Malaysia has introduced during the year 2002, “MALAYSIA MY SECOND HOME“ (MM2H) programme to enable wealthy foreigners to live in the country on 10year visa. A letter of good conduct for the applicant is a requirement.The MM2H visa has so far attracted 40,000 people from131 countries till date. For the past 6 years on an average 3000 visa were issued.
To qualify, an applicant under 50 years old must have atleast RM 500,000 (S$ 166,000) in liquid assets as net worth and a monthly income of RM10,000. The applicant has to open a Malaysian fixed deposit account of RM 300,000 (SS 10,000) upon the in principal approval of the application.Those who are above 50 years of age must have at least RM 350,000 (S$116,666) in liquid assets as net worth and open a fixed deposit account of RM 150,000 (S$50,000) upon the in principal approval of the application
Successful applicants typically buy holiday homes in Malaysia, but are not required to spend a minimum period of time of stay in the country annually. The applicant from China, still remain top in the list of number of applicants for MM2H (28% of overall applications)
The family (Husband and wife) can bring in a foreign maid,whose age is between the age of 21-45 are allowed to be employed. The benefit of owning a car, (buying a new car at Malaysia upon obtaining the visa status) has been withdrawn during the year 2018. You have to pay the normal duty and price to own a car. If you happen to own a car for more than 6 months prior to coming to Malaysia and you can apply to the government, to get the approval for the waiver of the import duty.
Any one who would like to set up a company under the companies act of Malaysia, you need a resident director to incorporate the company. when you hold the MM2H visa, you need to have a residential address at Malaysia to be eligible to be considered as a resident director. You can buy a residential home or rent a residential property to fulfil the above requirement.
You can enter and leave Malaysia, as when you like to do and no minimum-stay is required. On the expiry of the 10-year period you are eligible for renewal. After the approval, open the fixed deposit account with abank, do a medical checkup and undertake a medical insurance policy to obtain the 10-year visa.