The story up to December 2025
To understand MM2H properly, it helps to stop treating it as one uninterrupted programme. In reality, it has evolved through three quite different versions. There is the original, relatively broad-based scheme that was launched in 2002, then the much tighter 2021 version requiring applicants to show a RM40.000 monthly income, and finally the current (2024) investment-led version with several tiers. In fact, the MM2H visa was preceded by the Silver Haired Programme, launched in 1996, which did not attract many applicants and became the MM2H visa
The original MM2H version was the one that built broad awareness of the visa. Malaysia was also often rated the best retirement destination in Asia by the well-respected magazine International Living. The Ministry would often refer to this ranking when marketing the visa. By 2018, some 42,000 people had been approved for the visa. That number included dependents and is broken down by country below. As can be seen, China was the primary source of applicants, which is perhaps not surprising given its proximity and large population
| China | 12881 |
| Japan | 4778 |
| Bangladesh | 4135 |
| United Kingdom | 2691 |
| Rep. of Korea | 2378 |
| Singapore | 1459 |
| Iran | 1399 |
| Taiwan | 1396 |
| Hong Kong | 1087 |
| India | 1047 |
| Others | 9020 |
| Grand Total | 42271 |
After growing in popularity and global awareness, the visa was closed during the COVID pandemic, and a review was carried out to see how well it met the government’s aim. The second version was announced in August 2021 and was significantly different. This was the phase most people remember for the controversial jump in the minimum offshore income requirement from RM10,000 to RM40,000 a month. The Fixed Deposit was increased to RM1 million. All this was done to attract ‘quality’ participants and deliver greater financial value to Malaysia. The result was a massive drop in applications. The Ministry stopped releasing its report on visa approvals by country, but in June 2023, the Home Minister said 375 applicants had secured final approval, and another 800 were at the pre-approval stage. This version was widely regarded as a failure, and there were calls for a revision in the terms and conditions.
Version three, which is the current version, was announced in late 2023 but only implemented after some changes to the rules for authorised MM2H agencies were made in 2024. At that time, it was decided that all applicants would have to use an approved agent in the future.
The current version changed the focus from retirees looking for a low cost, attractive place to live to people with sufficient funds to make a meaningful economic contribution to Malaysia. For the first time, the programme included a specific MM2H visa allowing people to work. Called the Platinum tier MM2H visa it requires a US$1 million fixed deposit and a home purchase of at least RM2 million.
The numbers for this current version show that it is attractive to people with the required funds. As of August 2025, Parliament was told there were 5,972 pass holders under the new policy, comprising 2,134 principals and 3,838 dependants. Most applicants chose the Silver tier MM2H visa. The top five source markets at that point were China with 3,414 principals and dependants, followed by Taiwan with 611, Hong Kong with 292, Singapore with 184, and the United States with 174. The numbers showed many applicants from Western countries were being turned off by the new requirements, but Chinese interest remained strong. China remains the dominant source market by a very wide margin, with Taiwan and Hong Kong also strongly represented.
The numbers released by the government after the first version were less detailed than those made available before. However, it seems that currently there are some 58,000 MM2H participants, including dependents. So the real story is that most of MM2H’s historical weight still comes from the original scheme, while the current version is now building a new, more investment-driven chapter on top of that legacy.