Malaysia My Second Home (MM2H) Program
What is the Malaysia My Second Home (MM2H) Program?
The Malaysia My Second Home (MM2H) program was launched by the Malaysian government to attract foreign nationals looking for an extended stay in Malaysia. It offers a special long-term visa, allowing expatriates to live in the country and enjoy numerous benefits. While often associated with retirees, the MM2H program is open to individuals as young as 25 years old, making it an attractive option for younger families and professionals as well.
The program offers three tiers, with the GOLD Visa being the second highest. This visa grants holders the opportunity to settle in Malaysia for up to 15 years, offering a high level of flexibility compared to many other long-term visa options in Southeast Asia.
What Comes with the GOLD Visa?
The GOLD Visa under the MM2H program is an exceptional opportunity for those looking to establish long-term residency in Malaysia. Here are the key benefits and features:
Eligibility Requirements
To qualify for the GOLD Visa, applicants must meet the following criteria:
- Deposit Requirement: Applicants must deposit USD 600,000 into a Malaysian bank account under their name. This deposit showcases financial stability and strengthens the economic connection between the applicant and Malaysia.
- Property Purchase: Within one year of receiving approval, applicants must purchase property in Malaysia valued at RM1 million or higher. This requirement helps stimulate the country’s real estate market and ensures that visa holders contribute to the economy.
- Use of Deposit: The deposited amount is not entirely locked. Applicants may utilize up to 50% of the deposit for specific purposes, such as property purchase, medical expenses, and domestic travel within Malaysia.
Right to Work
Unlike the Platinum Visa, the GOLD Visa does not allow holders the right to work in Malaysia. This means that visa holders are not permitted to engage in business or employment while living in the country.
Family Benefits
One of the standout features of the GOLD Visa is that it extends to immediate family members. Visa holders can bring their:
- Spouse
- Parents (of both the applicant and the spouse)
- Children under 21 years old
- Children aged 21-34 years who are not employed
- Disabled children of any age
This makes the GOLD Visa an ideal choice for those looking to relocate with their loved ones.
Additional Benefits
The GOLD Visa comes with a host of additional perks:
- Access to Healthcare & Education: GOLD Visa holders and their families gain access to Malaysia’s top-notch healthcare system and education facilities, making it an attractive destination for families.
- Tax Exemption on Offshore Income: Malaysia offers significant tax benefits, including exemptions for income earned outside the country, a key benefit for retirees or individuals with foreign income streams.
Costs and Fees
While the GOLD Visa offers numerous advantages, it also comes with certain costs. Here’s a breakdown of the fees associated with the program:
- One-Time Fees:
- RM3,000 for the GOLD Visa
- RM55,000 processing fee
- Renewal Fee: After the 15-year validity period, the GOLD Visa can be renewed for an additional 5 years at a cost of RM3,000 per applicant.
Application Process
The application process for the GOLD Visa is relatively simple, but it requires careful documentation. Applicants will need to submit copies of their passport and relevant financial documents. The average processing time for the GOLD Visa is approximately 2 months.
Why Choose Malaysia?
Malaysia is becoming an increasingly popular destination for expatriates looking for a second home, and the MM2H GOLD Visa makes it easier for individuals and families to settle here. Here’s why Malaysia should be on your radar:
- Ideal for Retirees and Families: With a minimum qualifying age of 25 years and above, the MM2H program is suitable not just for retirees but also for younger individuals and families who want to enjoy a relaxed and welcoming lifestyle.
- Affordable Living: Malaysia offers a relatively low cost of living, especially when compared to many Western countries. Despite the affordable living costs, the country boasts modern infrastructure, excellent healthcare, and an attractive range of housing options.
- Rich Cultural Diversity: Malaysia’s multicultural society is a rich tapestry of traditions, languages, and festivals, ensuring expatriates feel at home while enjoying diverse cultural experiences.
- Business and Investment Opportunities: Malaysia’s steadily growing economy presents great opportunities for those looking to invest or do business in one of Southeast Asia’s most dynamic markets.
- A Tropical Paradise: From stunning beaches and lush jungles to vibrant cities, Malaysia offers an idyllic tropical lifestyle. Whether you enjoy outdoor adventures or just relaxing by the beach, Malaysia has it all.
Conclusion
The Malaysia My Second Home (MM2H) GOLD Visa is a fantastic option for those looking to establish a long-term residence in Malaysia. Whether for retirement, family relocation, or investment purposes, this program offers a unique and highly attractive package. With the opportunity to enjoy high-quality healthcare, tax benefits, and family-friendly perks, it provides an unparalleled lifestyle in one of Southeast Asia’s most vibrant countries.