Other BriefingsOverhaul for Malaysia’s My Second Home Program: What You Need to Know
Malaysia’s government has confirmed the planned changes to the Malaysia My Second Home (MM2H) in June 2024. The MM2H is a residency scheme that allows foreigners to live in the country on a long-term visa.
Key changes to the program include the introduction of a three-tiered system, namely, silver, gold, and platinum as well as the compulsory purchase of a property and hold it for 10 years. Further, the government has also introduced a new category of visas for residents in financial or special economic zones.
The three-tiered program
Applicants of the MM2H program is classified in three tiers:
- Silver;
- Gold; and
- Platinum
Each tier differs from the other in its fixed deposit requirements as well as the length of the visa duration.
Silver tier
Under the silver tier, participants must deposit a minimum of US$150,000 and can only purchase real estate worth a minimum of 600,000 ringgit (US$158,609). Participants will then be eligible for a renewable five-year visa.
The applicant is not allowed to work in Malaysia nor is allowed to invest in businesses. Further, the applicant is not eligible for permanent resident status.
Gold tier
Applicants of the gold tier must deposit a minimum of US$500,000 and can only purchase real estate worth a minimum of 1 million ringgit (US$211,000). Participants will then be eligible for a 15-year renewable visa.
The applicant is not allowed to work in Malaysia nor is allowed to invest in businesses. Further, the applicant is not eligible for permanent resident status.
Platinum tier
Under the platinum tier, participants must pay a minimum deposit of US$1 million and can only purchase property worth 2 million ringgit (US$423,000). The applicant is allowed to work in Malaysia is allowed to invest in businesses. Further, the applicant is not eligible for permanent resident status.
Purchase of residential property
The purchase of residential property is mandatory for all tiers. Importantly, the applicant is not allowed to sell the property for 10 years unless they upgrade to a more expensive property.
Minimum age and dependents
The minimum age of applicants has been lowered to 25 from 30. The maximum age of the children of the main applicant has been raised to 34 from 21, however, the child must unmarried and not be in employment in Malaysia.
Moreover, under all tiers, the main applicant or their spouse and dependents are only required to spend 60 days a year in Malaysia, down from 90 days before the changes. This is for applicants aged between 30-49 years.
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