Your Comprehensive Guide to the Malaysia My Second Home Programme 2023

Your Comprehensive Guide to the Malaysia My Second Home Programme 2023

Introduction:

Malaysia offers an exceptional opportunity for foreigners seeking a new home and lifestyle in Asia. The Malaysia My Second Home (MM2H) programme is an attractive option that allows foreigners to reside in Malaysia for an extended period. Discover the benefits, requirements, and economic impact of this renowned programme.

What is the MM2H Programme?

The MM2H Programme is designed for foreign retirees and working expatriates looking to establish Malaysia as their second home. Initiated by the Malaysian government and introduced by the Ministry of Tourism and Culture (MOTAC), this programme grants participants a multiple-entry social visit pass, valid for up to 10 years. The pass can be renewed upon meeting the renewal requirements, offering a long-term solution for those seeking a new lifestyle in Malaysia.

Benefits of the MM2H Programme:

  1. Freedom of Entry: Participants can enter and exit the country as they please, with a requirement to spend a cumulative total of 90 days in Malaysia per year.
  2. Dependants and Education: Participants can bring their children under the age of 21 as dependants, allowing them to receive education in Malaysia. However, students pursuing tertiary education will need to apply for a Student Pass.
  3. Property Ownership: Foreigners under the MM2H Programme can purchase residential homes or properties in Malaysia.
  4. Taxation and Income: Participants enjoy tax exemptions on pensions and can receive offshore income, including funds transferred into the country.
  5. Part-Time Work and Business Ownership: Applicants over 50 years old are eligible to work part-time for up to 20 hours per week, subject to permission from the Immigration Department. They can also own and operate a company in Malaysia.
  6. Maid, Pet, and Family: Participants can apply for a maid, bring their pets, and include their parents as dependants under a renewable visa.

Economic Impact of the MM2H Programme: Since its inception in 2002, the MM2H programme has generated significant revenue for Malaysia, amounting to RM40.6 billion. This revenue is primarily derived from application and approval fees, property purchases, medical treatments, bank deposits, tourism, and other expenses. The programme has been instrumental in driving the country's economic growth and recovery.

Requirements for the MM2H Programme:

Citizens from any country can apply for the MM2H programme, subject to specific financial criteria:

  1. Under 50 years old:
    • Minimum liquid assets of RM1,500,000
    • Minimum offshore monthly income of RM40,000
    • Fixed deposit account in Malaysia with at least RM1,000,000
  2. 50 years old and above:
    • Minimum liquid assets of RM1,500,000
    • Minimum offshore monthly income of RM40,000
    • Fixed deposit account with a Malaysian bank containing at least RM1,000,000
    • Proof of receiving a government pension of RM10,000 per month for retirees
  3. Additional requirements include a one-time personal bond payment of approximately RM2,000 and an annual payment of RM90 for the social pass.

Restrictions to the MM2H Programme:

While the MM2H Programme offers numerous benefits, certain restrictions apply:

  1. Mandatory Stay: Participants must stay in Malaysia for a minimum of 90 days per year, which may pose challenges for individuals with business commitments or other obligations outside the country.
  2. Business Management: MM2H visa holders can establish a company in Malaysia but are not permitted to engage in day-to-day business operations. A separate work visa is required for this purpose.
  3. Employment Restrictions: Participants are not allowed to work or be employed in Malaysia, requiring them to work overseas. This restriction raises concerns about utilizing the mandatory 90-day stay in Malaysia effectively.

MM2H Sarawak Programme:

For those interested in living in Sarawak, a separate MM2H Sarawak programme is available. Applicants must be sponsored by a local Sarawak citizen or permanent resident and meet specific age and income requirements.

Alternatives to the MM2H Programme:

If ineligible for the MM2H programme, foreigners can explore other options such as employment passes or setting up a company in Malaysia.

Why Choose Malaysia for Investments:

Malaysia offers a compelling investment destination for foreigners due to several factors:

  1. Favorable Corporate Tax: With a corporate tax rate of 17% and tax incentives for SMEs, Malaysia provides an attractive business environment.
  2. Expansive Consumer Base: Malaysia's large population of 33 million presents businesses with a growing middle-income class and increased consumer spending power.
  3. Strong GDP: Malaysia boasts a robust GDP per capita of USD 12,450 in 2022, showcasing its economic stability and potential for investment.

Experience the Malaysian Homes and Lifestyles: Immerse yourself in the vibrant Malaysian culture, explore diverse landscapes, and enjoy the comforts of a second home in this beautiful country. The MM2H Programme opens doors to a fulfilling and enriching lifestyle in Malaysia.
#BetterHomes #BetterLifestyles

 

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