Requirements For Malaysia My Second Home
The program is open to all foreign citizens (including foreign spouses married to Malaysians).
Successful participants are allowed to
bring their spouse, children (<21 years old) and parents.
FINANCES / INCOME
Below 50 years of age
Fixed deposit of RM300,000 in a bank in Malaysia (upon conditional approval of MM2H visa)
You can withdraw RM150,000 one (1) year after passport endorsement.
Above 50 years of age
Fixed deposit of RM150,000 in a bank in Malaysia (upon conditional approval of MM2H visa) OR monthly government pension of RM10,000 (private pension like Australian superannuation or from companies like Shell or IBM is not acceptable. US Social Security is acceptable). Husband & wife's government pensions can be combined.
Fixed deposit - you can withdraw RM50,000 one (1) year after passport endorsement.
Must maintain a minimum balance of RM100,000 from second year onwards and throughout stay in Malaysia under this program.
If the applicant has purchased properties worth more than RM1million, they may be exempted from putting in the full amount into the fixed deposit. However, they have to pay up fully for their property.
The following requirements are applicable during application. It is not required when the approval is obtained. Please email us for more details and we can discuss on the requirements.
MM2H applicants are required to have adequate financial strength. All applicants must demonstrate that they have at least RM500,000 (RM350,000 for those above the age of 50) equivalent in cash, deposits, bonds, securities and other assets. This can be evidenced from the last 3 month's bank statements.
MM2H applicants must an income of at least RM10,000 per month. This can be evidenced by showing the last 3 month's bank statements.
The following requirements are required during passport endorsement.
Medical insurance coverage by insurance companies operating in Malaysia. Medical insurance coverage is required for all applicants (including spouse and children). Prices starts from RM75 onwards and it depends on the age of the applicant. This is required during passport endorsement and not during application.
Medical checkup is required for all participants (including spouse and children). It will be done only when you come in for passport endorsement, not during application.
Important Notes :
The money can only be withdrawn to purchase residential properties, education for children in Malaysia and for medical purposes in Malaysia only.
For residential property purchase, a sales and purchase agreement is required for the withdrawal and the name of the main applicant or spouse must be on the agreement. The property can be purchased any time but the withdrawal can only be done 1 (one) year after passport endorsement. If no property is purchased, then there will be no withdrawal.
The deposit can only be made in banks in Malaysia only (all banks - foreign or Malaysian banks). Deposit cannot be placed in a Malaysian bank overseas.
All deposits should be made in Malaysian Ringgit only
For the pension method, there is no requirement for you to transfer the money over to Malaysia. A letter from the pension board and other financial documents (fixed deposits, bank statements) is required.
Visa holders are NOT allowed to work or seek employment in Malaysia.
Property purchase is NOT a requirement. You can rent a place to stay if you want to.
There is NO "minimum-days-to-stay-in-Malaysia" requirement for this visa.
To do business under MM2H visa, you must follow the guidelines from the Ministry of International Trade.
The main applicant may be the husband or wife. Whoever has the higher financial strength should be the main applicant.
Part time work (20 hours per week) is allowed but it must be approved by the MM2H committee.
Employment Pass holders who wish to participate in the MM2H program are exempted from the “cooling off period” on the condition that their application to participate in MM2H program is submitted 3 months before the expiry of the Employment Pass.
Unmarried children under the age of 21 are allowed to join this program as dependents of the parents.
Parents of applicants (including parents-in-law) are allowed to join applicant as dependent but they will get a yearly visa. The parents must be more than 60 years old.
For those who will be bringing their pets in, please click here for more information on quarantine and immunization procedure
** Good news - For those who are interested in getting medical insurance in Malaysia (due to high insurance cost in their home country), there are plans available for you that is very reasonably priced. Contact us for more details. **
Benefits Of Joining Malaysia My Second Home
You are entitled to purchase one car tax-free OR you are allowed to import your own car tax-free
Click here for the latest exchange rates