27 Aug 2021
Malaysia’s tourism, arts and culture ministry is planning to continue to support the Malaysia My Second Home (MM2H) programme, yet it will be run by the immigration department from October.
The initiative permits foreigners who fulfil specific criteria to remain in Malaysia for as long as possible on a multiple-entry social visit pass.
The ministry said this week that the MM2H Centre would continue to assist current MM2H participants until 15 September, but then the programme would be moved to the immigration department.
“The ministry will, however, continue to play a role in promoting the programme through Tourism Malaysia, to introduce Malaysia as a destination for long-term stay for retirees and high-income individuals,” it said.
“The ministry fully supports the MM2H programme’s continuation so that it may boost the nation’s economy and promote Malaysia in the international arena.”
The successful applicants, totalling around 39,000 as of last year, has generated RM40.6 billion over the programme’s 19 years, the majority from property purchases and mandatory fixed deposits in local banks.
Set up in 2002, the initiative issues applicants a 10-year visa without any conditions as to how many days they were required to remain in Malaysia each year.
Although the programme was suspended in 2020 for “review and further improvements”, it is returning in October with some modifications.
The maximum period of the visa has been reduced to five years, and successful applicants need to stay in the country for at least 90 days (cumulative) in a year.
In addition, compulsory fixed deposits in local banks are increasing from between RM150,000 and RM300,000 to RM1 million, with an offshore monthly income up from RM10,000 to RM40,000. Moreover, applicants are also required to have at least RM1.5 million in liquid assets, compared to between RM300,000 and RM500,000 beforehand.