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Special Economic Relief

Malayasia my Second Home > Special Economic Relief

What is the Special Economic Relief Visa under the Malaysia My Second Home (MM2H) Program?

The Special Economic Relief Visa is part of the Malaysia My Second Home (MM2H) program, aimed at promoting the central region of Johor Bahru, a rapidly developing city in southern West Malaysia, near Singapore. This program is designed to encourage foreign nationals to establish mid-term residency in Malaysia while enjoying a variety of privileges.

While the program is often associated with retirees, it is open to individuals as young as 25 years old, making it an attractive option for younger families, professionals, and anyone looking to make Malaysia their second home. The MM2H program offers an ideal opportunity for long-term residency, with access to the many benefits that Malaysia provides.

What Does the Special Economic Relief Visa Offer?

The Special Economic Relief Visa offers a 10-year residency in Malaysia, making it a fantastic option for those looking to establish mid-term residency. Key features include:

Eligibility Requirements

To qualify for the Special Economic Relief Visa, applicants must meet the following criteria:

  • Deposit Requirement:
    Applicants aged 21 to 49 must deposit USD 65,000 in a local Malaysian bank. Applicants aged 50 and above must deposit USD 32,000. This deposit demonstrates financial stability and strengthens the applicant’s ties to Malaysia.
  • Property Purchase:
    Applicants must purchase a property in designated areas within Johor Bahru directly from a developer within one year of visa approval. This requirement helps stimulate the local real estate market and ensures that visa holders contribute to Malaysia’s economy.
  • Use of Deposit:
    The deposit can be used for certain expenses, such as purchasing property, covering medical costs, and domestic travel within Malaysia. Up to 50% of the deposit may be used for these purposes.

Right to Work

Unlike the Platinum Visa, the Special Economic Relief Visa does not grant the right to work in Malaysia. This visa is intended solely for residency purposes. Those interested in working or doing business in Malaysia should consider alternative visa options, such as the Platinum Visa.

Family Benefits

The Special Economic Relief Visa extends to immediate family members, making it an excellent option for individuals wishing to relocate with their loved ones. Eligible family members include:

  • Spouse
  • Parents (of both the applicant and spouse)
  • Children under the age of 21
  • Children aged 21-34 who are not employed
  • Disabled children of any age

This makes the Special Economic Relief Visa an ideal choice for families seeking to settle in Malaysia together.

Additional Benefits

Visa holders also enjoy a variety of additional benefits, including:

  • Healthcare & Education:
    Visa holders and their families gain access to Malaysia’s world-class healthcare system and top-tier education facilities, highly valued by expatriates.
  • Tax Exemption on Offshore Income:
    Malaysia offers tax exemptions on income earned outside the country, which is particularly beneficial for those with foreign income sources.

Costs and Fees

The Special Economic Relief Visa comes with the following costs:

  • One-time Fees:

 

    • RM 1,000 for the Special Economic Relief Visa
    • RM 40,000 processing fee
  • Renewal Fees:
    After the initial 5-year validity period, the visa can be renewed for an additional 5 years at a cost of RM 300 per applicant.

Application Process

The application process for the Special Economic Relief Visa is straightforward but requires careful documentation. Applicants must submit:

  • Copies of their passport
  • Proof of financial requirements

Once all documents are submitted, the average processing time for the visa is approximately 2 months.

Why Choose Malaysia

Malaysia offers numerous advantages for those seeking a second home. Here’s why Malaysia is an attractive destination:

  • Ideal for Retirees and Families:
    With a minimum qualifying age of 25 years, Malaysia’s MM2H program is appealing to younger retirees and families looking for a comfortable, relaxed lifestyle in a welcoming environment.
  • Affordable Living:
    Malaysia provides a lower cost of living compared to many Western countries, all while maintaining high-quality infrastructure, healthcare, and a variety of housing options at different price points.
  • Rich Cultural Diversity:
    Malaysia is home to a rich blend of traditions, languages, and festivals, offering a vibrant cultural environment where expatriates feel at home.
  • Business and Investment Opportunities:
    With a growing economy, Malaysia offers abundant business and investment opportunities in Southeast Asia’s dynamic market.
  • A Tropical Paradise:
    From pristine beaches and lush jungles to bustling cities, Malaysia offers an exceptional lifestyle that blends tropical beauty with urban convenience. Whether you enjoy outdoor adventures or relaxing by the sea, Malaysia has it all.

Conclusion

The Malaysia My Second Home (MM2H) Special Economic Relief Visa is an excellent option for those looking to establish mid-term residency in Malaysia. Whether you are retiring, relocating with your family, or investing, this visa provides access to healthcare, tax exemptions, and the ability to bring your loved ones along.

If you are considering Malaysia as your second home, the Special Economic Relief Visa could be the perfect choice for you. Start your application today and begin your journey to experience the vibrant and diverse lifestyle Malaysia has to offer.