Malaysia has become a popular destination for digital nomads looking for an alternate location to the more popular destinations in South East Asia, such as Thailand or Vietnam which have become overcrowded or more expensive in recent years. Offering a unique blend of Eastern and Western influences, Malaysia has something for everyone. The Malaysia My Second Home (MM2H) visa, offers foreigners a unique chance to establish a lasting presence as a digital nomad in Southeast Asia.
What is the Malaysia My Second Home (MM2H Visa)?
The Malaysia My Second Home (MM2H) visa is a government-backed programme that allows foreign nationals to live in Malaysia for extended periods ranging from 5 to 20 years.
The Malaysia My Second Home (MM2H) visa offers a selection of benefits for a range of different groups of peoples including retirees, entrepreneurs, and families alike. Whether the applicant is looking for a peaceful retirement option, a thriving business hub, or a cultural immersion, the MM2H visa provides on option for all.
What is the Malaysia My Second Home (MM2H) Eligibility Criteria?
The Malaysia My Second Home (MM2H) program features three tiers – Silver, Gold, and Platinum. Each tier has its own set of eligibility requirements and associated benefits. Applicants can choose the tier that best suits their financial situation and lifestyle preferences. The tiers and their application requirements are as follows:
Silver MM2H Visa
The Silver tier is the most accessible entry point. The silver tier requires a fixed deposit of USD 150,000 (approximately RM 650,000) into a Malaysian bank account. The silver tier grants a 5-year renewable multiple-entry visa to the applicant.
Gold MM2H Visa
The Gold tier requires a fixed deposit of USD 500,000 (approximately RM 2.2 million) in a Malaysian bank. In return, successful applicants are granted a 15-year renewable multiple-entry visa.
Platinum MM2H Visa
The Platinum tier requires a fixed deposit of USD 1 million (approximately RM 4.3 million) in a Malaysian bank. This tier offers the widest range of benefits, including the ability to work and invest in Malaysia without restrictions, as well as the option to bring a domestic helper. The Platinum visa is valid for 20 years and is renewable.
Dependents and Family
The MM2H visa allows applicants to include their spouses, unmarried children up to the age of 34, and dependent parents and parents-in-law as part of their application.
What are the Incentives Available for Holders of a Malaysia My Second Home Visa?
One of the key advantages of the MM2H visa is the tax incentives it offers. Holders of a MM2H visa are exempt from paying taxes on their foreign-sourced income, providing a significant financial benefit.
Additionally, MM2H visa holders are allowed to withdraw up to 50% of their fixed deposit after the first year, which can be used for approved expenses such as property purchases, education, and healthcare.
Is Malaysia Permanent Residency and Citizenship Possible?
While the MM2H visa does not automatically grant permanent residency or citizenship, there are opportunities for individuals to explore these options. The Platinum tier, for instance, offers the ability to apply for full work rights and investment privileges, which is similar to permanent residency status.
However, the path to Malaysian citizenship remains a separate and more strict process, requiring a minimum of 10 years of continuous residency and the renunciation of one’s existing citizenship.
Other Malaysia My 2nd Home Categories
The Malaysia My 2nd Home program also has a couple of subcategories that may be of interest to certain groups of applicants. The main sub-categories include:
Special Economic Zone (SEZ) MM2H Visa
In addition to the standard tiers mentioned above, the MM2H program has introduced a new category specifically for individuals interested in living or working within designated Special Economic Zones (SEZs) in Malaysia.
This option offers a more accessible entry point, with a fixed deposit requirement of USD 65,000 (approximately RM 280,000) for those under 50 and USD 32,000 (approximately RM 140,000) for those aged 50 and above.
The SEZ MM2H visa is valid for 10 years and renewable, and is suitable to those seeking to capitalise on the economic opportunities within these designated regions.
Sarawak’s S-MM2H Program
It’s important to note that some Malaysia’s states have their own variations of the MM2H program. Sarawak, one of the two states on the island of Borneo, has introduced the Sarawak MM2H (S-MM2H) program, which features slightly different eligibility criteria and benefits. The S-MM2H program offers a more accessible entry point, with lower monthly income and fixed deposit requirements, making it an attractive option for certain applicants.
