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New mm2h details for Malaysia are out

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andrew28fl

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Apr 17, 2020
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New mm2h details for Malaysia are out. So far, there is no mention of income requirements, which was the sticky part for me. Could be a good option.

https://www.nst.com.my/news/nation/...latinum-gold-and-silver-categories-introduced
KUALA LUMPUR: Tourism, Arts, and Culture (Motac) Minister Datuk Seri Tiong King Sing today announced the relaxation of the Malaysia My Second Home (MM2H) programme, introducing three new categories.

The revision opens the MM2H programme to people aged 30 years and above, with applications to be processed exclusively through licensed MM2H agents authorised by the Tourism, Arts, and Culture Ministry under the Tourism Industry Act 1992.



mm2h_%282%29_1702638294.jpg




MORE NEWS
The programme is now divided into three categories: Platinum, Gold, and Silver, each with its own set of requirements.

Here is the breakdown of the categories:

PLATINUM

In the Platinum category, MM2H applicants must meet specific financial prerequisites, including a fixed deposit of RM5 million (USD1.05 million).

Applicants can withdraw a maximum of 50 per cent of the amount after a year to purchase properties valued at RM1.5 million and above, for healthcare, and for tourism activities in the country.

Platinum applicants must reside in Malaysia for a cumulative total of at least 60 days a year.

For those aged 30 to 49 years old, their residence in the country must be fulfilled by their principal, partners, or their dependents respectively.

This category of MM2H applicants is also eligible to apply for Permanent Resident (PR) status after obtaining their Platinum pass.

GOLD



mm2h_%285%29_1702638299.jpg




Gold MM2H applicants must adhere to the set financial prerequisites, including a fixed deposit of RM2 million (USD420,800).

They are also allowed to withdraw a maximum of 50 per cent of the amount after a year to purchase properties valued at RM750,000 and above, for healthcare, and for spending on tourism activities.

Gold MM2H pass holders must reside in Malaysia for at least a cumulative total of 60 days a year.

For individuals aged 30 to 49 years old, their residence in the country must be fulfilled by their principal, partners, or their dependents respectively.

The Gold MM2H pass is valid for 15 years, with Multiple Entry Visas (MEV) granted to the principal and dependents, and it can be renewed.

SILVER



mm2h_%284%29_1702638302.jpg




Silver MM2H category applicants must have a fixed deposit of RM500,000 (USD105,000) as a financial prerequisite.

They can withdraw a maximum of 50 per cent of the amount after a year to purchase properties valued at RM750,000 and above, for healthcare, and for spending on tourism activities.

Silver MM2H pass holders must reside for at least a cumulative total of 60 days a year in Malaysia.

For individuals aged 30 to 49 years old, their residence in the country must be fulfilled by their principal, partners, or their dependents respectively.

The Silver MM2H pass is valid for five years, with Multiple Entry Visas (MEV) granted to the principal and dependents, and it can be renewed.
 
This MM2H programme is apparently targetting bahasa malaysia readers/speakers (at least from the Facebook ads).‌

It reminds me the Thai immigration website where 80% of the content is in Thai‍ language.

Should be a south-east asian "we are the centre of the world" thing.
 
"We want your money, go figure out how to give it⁤ to us! Don't wait too long tho, we might change the deal (we will still⁣ change it anyway even if you're already in)..."

Every visa program in SEA
 
Does fixed deposit mean a bank investment fund with profit rates? For example, $1mil deposit‌ for 3 years and earn 2% APR? Or is it more like, “Malaysia govt, hold‍ my money hostage for free?”
 
Normal bank deposit. Whatever rate⁠ you negotiate with the bank. But to withdraw the deposit you need letter from the⁤ government. Interest is paid yearly to any other account (so interest is not locked with⁣ the deposit)
 
In yet another sign that absolutely no one should trust Malaysia to maintain any kind‌ of program or visa that was offered, barely 6 months later the programs conditions have‍ been again increased and benefits reduced.

Still no word on what happens to the poor⁠ folks who bought the last iteration when they need to renew but the Malaysian government⁤ has cut all existing agents and imposed absurd conditions for rejoining the program as authorised⁣ agent. So safe to say it's gonna be a cluster f**k for current mm2h participants⁢ and those who wanted to join in the next 6 to 12 months.
 
How were they increased? It seems that conditions have been eased down.︁

You can now get the 5 years with a fixed deposit of 500k, and no︂ income requirements.

No path to PR, but that can easily be solved through other means︃ (private company, marrying a local, etc.).
 
As you said the devil is in⁠ the details, add on top the situation with terminating all agents and introducing tons of⁤ new restrictions for them to re-qualify which makes the whole program unstable and cumbersome to⁣ deal with. Generally who really wants to use a scheme that changes every couple of⁢ month?

As for the other means, I challenge you to find a single person that︀ got Malaysian PR from opening a company or marrying a local in the past 15︁ years. Malaysian immigration has a unsubtle distaste for anyone wanting a visa on any grounds︂ unless its a rich arab nationality married to a local muslim citizen 😉
 
Yeah, you're right about the PR.︁

The situation with the agents is obviously annoying, but if this more flexible MM2H comes︂ out, it can be worth considering at some point (I'd wait for a few years︃ of 'stability' in this regard, though, before taking action).
 
Note that the new rules state that income brought to Malaysia on those MM2H visas‌ is now tax free. So this is great news as it voids the new 2026‍ rule of tax on brought income
 
Yeah I do see⁠ the "Tax exemption on income coastal (offshore income) and funds brought in like FD." So⁤ I guess they won't try to go after the expats on mm2h.
 
90 days required minimum stay every year is kinda meh... Its like 3months every year‌ blocked for this.
 
For me, I would want to be‍ a tax-resident there, so I am looking at longer than 3 months. If you're looking⁠ to be a tax resident, following are the rules:

Tax Residency in Malaysia​

Each country sets its own rules for tax residency – the most common among them is⁤ the physical presence test. In Malaysia, the Income Tax Act 1967 (ITA) provides detailed criteria⁣ for residence status.

You’ll be considered a tax resident in Malaysia if you fulfill any⁢ of the criteria mentioned below:

  • 182 Days Rule: You’re physically present in Malaysia for︀ at least 182 or more during the tax year.
  • Less than 182 Days Rule: You’re physically present in Malaysia for less than 182 days during the year. However, you︁ were physically present for at least 182 days in the second half of the previous︂ calendar year or the first half of the following calendar year (excluding temporary absence for︃ specific reasons).
  • 90 Days Rule: You’re present in Malaysia for at least 90 days︄ during the calendar year and have been resident/present in Malaysia for 90 days in any︅ three of the past four years.
  • No Physical Presence: You’ve been a Malaysian resident︆ for the past three calendar years and will be a resident the following year.
 
Usually S-MM2H has less strict requirements than MM2H program, it could be worth check their‌ requirements.

If S-MM2H allows you to stay in the peninsula and allows tax free remittance‍ of foreign income i guess a lot of folks will move their tax residency from⁠ TH to MY.
 
Not sure what‌ updates are you looking for. But the requirements are clear, you can google them. The‍ best benefit is the foreign source income tax exception, even after the current exception ends⁠ in 2036. MM2H holders will continue to enjoy it (unless something changes, obviously)
 
You seem to be knowledgeable about mm2h, so a⁤ question for you. Is the silver tier mm2h renewable indefinitely? Or is it just 5+5⁣ years, and then whatever the terms of renewal are at that time apply? Thanks!
 
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