDICAL REPORT
Medical checkup is required for all participants (including spouse and children). It will be done only when you come in for passport endorsement, not during application.
Important Notes :
The money can only be withdrawn to purchase residential properties, education for children in Malaysia and for medical purposes in Malaysia only.
For residential property purchase, the sales and purchase agreement has to be signed AFTER the 1 year period. Otherwise, it is not valid. and you cannot withdraw to purchase the property.
The deposit can only be made in banks in Malaysia only (all banks - foreign or Malaysian banks). Deposit cannot be placed in a Malaysian bank overseas.
All deposits has to be made in Malaysian Ringgit only
For the pension method, there is no requirement for you to transfer the money over to Malaysia. A letter from the pension board and other financial documents (fixed deposits, bank statements) is required.
Visa holders are NOT allowed to work or seek employment in Malaysia.
Property purchase is NOT a requirement. You can rent a place to stay if you want to.
There is NO "minimum-days-to-stay-in-Malaysia" requirement for this visa.
To do business under MM2H visa, you must follow the guidelines from the Ministry of International Trade.
The main applicant may be the husband or wife. Whoever has the higher financial strength should be the main applicant.
Part time work (20 hours per week) is allowed but it must be approved by the MM2H committee.
Employment Pass holders who wish to participate in the MM2H program are exempted from the “cooling off period” on the condition that their application to participate in MM2H program is submitted 3 months before the expiry of the Employment Pass.
Unmarried children under the age of 21 are allowed to join this program as dependents of the parents.
Parents of applicants (including parents-in-law) are allowed to join applicant as dependent but they will get a yearly visa. The parents must be more than 60 years old.
For those who will be bringing their pets in, please click here for more information on quarantine and immunization procedure
** Good news - For those who are interested in getting medical insurance in Malaysia (due to high insurance cost in their home country), there are plans available for you that is very reasonably priced. Contact us for more details. **
Benefits Of Joining Malaysia My Second Home
You are entitled to purchase one car tax-free OR you are allowed to import your own car tax-free
No taxes on the income/pension brought into Penang.
You are allowed to stay in Malaysia (without leaving the country) until the visa expires and you don't need to leave the country during renewal.
Cars are very expensive in Malaysia and you will get approximately 20-50% off the sticker prices if you were to buy it tax-free. There are many models available to you and it is not restricted to Proton only.
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