Economic Effects of the MM2H Program
The MM2H program was introduced in 2002. From that year until the end of 2018, the scheme has generated a total of RM40.6 billion of revenue for Malaysia. Much of this revenue has been collected from approvals. Of the total revenue collected from the program, the purchase of property has contributed RM5.5 billion to the country’s economy. Other methods by which the country has obtained money from the program include medical treatment, bank deposits, tourism, and other purchases. Through applications for the MM2H program, the country has earned RM2.8 billion. Therefore, the program has been able to accelerate the country’s economic growth through revenue collection as well as the purchases of services and objects by foreigners who are part of the MM2H program.
How Foreigners Benefit from the MM2H Program
There are several benefits and incentives which may be gained through the MM2H program. One of these relates to visas. The program helps foreigners who are willing to come to the country to obtain a 10-year visit pass with multiple entry. Through the program, a foreigner can stay as long as desired and leave whenever the foreigner chooses to do so. The visit pass is renewable after 10 years.
Dependants of a foreigner who is in Malaysia through the use of the MM2H program may also receive education in Malaysia. According to the rules of the program, applicants are allowed to bring their children with them as long as the children are 21 years old or younger and unmarried. However, if any of these children are planning on entering tertiary education in Malaysia, the MM2H social visit pass will have to be terminated and the students will be required to apply for a Student Pass. Ownership of a Student Pass is a requirement imposed by the tertiary learning institutions of Malaysia. It is also advisable for these students to be appropriately insured while studying in Malaysia.
Any foreigner who visits the country through the MM2H program is allowed to purchase a residential home or property. The minimum price of the property to be purchased will differ in each state of the country. However, in most states, the lowest possible property prices which may be purchased by foreigners who are in Malaysia through the MM2H program is RM500,000.
Other benefits which foreigners enjoy through the MM2H program include a lack of taxation on pensions as well as the ability to receive offshore income including funds transferred into the country. Applicants who are over 50 years old are allowed to work part-time for 20 hours a week but require permission from the Immigration Department in order to do so. Foreigners who are in Malaysia through the use of the MM2H program are allowed to own and run a company as well as apply for a maid subject to the prevailing guidelines of the Immigration Department. They are also allowed to bring a pet into the country, and their parents can also join them as dependants through the use of a renewable visa.
Requirements Related to the MM2H Program
Citizens from any country are allowed to apply for the MM2H program regardless of their religion, age, or gender. However, there are certain financial requirements which an applicant is expected to fulfill. Those who are younger than 50 years old must have minimum liquid assets of RM500,000 with a minimum offshore monthly income of RM10,000 while also having a fixed deposit account in Malaysia which contains at least RM300,000. Individuals who are 50 years or older must have minimum liquid assets of RM350,000 with a minimum offshore monthly income of RM10,000 while also having a fixed deposit account with a Malaysian bank which contains at least RM150,000. Other requirements include a one-off personal bond payment which costs approximately RM2,000. The social pass will also require an annual payment of RM90.