Permanent Residence Malaysia @ My Second Home (MM2H)
March 8, 2024 / 0 comments / 981 views / Tags: Malaysia my second home, Malaysia Property, property agent / Category: Article and lifestyle
Permanent Residence Malaysia
Being a permanent residence in Malaysia that grant you the right to reside in the country without any time constraints.
Malaysia offers several benefits to individuals who obtain permanent residency includes*
- Long-term residence
- Work and business opportunities
- Education and healthcare
- Purchase property in Malaysia
Eligibility Category
Family ties with a Malaysian citizen (category 3)
- Spouse of a Malaysian citizen
- Biological child, step child or adopted child aged 18 and below
- Biological mother or father of a Malaysian citizen
- Divorcee, widow or widower of a Malaysian with a biological child who is a Malaysian citizen
- Mother-in-law or father-in-law of a Malaysian who is holding a valid pass in Malaysia
Family Ties with a Permanent Resident of Malaysia (category 4)
- Biological child aged 18 and below of a permanent resident
- Husband or wife of a permanent resident
Ex-Malaysian (category 5)
- Malaysian who voluntarily renounced their citizenship
- Malaysian who were deprived of citizenship
Application Conditions
- Valid travel document or passport with at lease (6) months’ validity
- Resided in Malaysia on a valid long-term pass
- A minimum of three (3) years’ residence in Malaysia – category 3
- Minimum of five (5) years’ residence in Malaysia
- Sponsored by a Malaysian aged 21 years or above
- Divorcee / widow / widower to a Malaysian citizen who has been granted a full or joint custody of the biological child by the relevant court of law
- Photocopies of supporting documents must be certified by corresponding foreign missions in Malaysia
- Application in west Malaysia require a Malaysian citizen sponsor
- Applications in Sabah and Sarawak must be sponsored by a Malaysian of Sabah and Sarawak origin
- Both sponsor and applicant must be present during document submission at the immigration office
( * If you’re considering permanent residency in Malaysia please consult official advice for up-to-date information.)
MM2H
The Malaysia My Second Home Program (MM2H) is designed program to attract foreign nationals who wish to reside in Malaysia for an long-terms basic.
What are the benefits of MM2H*
- Long-term residency
- Visa flexibility
- Financial incentives
- Tax benefits
- Quality of life
- Healthcare and education
Eligibility Criteria*
- Applicants must be at least 30 years old
- Demonstrate a minimum monthly offshore revenue of RM40,000
- Fixed deposit must be make in any Malaysian Bank , the deposit amount varies based on the desired tier (silver, gold or platinum)
- One-off bond payment (up to RM5,000) depending on nationality
- An ongoing annual fees of RM500 applies
- Recommended to purchase of health insurance
The exclusion of foreign spouses of Malaysian citizens was removed in February 2009 they are now allowed to apply .
Application Process
- Applicants must be present during the application process
- Submit the original and copy of the participant’s passport, conditional approval letter, and form imm.12 IM.12.pdf with a photo of the participant.
- Social visit Pass
Home Purchase
- Participants are allow to purchase an unlimited number of residences above the minimum applicable price set for foreigners buying property in the state where they make the purchase
- MM2H participants are allowed to withdraw partial amounts from the required fixed deposit to residential purchase starting from second year onwards (date of social visit pass endorsement in the passport)
- MM2H participants are allowed to withdraw partial amounts from the required fixed deposit starting from the second year onwards (effective from the date of MM2H Social Visit Pass endorsement in the passport).
Fixed Deposit withdraw
Partial withdraw of the require fixed deposit from 2nd year onwards for approval expenses to children’s education and medical expenses
- RM50,000 for aged 50 years and above
- RM150,000 for aged below 50 years
However, minimum required to maintain the balanced of fixed deposit until they termination to the programmed as follow
- RM100,000 for aged 50 years and above
- RM150,000 for aged below 50 years
Dependents
- Spouse
- Children below 21 years of age including stepchildren and disabled children
- Parents
Education options
MM2H participants have access to various educational options for their children
- Private Universities
- Private University-Colleges
- Foreign University branch campuses
- International school
Taxes
- 15% income tax on revenue generated within Malaysia
- 30% real property gain tax (disposal within5 years of acquisition), tax rate reduces to 10% after 5 years
Insurance
All MM2H participants and their dependents must possess valid medical insurance coverage from any recognized insurance company in Malaysia