Malaysia is rapidly gaining popularity as an expat destination thanks to its tropical climate, unique culture, and low cost of living. Now, the Malaysian government has made it even easier for non-residents to call this area home with their Malaysia My Second Home visa program.
Malaysia has gone above and beyond with their MM2H visa. Replacing the program formerly known as the “Silverhair Programme”, this visa extends to expats of all ages, not just retirees. Not to mention, one application encompasses all of your dependents, including your spouse, your children (under 21 years old), and your parents.
The MM2H program is technically a “10 Year Social Visit Pass with Multiple Entry Visa” that, as the name implies, only has to be renewed once every 10 years. During this time, you never have to worry about short term visa renewals and you are free to leave the country as you wish without disrupting your visa status. Additionally, there is no minimum stay requirement to keep your good standing.
One of the biggest perks of MM2H is that your foreign income source or pension will not be taxed. Plus, any interest earned from fixed deposit accounts are tax-free, as are any profits you make from selling property while in Malaysia.
However, be aware that when buying a house, there is a minimum purchase price of MYR500,000 (which is about $152,000 USD) for foreigners, but there is no limit to the amount of property you can buy.
If you want a car while you’re living in Malaysia, MM2H has that covered as well. There will be no import duty, sales tax, or excise duty if you import your car within six months or if you purchase a locally-assembled car within 12 months of receiving your MM2H status.
The perks don’t stop there. Your children will receive study permits for both public and private schools until they’re 18 and in that time, you can even have a foreign live-in maid of your choice who will be eligible under your visa. Plus, everyone will be covered under the country’s compulsory medical insurance.
If you’re under 50, to qualify for all of this, you will need to:
- Have MYR500K cash in your bank account in your last three months of statements
- Make over MYR10K monthly income with latest 3 months statements
- Agree to place MYR300K in Fixed Deposit in Malaysia
If you’re over 50, you’ll need to:
- Have MYR 350K cash in your bank with your last three monthly of statements
- Make over MYR10K monthly income with latest 3 monthly statements
- Agree to place MYR150K in Fixed Deposit in Malaysia or show over MYR10K monthly Government pension using your last 3 monthly statements.