Malaysia My Second Home (MM2H) Program
What is the Malaysia My Second Home (MM2H) Program?
The Malaysia My Second Home (MM2H) program was designed by the Malaysian government to attract foreign nationals who wish to live in Malaysia for an extended period. It provides long-term residency options, allowing foreigners to stay in the country and enjoy various privileges.
While the program is frequently associated with retirees, it is open to people of all ages, starting at 25 years old. This makes the MM2H program especially appealing to younger families, professionals, and anyone seeking a second home in Asia.
The program offers three tiers, with the SILVER Visa being the third highest. This visa provides a great option for individuals seeking short-term residency while enjoying the benefits that Malaysia offers.
What Comes with the SILVER Visa?
The SILVER Visa under the MM2H program is an excellent choice for individuals looking to establish a short-term residence visa for 5 years in Malaysia. Here are the key features of the SILVER Visa:
Eligibility Requirements
To qualify for the SILVER Visa, applicants must meet the following requirements:
- Deposit Requirement: Applicants are required to deposit USD 150,000 into a local Malaysian bank under their name. This deposit demonstrates financial stability and creates a strong economic connection with Malaysia.
- Property Purchase: Within one year of receiving approval, applicants must purchase a property in Malaysia with a minimum value of RM600,000. This helps stimulate the country’s real estate market while ensuring that visa holders contribute to the local economy.
- Use of Deposit: The deposit can be partially used for certain expenses, including purchasing property, covering medical expenses, and domestic travel within Malaysia. Up to 50% of the deposit can be used for these purposes.
Right to Work
Like the GOLD Visa, the SILVER Visa does not allow holders to work in Malaysia. This visa does not provide business or employment opportunities, so those seeking to work in Malaysia may need to explore other visa options i.e. PLATINUM Visa
Family Benefits
The SILVER Visa is not just for the applicant, but extends to immediate family members, making it an attractive option for those relocating with their loved ones. The visa allows applicants to bring along:
- Spouse
- Parents (of both the applicant and the spouse)
- Children under 21 years old
- Children between 21-34 years old who are not employed
- Disabled children of any age
This makes the SILVER Visa ideal for families wishing to settle in Malaysia together.
Additional Benefits
The SILVER Visa offers a range of additional benefits:
- Healthcare & Education: Holders and their families enjoy access to Malaysia’s world-class healthcare system and high-quality education facilities, which are highly valued by expatriates.
- Tax Exemption on Offshore Income: Malaysia provides tax exemptions for income earned outside the country, offering significant benefits to those with foreign income.
Costs and Fees
The SILVER Visa comes with certain costs. Here’s a breakdown:
- One-Time Fees
- RM1,000 for the SILVER Visa
- RM40,000 processing fee
- Renewal Fees: After the initial 5-year validity period, the SILVER Visa can be renewed for an additional 5 years at a fee of RM1,500 per applicant.
Application Process
The application process for the SILVER Visa is relatively simple, but requires careful documentation. Applicants must submit copies of their passport and meet all financial requirements. Once all documents are submitted, the average processing time for the SILVER Visa is approximately 2 months.
Why Choose Malaysia?
Malaysia is a popular destination for those seeking a second home, and the MM2H SILVER Visa makes it easier for individuals and families to settle here. Here’s why Malaysia is an attractive option:
- Ideal for Retirees and Families: With a minimum qualifying age of 25 years, Malaysia’s MM2H program is open to younger retirees and families looking to enjoy a comfortable, relaxed lifestyle in a welcoming environment.
- Affordable Living: Malaysia offers a lower cost of living compared to many Western countries, while maintaining high-quality infrastructure, excellent healthcare, and a variety of housing options at different price points.
- Rich Cultural Diversity: Malaysia boasts a rich blend of traditions, languages, and festivals. Its multicultural society creates a vibrant environment that ensures expatriates feel at home while enjoying a wide range of cultural experiences.
- Business and Investment Opportunities: With a growing economy, Malaysia offers ample business and investment opportunities in Southeast Asia’s dynamic market.
- A Tropical Paradise: From stunning beaches and lush jungles to bustling cities, Malaysia offers a lifestyle that blends tropical beauty with urban convenience. Whether you’re into outdoor adventures or relaxing by the sea, Malaysia provides it all.
Conclusion
The Malaysia My Second Home (MM2H) SILVER Visa is a fantastic option for those looking to establish short-term residency in Malaysia. Whether for retirement, family relocation, or investment, this visa offers an attractive package with access to healthcare, tax benefits, and the ability to bring family members along.
If you’re considering Malaysia as your second home, the SILVER Visa could be your ideal choice. Begin the application process today and start your journey toward experiencing the vibrant lifestyle that Malaysia has to offer.