MALAYSIA MY SECOND HOME 2024 NEW REQUIREMENTS - ADVISORY & TRUTHS ABOUT MM2H

Malaysia My Second Home (MM2H) is an initiative that allows foreigners who fulfill certain criteria, to stay in Malaysia. The MM2H program is now divided into three categories: Platinum, Gold, and Silver, each with its own set of requirements. The Ministry of Tourism, Arts, and Culture (MOTAC) issued a press release (Ref: MOTAC. 100-2/1/18JLD4 (38)) on December 13, 2023. 

We have a strong network of our own listed mm2h agents to provide a legal and smooth service to our clients, and to ensure financial and business safety as one of the best business advisory firms in Malaysia. We will ensure proper and updated information with a legal and secure transparent processing. 

There are several benefits and incentives from the newly updated MM2H program, including visas. The program helps foreigners who are willing to come to the country to obtain a renewable;

1. 5 years (Silver - bank deposit RM 500,000/half million) visit pass with multiple entries.
2. 15 years (Golden- bank deposit RM20,00,000/2 million) visit pass with multiple entries.
3. Permanent Residences (Platinum - bank deposit RM 50,00,000/5 million).

These are some more of the features a foreigner can enjoy under the MM2H Programme:

1. A Foreigner can enter and leave the country whenever they choose to do so.
2. However, they need to be physically present in Malaysia for a cumulative total of 90 days per year.
3. Applicants are allowed to bring their children with them as dependents.
4. The child (dependant) is 21 years old or younger and unmarried.
5. Dependents are allowed to receive education in Malaysia.
6. Any foreigner who visits the country through the MM2H program is allowed to purchase a residential home or property.
7. No taxation on pensions as well as the ability to receive offshore income including funds transferred into the country.
8. Applicants who are over 50 years old are allowed to work part-time for 20 hours a week.
9. Requires permission from the Immigration Department to do so.
10. Foreigners who are in Malaysia through the use of the MM2H program are allowed to register and invest in an SDN BHD (private limited) company but note that you can not do business or invest from your mm2h deposit, you have to add more from your pocket to do business and earn your living.
11. Allowed to apply for a maid subject to the prevailing guidelines of the Immigration Department.
12. They are also allowed to bring a pet into the country, and their parents can also join them as dependents through the use of renewable visas.

Mm2h 2024 requirements in terms of 3 tires
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Platinum Category
Applicants in the Platinum category must fulfill 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 percent 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 percent 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 percent 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.

Dependents 
The successful pass holder can bring with him/her the following dependents:

1. Spouse.
2. Biological child/stepchild / adopted child up to 21 years old, and if they do not work or are unmarried, this can be extended to age 34 years.
3. A child with a disability with no age restrictions.
4. Parents/parents-in-law.

Application fee & service charge requirement
The following service charges (The company is mentioned as "Lim & Ani Associates") are changeable from case to case or file to file.

FOR ADVISORY AND CLEARANCE FEEL FREE TO CONTACT OUR ADVISORY TEAM
CALL: +601126664168 (WHATSAPP AVAILABLE) OR EMAIL: [email protected]

Previous requirements
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 2023 revisions aim to make the MM2H program more inclusive and flexible, offering varying options to individuals interested in making Malaysia their second home.

We suggest our clients look for mm2h only if they have enough foreign cash flow from outside of Malaysia, as there is no certain assurance of enough income via the mm2h program except for business investment, where you can not use your bank deposit for mm2h, in spite you have to add more investment from your pocket to do business or to earn your living. 

Alternative of mm2h
If you do not want to spend all this money on mm2h or looking for a less-budget option with the business and residential facility, we can suggest business migration with a business visa & employment pass through setup company, business, and getting ESD which can cost you mostly from RM 130,000 to RM 230,000 including business investment, and does not require any bank deposit to keep for any specific time limit. 

We are providing full company setup, business license process, business setup, business bank account opening, accounting, audit, taxation, ESD (expatriate service division) license process, and business visa application advisory. ​

Our company registration consultancy package includes:

• Company registration consultancy
• First company secretary appointment
• Company forms/super form & sections
• CTC's & chop arrangements
• Name search
• SSM charges
• Foreign directors document certification
• Printing & Filing
• Share distribution agreement
• Finding nominee director & agreement
• Prepare signboard & Premises licenses application documents
• Prepare business licenses application documents
• Registered office facility & virtual office facility
• Bank account opening charges (first bank account)
• Service charge & related services
• Business counseling, planning & setup advisory

Contact & Email us for services price quotation at [email protected]

WHY MALAYSIA IS SECURE BUSINESS HEAVEN NOW
Malaysia is currently considered a secure business haven for several reasons. Firstly, Malaysia has had a strong and resilient economy in Asia and the world, evident in its ability to survive and thrive during the global recession of 2009. This stability provides a solid foundation for businesses to flourish. One key advantage of Malaysia is its multicultural and multinational population, which creates a diverse market with constant demand. Additionally, Malaysia has a robust online market with an active customer base, making it an ideal environment for businesses operating in the digital space.

Furthermore, the Malaysian government's support and aid contribute to the security of investing in the country. The government provides assistance and incentives to businesses, and the banking sector offers reliable financial support for investment endeavors, ensuring a secure environment for investors. Malaysia is also known for its emphasis on security, respect, and the loving nature evident in daily Malaysian life. This welcoming and safe atmosphere attracts investors and their families, making Malaysia a desirable location for both business and personal reasons.

In addition, Malaysia offers a wide range of business opportunities across various investment budgets. This inclusivity ensures that foreign investors have the opportunity to make genuine and profitable investments that align with their financial capabilities. The goal is to foster mutual growth and success between investors and Malaysia as a nation.
Overall, Malaysia's strong economy, government support, cultural diversity, secure environment, and inclusive investment opportunities make it an attractive destination for foreign investors who seek profitable business ventures and a better future for themselves and their families.

Our advisory line
+601126664168 (whatsapp available)
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​Call, Email or text us & take an appointment from the website to visit our office in Malaysia.
LIM & ANI ASSOCIATES SDN BHD
Call: +601126664168
Call: +60108242527 
Call: +603-58856648 (office landline)
Email: [email protected]
www.mbbusinessjoint.com

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