mm2h.jpgThe Government of Malaysia is offering Malaysia, My Second Home Program (MM2H) to foreign citizens from all over the world along with their spouse and children, to retire and reside in Malaysia. The MM2H program is open to citizens of countries recognized by Malaysia regardless of race, religion, gender or age where successful applicants will be granted a social visit pass initially for a period of 10 years, which is renewable thereafter.

The government has approved a total of 1183 applications during the first nine months of this year. The total amount is still considered very-very low comparing to country like Spain and Thailand. Recently the government has announced another initiative to attract more foreigners to participate in the MM2H program. The initiative is to fast track approval for those who bought properties worth RM1 millions (approx. USD290K) and above in Malaysia.

Fast track for ‘My 2nd Home’ apps

By CHOI TUCK WO

LONDON: Applications for the Malaysia My Second Home (MM2H) programme will be fast-tracked for those who had bought properties worth RM1 million and above in Malaysia.

Tourism Ministry secretary-general Datuk Dr Victor Wee said they must show proof such as the sale & purchase agreement and other documents when submitting their applications.

He said although purchase of property was not a prerequisite for the programme, it showed the applicants’ financial capabilities.

Click here to read the whole article from TheStar online.

However, the standard basic requirement is still have to be fulfilled before applications being approved. So, below is the requirement for foreigners to participate in this MM2H program:

If applicants age are above 50 years old:

  • May either choose to
    • Open a fixed deposit account of RM 150,000
      OR
    • Show proof of monthly off-shore income of RM 10,000 such as a pension scheme.
  • Participants who fulfill the fixed deposit criteria may redraw up to RM 90,000 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes after a period of one ( 1 ) year.
  • Must maintain a minimum balance of RM 60,000 from the second year onwards and throughout their stay in Malaysia under this programme.

if applicants age are below 50 years old :

  • Must open a fixed deposit account of RM 300,000
  • After a period of one ( 1 ) year, the participants may redraw up to RM 240,000 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
  • Must maintain a minimum balance of RM 60,000 from the second year onwards and throughout their stay in Malaysia under this programme.

Other general requirements for all applications :

  • All applicants and their dependants ( spouse and children ) are required to submit a medical report from any private hospital in Malaysia.
  • Approved participants and their dependants ( spouse and children ) must possess a valid medical insurance coverage from any insurance company that is applicable in Malaysia. In case the insurance coverage by an insurance company is rejected or refused because of age factor, this requirement can be waived but proof of refusal is required.
  • Successful applicant and spouse issued the Visit Passes under the Malaysia, My Second Home Program will not be allowed to take up any form of employment in Malaysia. However, taking part in voluntary organization that is in accordance with the government rules and regulations is permitted.
  • All applications must be completed by a local sponsor that has been appointed by the Immigration Department of Malaysia. The sponsor shall submit the application directly to the Immigration Department.

There you are!!..The requirements seem not too high but still not being able to attract more foreign citizens to retire in Malaysia. Maybe the Government needs to do more promotions abroad to introduce Malaysia.

Errr..Where is Malaysia? A country located above Singapore and below Thailand.



One Comment to “Malaysia, My Second Home Program (MM2H)”

  1. propnet | October 7th, 2007 at 12:27 pm

    the government should allow the expatriates to do consultancy works. this way not only the MM2H will be more attractive, it will also allows us to acquire their skills and knowledge.

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