Let’s get familiar with MM2H Malaysia new rules issued in 2024.
In an attempt to attract high net worth individuals, the Malaysia My Second Home (MM2H) program has undergone significant alterations. This includes modifications to the eligibility requirements and program structure, based on earlier reports.
The Malaysia Tourism Authority and the Immigration Department back the MM2H initiative, which grants expats a ten-year stay in Malaysia.
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Malaysia My Second Home Program Explained
MM2H Old Rules
In the past, candidates just needed to provide evidence of liquid assets worth at least 1.5 million ringgit. There was also a required minimum monthly income from offshore sources of 40,000 ringgit.
To get a multiple entry visa valid for five years, primary applicants were required to submit a fixed deposit of 1 million ringgit and make an additional 50,000 ringgit payment for each dependent they brought in.
MM2H Malaysia New Rules
A three-tiered system—Silver, Gold, and Platinum—with varying fixed deposit criteria and residency lengths was introduced under Malaysia’s second-home policy in 2023.
How much does MM2H cost? The answer depends on the tier chosen.
- Silver Tier – minimum fixed deposit of 500,000 ringgit
- Gold Tier – minimum deposit of 1 million ringgit
- Platinum Tier – minimum fixed deposit of 5 million ringgit
MM2H Malaysia Requirements
MM2H new requirements include:
The minimum age requirement for candidates has been trimmed from 35 to 30 years old. It is now possible to list parents and in-laws who are older than 60 as dependents. Children’s age limit is now 34 instead of 21, if they are not working in Malaysia and are single.
Main applicants between the ages of 30 and 49 must dwell in Malaysia for at least 60 days annually, and those over 50 must meet the same residency requirements for both themselves and their spouses. Moreover, the offshore income threshold from before has been removed.
MM2H Malaysia Latest News 2024
The prior emphasis on HNWIs has been replaced with more inclusive criteria. With this modification, a wider pool of applicants is targeted.
Potential applicants are no longer restricted by the strict financial requirements that existed before. More flexibility is now possible as the onerous requirements regarding monthly income and liquid assets have been abolished.
The fixed deposit for a five-year visa for silver tier was changed to 150,000 USD. Fixed deposits for gold and platinum tiers are now at 500,000 USD and 1 million USD, respectively.
The MM2H Malaysia visa period for gold is 15 years and for platinum 20 years.
While some MM2H criteria were loosened, there are further tighter aspects of the visa program too.
Depending on their visa type, all new MM2H visa holders must purchase residential property for a minimum amount of money.
For silver, the real estate must cost at least 600,000 ringgit; for gold, it must be 1 million ringgit; and for platinum, the minimum is 2 million ringgit.
Prior to selling, property owned by visa holders must be held for a minimum of 10 years. Residential property purchases are now required for all tiers.
Upgrading the property or purchasing a new one that is worth more than the one they already possess are both permitted for participants.
Though prospective candidates are apprehensive about the long-term commitment, this is meant to promote the property market.
It is expected that the MM2H program’s modifications will accelerate economic growth. The redesigned scheme focuses on wealthy individuals while expanding its appeal to a wider audience, in line with international patterns in wealth movement.
Malaysia My Second Home Problems
Many applicants have complained that agents are collecting unnecessarily high fees without providing any assurance that their applications will be accepted.
Concerns over the fairness of the application process have also been raised by several agents being discovered to have leased or rented their licenses to third parties, including shell corporations that have no actual business activity.
License renewals are reportedly being put off as a result of the Ministry of Tourism, Arts, and Culture carrying out a rigorous screening procedure for MM2H agents.
Agents’ capacity to handle and approve new applications has been hampered by the delays, which have resulted in serious difficulties.
By making sure that only qualified agents continue to work and that applicants are not mislead, the government is dedicated to safeguarding applicants and regaining public trust in the MM2H program.
In order to improve the experience for both applicants and brokers, these difficulties highlight the necessity for improved communication and productivity within the new Malaysia My Second Home program.
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