Malaysia: residence permit by investment

Parent Category: ROOT Published: Friday, 21 May 2021 Print
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Residence permit in Malaysia by investment - MM2H program

Malaysia is one of the most economically successful countries in Southeast Asia. It has been facilitated by the continuous increase in the rate of industrial production and political stability over the past decades.

The country ranks 3rd in the region in terms of economic size, and the economy is known for its openness. Malaysia joined the Commonwealth of Nations after gaining independence from Britain. Currently, Malaysia is a member of the United Nations, Asia-Pacific Economic Cooperation (APEC), and is also one of the founding countries of the Association of Southeast Asian Nations (ASEAN).

 

A stable political environment and a rapidly developing economy make Malaysia attractive for foreign investors and those wishing to obtain a residence permit or permanent residence.

 

There are different ways to obtain a residence permit in Malaysia. But one of the most popular programs for non-residents in Malaysia is Malaysia My Second Home or MM2H. The program has been operating since 2002 and allows foreign citizens who meet certain criteria to obtain a residence permit with the possibility of multiple entries into the country.

 

General information about MM2H

The Malaysia My Second Home scheme offers foreign nationals a long-term 10-year multi-renewable entry visa for foreign nationals wishing to become residents of Malaysia and reside in that country.

 

The MM2H program is open to citizens of all countries recognized by Malaysia, regardless of race, gender, age, or religion. Applicants are allowed to involve their spouses and unmarried children by including them in collective applications as dependents.

 

The scheme is quite cheap because it only requires the applicant to demonstrate the presence of approximately USD 125,000 in bank assets and to open a deposit of USD 75,000 in a bank account (the figure is relevant for persons under fifty). An applicant should also have an income of about $ 2,500 a month. No actual investment is required, but the MM2H scheme provides preferential terms for investment in real estate in Malaysia.

 

high rise building during night time

 

Requirements before applying

Applicants must provide documentary evidence that they have sufficient material resources to live in Malaysia without getting a job or requesting assistance from the state. Below are the requirements for the number of funds:

For applicants under 50:

  • Having assets of at least MYR 500,000 (USD 122,000);
  • Monthly income of at least MYR 10,000 (USD 2,500).

For applicants aged 50 and over:

  • The presence of assets of at least MYR 350,000 (USD 85,000);
  • Monthly income of at least MYR 10,000 (USD 2,500).

 

Requirements after obtaining conditional approval

Upon receipt of the letter of conditional approval, applicants must meet the following requirements:

 

For applicants under 50:

 

  • Open a bank account and place a deposit of at least MYR 300,000 (USD 73,000;
  • After 1 year of holding funds, up to MYR 150,000 (USD 36,000) can be withdrawn from the account to cover the agreed expenses for the purchase of the real estate, education of children, or medical services in Malaysia;
  • A minimum balance of MYR 150,000 (USD 36,000) must be kept in the account throughout your stay in Malaysia under the program.

 

For applicants aged 50 and over:

 

  • Open a bank account and place a deposit of at least MYR 150,000 (USD 36,000);
  • After 1 year of holding funds, up to MYR 50,000 (USD 12,000) can be withdrawn from the account to cover the agreed expenses for the purchase of the real estate, education of children, or medical services in Malaysia;
  • A minimum balance of MYR 100,000 (USD 25,000) must be kept in the account throughout your stay in Malaysia under the program.

 

Review procedures and terms

The Ministry of Culture and Tourism of Malaysia is responsible for processing the data of all applicants. Every successful applicant receives a conditional approval letter from the Department of Immigration.

 

After receiving such a letter, the applicant must come to Malaysia and fulfill the following requirements:

 

  • Open a bank account in Malaysia and place a deposit;
  • Purchase a health insurance policy from any licensed insurance company in Malaysia;
  • Obtain a medical certificate from any licensed institution in Malaysia.

 

After submitting a certificate of deposit, a health insurance policy, and a medical certificate, the applicant receives a resident visa. This visa does not give the right to work in Malaysia and is not a basis for obtaining permanent residence.

A pile of passports with visa stamps.

Businessman standing in the airport, waiting for hif flight.

Backpacker looking at a sunrise from the mountain.

Sunny beach on a tropical island.