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The Malaysia My Second Home (MM2H) Program

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The Malaysia My Second Home (MM2H) Program

2020-12-22T12:30:56+08:00February 24, 2020|0 Comments

Many foreigners have come to Malaysia to live through the use of the Malaysia My Second Home (MM2H) program. The MM2H program is a housing program created by the government of Malaysia which caters to expatriates and other immigrants living in the country.

Malaysia My Second Home (MM2H) Program

Many foreigners have made the decision to come to Malaysia to live. Of these foreigners, a large number of them have entered Malaysia through the use of the Malaysia My Second Home (MM2H) program. There are certain requirements, terms, and conditions to be fulfilled by anyone who has taken an interest in using the MM2H program. MM2H is a housing program which is primarily intended to be used by foreign retirees and working expatriates who are interested in having Malaysia as their second home.

The MM2H program was initiated by the Malaysian government and was introduced by the Ministry of Tourism and Culture (MOTAC). The primary purpose of this program was to encourage people from every part of the world to come to the country of Malaysia and start a new life there. One can obtain an MM2H visit pass which will be valid for up to 10 years upon becoming part of the MM2H program. The MM2H visit pass is renewable once the holder fulfils the renewal requirements after it expires.

The duration of the visa of a person who is part of MM2H will depend on the validity period of one’s passport. Therefore, it is advisable to renew the passport before applying for the visa so as to maximize the validity period of the visa. The validity period can be extended at any time as long as the owner of the visa possesses the necessary documents as well as the financial ability to pay for them. However, the visa does not confer permanent resident (PR) status; neither does it lead its owner’s receiving PR status in Malaysia.

Regardless of whether you are part of the MM2H program, we at Paul Hype Page & Co will be able to assist you with the obtaining of any necessary visa. Our team will work with you in every way possible so that you will not experience any problems related to the receiving of the visa. We will also interact with government authorities whenever necessary in order to expedite the process.

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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.

 

The Malaysia My Second Home (MM2H) Program FAQs

Is dual citizenship legal in Malaysia?2020-04-29T12:04:59+08:00

In Malaysia, the federal constitution of the country states that dual citizenship is illegal. The main reason why such is the case is that dual citizenship provides one with both privileges and responsibilities; such status might be abused when a dual citizen decides to use the privileges while avoiding the responsibilities.

Is the MM2H program connected to either permanent resident status or citizenship status in Malaysia?2020-04-29T12:04:24+08:00

The MM2H program does not grant permanent resident status to its participants. It also does not enable anyone to become a Malaysian citizen.

Which Countries have the most people living in Malaysia through the MM2H program?2020-04-29T12:03:43+08:00

Many people from all over the world use the MM2H program to live in Malaysia. The seven countries which have the most people who are participating in the program are China, Japan, Bangladesh, the United Kingdom, South Korea, Singapore, and Iran.

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