Malaysia My Second Home Program
Malaysia is a beautiful country that’s fast becoming one of the most fascinating second homes in South East Asia! It can offer an ideal difference in almost all aspects of your life – a peaceful residential haven, a fertile investment climate, diverse culture, harmony, safety, with natural and man-made wonders, and unmatched scope for progress.
The Time Is Now… The Place Is Malaysia
Malaysia My Second Home Program is an initiative promoted and supported by the Government of Malaysia to allow people from all over the world who fulfil certain criteria, to stay in Malaysia as long as possible on a social visit pass with a multiple entry visa. The MM2H visa permit is initially for a period of ten (10) years (depending on the validity of the applicants’ passport) and is renewable.
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 and parents as dependents.
The MM2H visa permit is now attracting foreign citizens to Malaysia not only to stay but also to use it as a base from which:
● to conduct business overseas
● to educate their children
● to retire or semi-retire
MM2H Benefits & Incentives
Once your application is successful, there are various benefits & incentives provided as below:
MM2H Visa Permit
● 10 year Social Visit Pass with Multiple Entry will be granted
● Stay as long as you wish & leave Malaysia anytime as you please
● Renewable after 10 years
Each participant is allowed to purchase residential houses valued above RM2,000,000 in Kuala Lumpur state, Sabah RM1,000,000 Sarawak at RM500,000. Penang state has increased the threshold to RM2,000,000 for condos & RM3,000,000 for landed properties respectively. However for MM2H holders the price is still RM1,000,000 minimum but limited to 2 units only.
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. The cost of full time domestic helper in Malaysia starts from as low as RM900 per month.
MM2H participants are allowed to bring their children who are below 21 years old and not married as their dependants.
Tax Exemption is given to remittance of offshore pension fund into Malaysia & any other foreign funds transferred into Malaysia.
Business & Investment
You can own and actively run your 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.
● Import personal / household items, tax exempted
● Invest in local companies, share market & unit trusts
● Interest gained from bank fixed deposit is tax exempted
● Your parents can also join you as dependents under a renewable long term (6 monthly) visa
Review of Real Property Gains Tax (click to enlarge)