MM2H Requirements 2024: Updated Malaysia My Second Home Conditions
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The MM2H requirements 2024 have been updated with significant changes, introducing new criteria and benefits for applicants. These latest updates to the Malaysia My Second Home (MM2H) program reflect a shift in focus towards attracting younger applicants and investors, moving away from the previous retiree-centric model. If you’re considering applying, here’s a complete overview of the new MM2H requirements 2024 and what they mean for you.
MM2H Requirements 2024: Key Updates You Need to Know
The Malaysia My Second Home (MM2H) program has introduced major changes in 2024, making it more accessible and attractive to international applicants. Here’s a detailed look at the updated MM2H requirements 2024:
Minimum Age Requirement
- The minimum age to apply for MM2H has been lowered from 35 to 25 years, welcoming a younger generation of expatriates.
Income and Asset Requirements
In a significant shift, there is now no minimum income requirement. Previously, applicants needed to show RM40,000 in monthly offshore income and RM1.5 million in liquid assets. This change makes the MM2H requirements 2024 far more flexible.
Fixed Deposit Structure
Applicants can choose from three tiers based on their investment:
- Platinum: USD 1 million fixed deposit for a 20-year renewable visa.
- Gold: USD 500,000 fixed deposit for a 15-year renewable visa.
- Silver: USD 150,000 fixed deposit for a 5-year renewable visa.
Property Purchase Requirement
To qualify under the new MM2H program:
Platinum Tier: Must purchase property valued at over RM2 million.
Gold Tier: Must purchase property valued at over RM1 million.
Silver Tier: Must purchase property valued at over RM600,000.
All participants must hold their purchased property for at least 10 years, with the option to upgrade to a higher-value property during that period.Visa Validity and Entry
- Visas are multiple-entry and tied to the validity of your passport, streamlining extensions and travel for participants.
Permanent Residency (PR) Status - Under the updated MM2H requirements 2024, even Platinum visa holders will no longer be eligible for automatic permanent residency (PR).
Participation Fees
- Silver Tier: One-time fee of RM1,000.
- Gold Tier: One-time fee of RM3,000.
- Platinum Tier: One-time fee of RM200,000.
Good news for families: there is no participation fee for dependents.Dependents
- Eligible dependents include a spouse or partner, children under 21, and unmarried, non-working children up to 34 years old. There is no age limit for disabled children.
Spousal Provisions
- In the event of the principal applicant’s death, dependent spouses can seamlessly take over the principal visa.
Work Permission
- Platinum tier visa holders can now work in Malaysia without needing special permission, an attractive feature for professionals and entrepreneurs.
Fixed Deposit Withdrawal
- After one year, MM2H participants can withdraw up to 50% of their fixed deposit for approved purposes such as property purchase, healthcare, or tourism activities within Malaysia.
What to Do After Your Application Is Approved
Medical Report
After approval, applicants and their dependents must provide a medical report from any registered clinic or private hospital in Malaysia.
Medical Insurance
Once the application is approved, all applicants and their dependents (spouse and children) are required to have valid medical insurance that is applicable in Malaysia. However, this requirement does not apply to applicants who are over 59 years old.
Restrictions
Participants of the Malaysia My Second Home Programme are prohibited from engaging in any form of employment while residing in Malaysia (except Platinum Tier). Furthermore, they must refrain from involvement in activities that may be deemed sensitive to local communities or pose a threat to national security.