KUALA LUMPUR – New Malaysia My Second Home (MM2H) regulations will see three categories – Platinum, Gold and Silver – each with different fixed deposit thresholds to attract foreign high-net-worth individuals.
The Tourism, Arts and Culture Ministry said applicants under the Platinum category must keep a fixed deposit (FD) here of US$1 million (RM4.72 million), US$500,000 for the Gold category, and US$150,000 for Silver.
A maximum withdrawal of 50% is allowed on the principal value of the FD after receiving approval to participate in MM2H, and the funds are to be used for buying a house, education, health and tourism activities within Malaysia, the ministry said in a statement.
The programme is only available to foreign individuals over the age of 25 from countries with diplomatic relations with Malaysia. They must reside in Malaysia for at least 90 days a year, cumulatively.
Another criterion stipulates that their applications must be done via the ministry’s MM2H one-stop centre.
The new regulations also set application fees for the principal MM2H visa holder at RM200,000 for Platinum, RM3,000 for Gold and RM1,000 for Silver.
“There are no application fees for dependants,” the ministry’s statement said.
Platinum participants and their dependents enjoy longer pass validity periods, for 20 years. It is 15 years for the Gold category and five years for Silver, and the passes are renewable.
In terms of property acquired, the value purchased must be at least RM2 million for the Platinum category, RM1 million for Gold and RM600,000 for Silver.
MM2H visa holders will not be allowed to sell their purchased homes for the first 10 years but will be allowed to buy new properties if it is priced higher than their first home.
As for work, only Platinum visa holders will be allowed to conduct commercial and investment activities in Malaysia.
Another perk solely for Platinum category participants is to bring in a migrant domestic helper.
All participants will be allowed to bring along their dependants.
New rules for MM2H agents
The new Tourism Ministry regulations also require agents providing MM2H services to have a paid-up capital of RM 200,000, which is a 400% increase from the previous requirement of RM50,000.
The licence fee for agents is kept at RM2,500 a year. The business must also have a valid operating address and a bank guarantee for RM200,000.
Since October 2021, the Immigration Department has handled all new MM2H applications, comprising matters related to processing existing applications and logistics.
Earlier, Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing said he was looking at having all applications be handled by the ministry’s one-stop centre only.
The MM2H programme was introduced in 2002, allowing foreigners to buy property and live in Malaysia for an extended period.
It has been an important programme for the local economy, generating RM11.89 billion through visa fees, purchase of real estate and private vehicles, fixed deposits, and household spending from 2002 to 2019, according to previous reports.
It was temporarily frozen in August 2020 for a review which introduced more stringent requirements and higher fees across the board for all applicants, including raising the FD requirement for applicants to RM1 million, compared to RM300,000 previously. – June 14, 2024