MM2H Restructured: Platinum, Gold, and Silver Categories Announced To Attract Foreign Buyers
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The Minister of Tourism, Arts, and Culture, Datuk Seri Tiong King Sing, had announced on 16th December 2023 significant changes to the Malaysia My Second Home (MM2H) program, unveiling three new categories. This adjustment marks a broadening of the eligibility criteria and a restructuring of the program's offerings.
The updated system introduces various modifications to the criteria for eligibility. The minimum age requirement has been reduced to 30 years, providing an opportunity for a broader range of individuals aspiring to establish Malaysia as their second home.
A noteworthy alteration involves an expanded roster of qualifying dependents. In addition to spouses, children below 21, and children with disabilities, the program now encompasses all individuals between 21 and 34 years of age who are not employed in Malaysia or married. Moreover, parents and parents-in-law are now considered eligible dependents under the revised system.
To enhance the efficiency and security of the process, applications must now be exclusively submitted through licensed MM2H agents authorised by the Ministry under the Tourism Industry Act 1992.
The MM2H program is now categorised into Platinum, Gold, and Silver tiers, each with its own specific requirements.
Platinum Category
Applicants in the Platinum category must fulfil specific financial prerequisites, including a fixed deposit of RM5 million (USD1.05 million). After one year, they are allowed to withdraw a maximum of 50 per cent of this amount for purposes such as purchasing properties valued at RM1.5 million and above, healthcare, and tourism activities within the country.
Platinum applicants are required to reside in Malaysia for a cumulative total of at least 60 days per year. Those aged 30 to 49 must meet this residency requirement through their principal, partners, or dependents. Additionally, Platinum category applicants are eligible to apply for Permanent Resident (PR) status after obtaining their Platinum pass.
Gold Category
Gold MM2H applicants must meet set financial prerequisites, including a fixed deposit of RM2 million (USD 420,800). Similar to the Platinum category, they can withdraw a maximum of 50 per cent of the deposit after one year for specific purposes.
The Gold MM2H pass is valid for 15 years, with Multiple Entry Visas (MEV) granted to the principal and dependents. The pass can be renewed, and holders are required to reside in Malaysia for a cumulative total of at least 60 days per year.
Silver Category
Applicants in the Silver category must maintain a fixed deposit of RM500,000 (USD105,000). They are permitted to withdraw up to 50 per cent of the deposit after one year for designated purposes. The Silver MM2H pass is valid for five years, and like the Gold category, it comes with Multiple Entry Visas (MEV) for the principal and dependents. The pass is renewable, and individuals in this category must spend a cumulative total of at least 60 days per year in Malaysia.
Previous requirements
The MM2H program was reinstated on August 11, 2021, following a one-year hiatus due to the Covid-19 pandemic, and it came with more stringent terms.
As per the 2021 requirements, participants were previously required to stay in the country for a minimum of 90 days each year, demonstrate an offshore income of at least RM40,000 per month (up from RM10,000), and maintain a fixed deposit account with a minimum balance of RM1 million.
A maximum withdrawal of 50% is also permitted for purposes such as property acquisition or health and children's education expenditures. These stringent conditions drew flak from various stakeholders and saw a sizable decline in MM2H applicants.
These latest revisions aim to make the MM2H program more inclusive and flexible, offering varying options to individuals interested in making Malaysia their second home.
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