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ABOUT MM2H PROGRAMME
Malaysia My Second Home (MM2H) Programme is promoted by the Government of Malaysia to allow foreigners who fulfill certain criteria, to stay in Malaysia for as long as possible on a multiple-entry social visit pass.
The Social Visit Pass is initially for a period of ten (10) years, and is renewable.Eligibility
It is open to citizens of all countries recognised by Malaysia regardless of race, religion, gender or age. Applicants are allowed to bring their spouses and unmarried children below the age of 21 as dependants.
WHY CHOOSE MALAYSIA
This programme is initiated, organised and launched by the Malaysian Government and is thus one that the Government will continuously seek to improve, to ensure its success.Culture and Language
The Malay language (Bahasa Melayu) is the national language of the country; English is the second language but other languages can be freely used and practised. Similarly the Malay culture is dominant in the country because the Malays are the dominant race in Malaysia and in the region. But other cultures can be practiced very freely and there is a free intermingling of different cultures.
Applicants are expected to be financially capable of supporting themselves on this programme in Malaysia.Upon application:
Approved participant who has purchased and own property which was bought at RM1 million and above in Malaysia may state his/her intention in letter of application during submission to lower down basic fixed deposit requirement of RM300,000 to RM150,000 on condition that the property has been fully paid and ownership documents such as grant and land title have already been issued. This amount may not be withdrawn until the participant decides to terminate his participation in MM2H programme.
Approved participant who has purchased and own property which was bought at RM1 million and above in Malaysia may state his/her intention in letter of application during submission to lower down basic fixed deposit requirement of RM150,000 to RM 100,000 on condition that the property has been fully paid and ownership documents such as grant and land title have already been issued. This amount may not be withdrawn until the participant decides to terminate his participation in MM2H programme.
More details are available at http://www.mm2h.gov.my/index.php/en/home/programme/terms-conditions
MM2H visa permit Benefits & Incentives
Once your application is successful, there are various benefits & incentives provided as below:
MM2H Visa Permit
Any foreigner may purchase any number of residential property in Malaysia, subject to the minimum price established for foreigners by the different states. They start from RM500,000 per unit for most states, from 1st March 2014. Land is a state matter and it is important to check state laws before making any commitment, as the minimum purchase price is not standardized between states.
Each participant is allowed to bring in his/her own car (used) or purchase a new locally-assembled car without having to pay import duty, excise duty and sales tax. However, they must apply for prior approval within the 6month / 1years time period given by the Finance Ministry and Ministry of International Trade and Industry. Participants are only allowed to sell their imported/locally purchased car after 2 years’ stay on the MM2H programme by paying the prevailing duties).
Each applicant can apply for one maid subject to the prevailing guidelines of the Immigration Department.
MM2H participants are allowed to bring their children who are below 21 years old and not married as their dependents. They are allowed to attend government schools, private schools and international schools.
Tax Exemption is given to remittance of offshore pension fund into Malaysia & any other foreign funds transferred into Malaysia.
Property Gain Tax for Foreigners
With effect from 2014, Malaysia government has revised new gain tax rates on property disposal as follows:-
Property purchase sold within first 5 years – 30%
Property sold after 5th year – 5%
Business & Investment
You can setup company and own business, terms apply. Generally any MM2H visa holders can own their own business as Directors without the requirement of any Local Malaysians, terms apply.
Working Part Time
Over 50 year olds can work part time, terms apply.
What is the minimum requirement for the property value?
Generally speaking, a minimum value of RM1,000,000 is applied to all kinds of property in every state. However, state authorities remain in power to amend the minimum value in the controlling states.
How can foreigners buy at a lower price?
Malaysia My Second Home (MM2H) programme is a programme tailored to foreigners who wish to stay in Malaysia for a long period (10-year visa). A large number of foreigners who used to work in Malaysia have already applied for this programme for their retirement in Malaysia. Before making application, foreigners below 50 year-old are required to prepare a minimum of RM500,000 in Savings Account/ Current Account/ Fixed Deposit whereas those aged above 50 year-old need to have at least RM350,000 in similar accounts. Despite the relatively high requirement, one clear advantage is that MM2H gives foreigners access to property with lower value.
The table below shows the lowest value of property foreigners can buy with/ without MM2H.
|State||Without MM2H||With MM2H|
|Selangor||RM2,000,000||RM2,000,000 for Zone 1, 2. |
RM1,000,000 for Zone 3
|Penang||RM2,000,000 on the island and RM1,000,000 on the mainland||RM500,000 |
(Minimum 2 units)
The Residence Pass-Talent (RP-T) is a 10-year renewable pass for highly qualified expatriates to continue to reside and work in Malaysia. Introduced in 2011, the RP-T also offers expatriates an attractive range of benefits, including the flexibility to change employers multiple times during the validity of the pass.
Malaysia recognises the value and contribution of foreign skilled talent to the country's economic development and understands the need for a robust workforce with the necessary skillsets to thrive in today's fast-moving economic landscape.
Notwithstanding the nation's priority to Malaysian talent, the Government also appreciates the complementary relevance of foreign talent to Malaysian talent. In the short run, foreign talent plays an important role in helping to address critical skills gaps. In the longer term, they blend well with Malaysian talent to provide greater diversity of our talent pool in line with Malaysia's aspirations to become an innovation-led economy.
More details are available at http://www.talentcorp.com.my/our-work/initiatives/residence-pass-talent