Malaysia is getting popular every passing day among immigrants. Several people are moving to Malaysia due to its economic growth. There are various opportunities in Malaysia and citizens of other countries in Far-East Asia are considering Malaysia my second home (MM2H). The Malaysian tourism and immigration department has announced the scheme for expats to live in Malaysia for 10 years under (MM2H) program. However, this does not mean immigrants will have access to Malaysian citizenship or passport. It is just permission for an extended stay for all citizens in the world recognized by Malaysia. The MM2H is renewable after 10 years.
Eligibility for Malaysia my Second Home (MM2H)
Anyone can apply for MM2H, one must comply with all requirements. The applicant applying from their country must be recognized by Malaysia. Israel, Montenegro and Yugoslavia citizens cannot apply for MM2H. The MM2H is discrimination-free and anyone can apply regardless of their, race, creed, religion, ethnicity, gender and age. An applicant is allowed to bring spouse, children unmarried and under 21, and parents aged above 60. As this program does not provide citizenship hence, the requirements are quite simple.
Requirements for Applying Malaysia my second home (MM2H)
There are simply two categories for applying MM2H. The applicant will fall in any one of the categories.
1. Younger than 50 years.
2. 50 Years and above
The requirements for both the category are almost the same, however, there will be a difference in financial criteria.
Younger than 50 years applying MM2H
Applicants who are under 50 years have the following conditions. The applicant must hire a recognized agent to pursue the application. The applicant will be required to gather all the important documents needed for MM2H.
The applicant will have to deposit a sum on RM 500,000 (Rs.18,545,000) in their own country’s bank account. This is the foremost requirement to get MM2H. One cannot withdraw this amount from the bank until the application for MM2H is approved.
The applicant must show a salary or profit of RM 10,000 (Rs.379,000) per month. This monthly salary or business profit must be shown in applicants 3 months bank statement. This is proof that you are not a liability to your country and will contribute to Malaysia’s economy.
50 years & above applying for MM2H
The criteria and requirements are the same; however, there is a difference in financial criteria. The liquid assets in applicants country must be RM 350,000 (Rs.12,981,500). However, the proof of salary or business profit will remain the same RM 10,000 per month.
Fixed Deposit in Bank Account in Malaysia (MM2H)
After the MM2H approval, the financial criteria will require to open a fixed deposit bank account in Malaysia. The banks must have local branches such as Standard Chartered Bank & HSBC. The sum of RM 300,000 will be deposited as a fixed amount in the bank by under 50 years applicant.
It is allowed for the applicant under 50 years to withdraw RM 150,000 from the fix deposit account after one year. The amount could be withdrawn for rental, education, health or other need. However, RM 150,000 from the second year must be fixed in the bank until the remaining period in Malaysia. This is the most important financial requirement of Malaysia my second home.
After the approval of the program of 50 years and above, the successful candidate will have to open a fixed deposit account of RM150,000. The amount of RM 75,000 could be withdrawn from the bank after the first year. However, the remaining balance will be fixed until the stay.
The applicant will receive interest on the deposited amount from 3% to 4% per anum.
Documentation for MM2H
A covering letter from applicant describing family detail, job or business detail, interest in MM2H
Latest Resume/ CV
MM2H application form of Applicant, Spouse, and Children
4 Colored Photograph of each applicant
Copy of all Pages of Passport (must be certified)
Certified Marriage Certificate (if applying for spouse)
Certified Birth Certificate for applied children
Certified Bank Statement of Last 3 Months
All Financial Documents Stating Liquid Assets
Certified copies of proof of profitability of the business, salary slips.
Any other documents evidence of proof of income rental properties, dividends, profit sharing,
Police and Criminal Certificate
The certified copies mentioned in above requirement must be endorsed by MALAYSIAN EMBASSY / HIGH COMMISSION/ NOTARY PUBLIC FOR OATHS AUTHORIZED IN MALAYSIA or GOVERNMENT OFFICIALS
Approval of MM2H
After submitting all documents in true form, it could take around 4 to 5 months in approval. The documents must be completed and complied properly. If the applicant has complied with all the requirements there are 99% chances of case approval. However, we do not guarantee any success.
Arrival in Malaysia
Once the approval is issued one can arrive in Malaysia. It is required to rent or buy a house before reaching the destination.
Submitting Other Documents to Immigration
Once the applicant arrived in Malaysia there are some formalities that one has to consider before settling down. These are the following documents that must be submitted to the immigration department.
It will be issued to the applicant once he/she opened a bank account and did a fixed deposit of RM 300,000 & RM 150,000 according to their criteria that are already discussed above.
It is mandatory for every applicant for living in Malaysia to get medical insurance.
After getting medical insurance all family members of the applicant must visit a local doctor and get a wellness certificate. All these documents will be submitted by your agent.
Get an MM2H Visa Stamp on Passport that Endorses as Malaysia My Second Home
After submitting all documents Malaysian Immigration will stamp an MM2H visa on your passport. However, the applicant must pay the fee of Social Visit Pass RM 90 per year + MEV visa fee
The MM2H renewable Visa will be issued according to the expiry of Passport.
The agent’s work is to accelerate the visa stamp at the MM2H Immigration Department.
Benefits of applying Malaysia My Second Home
There are several benefits of applying MM2H. After the approval applicant and family can enjoy a stay in Malaysia for ten years. They would be allowed multiple entry and exit from the country. The applicant can buy a freehold house in Malaysia.
However, state approval is required before buying a hassle-free property. They can even apply for a bank loan. The MM2h program is renewable after 10 years. The applicant can import a car of his own from his/her country after permit. There will be no duty applied in importing a car from the country. The applicant can also purchase a locally manufactured car in Malaysia without taxes.
Work/Job/Business under Malaysia my second home (MM2H)
Only 50 years and above are permits to work for 20 hours a week in Malaysia in the MM2H program. The applicant can do work with certain work skills and certain working sectors.
The MM2H encouraged to set up a small business or invest in other businesses in Malaysia. They will be treated like other foreign investors. However, the MM2H visa holder is not allowed to participate in the day to day activities of the business. If the MM2H visa holder wants active involvement in the business they must change their visa to Work Permit.
After 10 Years MM2H Visa Expiry
The applicant can easily renew their visa. This time it will be a lot easier and hassle-free. The applicant can apply the MM2H months before its expiry.
Top 5 opportunities in Malaysia
The main purpose to move in Malaysia is not just a residence. One must start a business in Malaysia. Being one of the financial and commercial hubs in South-East Asia, Malaysia has tremendous opportunities. Due to its demographic settings, it is much more centered for business than its neighbors. The following are the opportunities in Malaysia which require a small investment.
1. Travel Agency
Several people in Malaysia travel in and out of the country. There are business and leisure travelers. All the neighboring countries are a friend and visa-free. Singapore, Indonesia, and Thailand are mainly attracted to the Malaysian economy. Many budgeted airlines run between these countries. However, directly and indirectly, travel agencies are highly required in Malaysia.
Malaysia “Truly Asia” is one of the world’s most visited countries. It ranked among the top 10 visited country by tourists. There are many tours in the country in the city and out of the city. Even building a hotel is the most profitable business in Malaysia.
Malaysians have a passion for fashion. People spent a lot on fashion and they care how they look. There are various malls and shopping markets in Malaysia. Opening a fashion outlet or designer wear can make a profit in Malaysia.
Malaysia is a tourist country, and even Malaysian like to dine out. There is a good opportunity in setting up a restaurant in Malaysia. Cuisines from your country can grab attention from many tourists as well as locals. A specialty from your country can attract several customers.
5. Smartphone and PC technicians
However, it’s a technical business but has a great market. Smartphones have become an essential part of our daily lives and so in Malaysia. As the market for cell phones increased the opportunities also open for smartphone technicians. There are never-ending problems create by users, and solving them earns you a lot. This business required the lowest investment and infrastructure.
MYEXPAT is the registered and authorized agent by the ministry of tourism and immigration in Malaysia.