Foreign nationals wishing to retire in Malaysia can apply for a Malaysia My Second Home (MM2H) visa. This is a renewable ten year visa which allows the visa holder to come and go freely and take up residence here in Malaysia. Applicants need to show they receive a fixed monthly income (usually over the equivalent of RM10,000 a month) in order to qualify as well as prove their cash assets. Some 16000 applications have been approved since the programme was launched in 2002. (The Expat Group can assist obtaining this visa – write to [email protected] or visit the MM2H website)
In February 2009 the government announced that MM2H visa holders 50 years old and above could work for up to 20 hours a week. This is applicable to visa holders who have specialised skills in certain approved sectors. We are waiting for more details of the specific sectors where people will be allowed to work.
It was also announced that MM2Hers will also be permitted to set up, and invest in businesses in Malaysia. They will be subject to the same regulations as other foreign investors but will be permitted to actively participate in the running of the business. However, MM2H visa holders are not entitled to work full time for a company they have either set up or invested in – this would require a seperate application for a work permit.
All applicants require a sponsor and the agent is required to do this. This service is included in their standard fee.
Insurance Coverage / Medical Report
Applicants and their dependants must possess medical insurance coverage from any insurance company that is valid in Malaysia. This may be waived for older applicants who are denied coverage because of their age. All applicants and their dependants are required to have a medical examination from any private hospital or registered clinic in Malaysia. Both these conditions are met after the letter of “conditional approval” is issued.
Dependents and Parents
Applicants are allowed to bring along their dependants (children below 21 years of age, step children, disabled children, spouse and parents) under their MM2H visa. Older dependent children will have to get a separate visa. Dependants attending school in Malaysia are also required to apply for a Student Pass which allows them to continue their education in schools or Institutions of Higher Learning recognised by the government.
Government regulations regarding the minimum property price have recently changed. Each participant is now allowed to purchase an unlimited number of residences at a minimum of, on average, 500,000 per unit depending on which state the property is located in. In some States the minimum value is higher, and in some it is lower. Please visit www.MM2H.com or contact our help desk if you have any questions regarding the new regulations.
Successful applicants are liable for tax on Malaysian sourced income but income derived outside the country is not taxed even if it is remitted to Malaysia.
Successful applicants are not permitted to participate in activities that can be considered as sensitive to the local people like political or missionary activities.
- MM2H – The Tax-Free Car Privilege
- MM2H Programme Continues to Attract for Different Reasons
- MM2H in East Malaysia
Our sister website, www.mm2h.com, provides comprehensive information about the Malaysia My Second Home programme. We also have an agency which can assist you with the visa process. You can contact us at [email protected] for more information.