The Malaysia My Second Home (MM2H) programme has been widely recognised as one of the best retirement visas, but the current version has introduced some significant changes. The government wants to see an immediate economic contribution, hence the requirement to buy a house and hold onto it for ten years. The new rules also aim to catch younger applicants who wish to make a home here, as the minimum age for applicants is just 25.
The introduction of an MM2H tier targeted at investors and people wishing to work here is also new. The Platinum visa that permits people to work requires a USD1 million fixed deposit, but also allows visa holders to bring a maid with them to Malaysia and/or hire a foreign maid here after they are approved. This is not permitted with the lower tiers.
THE 2024 MM2H VISA: THREE TIERS, ONE VISION
The new national MM2H visa was launched in June 2024, replacing the previous model with three distinct tiers:
Silver Tier
- Target Group: Retirees and people seeking a resident visa
- Fixed Deposit Requirement: USD150,000
- Monthly Income Requirement: Not specified but must show some.
- Visa Duration: 5 years, renewable
- Property purchase: Must buy above RM600,000
The Silver tier is ideal for those seeking a peaceful retirement or a long-term base in Malaysia without the need to work here. It is the most popular tier.
Gold Tier
- Target Group: Those who are seeking the security of a longer visa
- Fixed Deposit Requirement: USD500,000
- Monthly Income Requirement: Not specified but must show some.
- Visa Duration: 15 years, renewable
- Property purchase: Must buy above RM1,000,000
The key benefit for Gold applicants is the longer duration initial visa. There have been suggestions additional benefits might be added to this tier.
Platinum Tier
- Target Group: High-net-worth individuals and strategic investors
- Fixed Deposit Requirement: USD1 million
- Monthly Income Requirement: Not specified but must show some.
- Visa Duration: 20 years, renewable
- Property purchase: Must buy above RM2,000,000
- Key Benefits: Right to invest and work. Can bring a maid with them and/or hire a foreign maid in Malaysia.
Note that for all the above three tiers, applicants have one year to complete the property purchase after the visa is endorsed in their passport. Once done, applicants can seek withdrawal of fifty per cent of the FD. If the property has been purchased within two years of the endorsement, they can still claim back 50% but if they have owned it longer, it will qualify for the visa but not to withdraw part of the FD.
The latest version of the visa addresses a long-standing problem for spouses who were required to qualify for the visa under their own name when their spouse died. The new rules permit a surviving spouse to take over the visa in the event of the principal’s death. This benefit only extends to people applying under the latest rules.
Silver and Gold visa holders are not permitted to hire a foreign maid, which may be a problem for some people as it is challenging to find a Malaysian maid willing to live in. Many applicants are not seeking a live in maid and various companies offer xxx?
The Platinum visa is aimed at securing individuals interested in investing or doing business here as it includes permission to work.
Special Financial Zone (SFZ) MM2H
The Special Finance Zone MM2H is exclusively for these designated zones and offers more favourable terms than the national visa. Currently there is only one SFZ and that is Forest City next to the second crossing to Singapore.
Key features include:
- Lower fixed deposit: USD65,000 (USD32,000 if over 50)
- Monthly Income Requirement: Not specified but must show some.
- Property purchase: Must buy in Forest City above their limit for MM2H (RM500,000) and complete purchase before visa endorsement in passport.
- Visa duration: 10 years
The SFZ MM2H is aimed at those who like its proximity to Singapore and its lower entry requirements.
Sabah and Sarawak MM2H visas
Both Sabah and Sarawak have their own MM2H visa programmes, for those who want to live in their respective states. The Sabah visa is more closely aligned with the national visa and has various tiers. They both require a fixed deposit of RM500,000 but the Sarawak visa does not mandate a property purchase.
Applicants can withdraw 50% of their fixed deposit to pay for the property purchase. If you already own a property before having your visa it must have been owned less than two years (Forest City six months) in order to be able to withdraw part of the FD. Other approved expenditure which can be used to withdraw part of Fixed deposit are reimbursement of education or medical expenses and domestic travel – air fare hotel, packages.
Although the visa includes a minimum purchase price to qualify, the amount must be above the amount stipulated by the State, as each state sets its own minimum price for foreign purchasers. In most cases, that amount is RM1 million.
Application Process: Licensed Agents Only
As of 2024, all MM2H applications must be submitted via a licensed MM2H agent approved by the Ministry of Tourism, Arts and Culture (MOTAC). Direct applications are no longer accepted. This is aimed at ensuring overall compliance, fraud prevention, and smoother processing. Fees are fixed by the government, starting at RM40,000 for an application for the Silver-tier MM2H visa. That fee includes most government charges and some other costs (e.g. medical exam) for the principal applicant only. Charges for dependents will be added to the total fee.
Applicants must prepare several documents, most of which are fairly straightforward, with the marriage certificate likely taking the longest. Applicants also need to get a police clearance certificate from their own country which in many cases can be obtained online.
Processing time for new applications is two to three months after all documents are submitted.
Several more steps are required after the application has received conditional approval. These include placing the Fixed Deposit, obtaining medical insurance if under 60, and having a (relatively superficial) medical check-up. This must all be completed and the visa endorsed within three months of the conditional approval letter.
Our agency, Borneo Vision (MM2H) Sdn Bhd, has assisted hundreds of people in obtaining the visa since it started twenty years ago.
CONCLUSION
Despite the recent changes, the MM2H visa remains very attractive for those who can afford it. It is estimated that applicants need around USD250,000 in order to meet the requirements for the visa. The SFZ (Forest City) MM2H visa is cheaper and requires buying a property in that development.
Have a look at our Youtube video , which helps to answer most of your questions. Alternatively, feel free to contact our helpdesk at helpdesk@tegmedia.my.