MM2H Requirement Updated; Sabah MM2H Officially Launch
# Lifestyle

MM2H Requirement Updated; Sabah MM2H Officially Launch

post by Hong Yuan

by Hong Yuan

Jul 2, 2024
at 2:24 PM

Great news for those looking for a beautiful and welcoming second home in Southeast Asia! The Malaysia My Second Home program (MM2H) has seen exciting developments recently, including the launch of the Sabah-MM2H program and a major update to eligibility requirements.

 

What is MM2H?

The Malaysia My Second Home (MM2H) program is a long-term visa scheme that allows foreigners to stay in Malaysia for an extended period. Initially launched by the Malaysian government, MM2H aims to attract retirees, entrepreneurs, and individuals who wish to make Malaysia their second home. The program offers a renewable 10-year visa and is popular among expatriates seeking a comfortable and affordable lifestyle in Malaysia.

 

MM2H Requirement 2024

The biggest news for MM2H in 2024 is the removal of the minimum monthly offshore income requirement! This change, effective June 30, 2024, opens the program to a wider range of applicants, particularly those with sufficient retirement savings. Here's a quick rundown of the latest MM2H Eligibility Criteria (as of July 1, 2024):

  1. Age: 50 years old and above (minimum)
  2. Financial Requirements:
  • Fixed Deposit: At least RM1 million (around USD$238,000) in a Malaysian bank for applicants below 55 years old.
  • For Applicants 55 Years and Older: Either a fixed deposit of at least RM1.5 million (around USD$357,000) or no minimum monthly offshore income requirement as per the latest updates.
  1. Medical Insurance: Must have a valid medical insurance policy in Malaysia.
  2. Medical Report: A medical report from a Malaysian hospital or clinic.
  3. No Criminal Record: Must not have any criminal record in their home country and Malaysia.
  4. Children: Dependents under 21 years old can be included.

 

Benefits of MM2H

  • Long-Term Stay: A renewable 10-year visa.
  • Dependents: Spouses and children under 21 years old can be included.
  • Education: Access to Malaysian public and international schools.
  • Healthcare: Access to world-class healthcare facilities.
  • Property Purchase: Permission to purchase property in Malaysia (subject to state regulations).
  • Tax Incentives: Various tax incentives for retirees and expatriates.

 

Interest in MM2H Increasing with News of Updated Rules

The recent removal of the minimum monthly offshore income requirement for the standard MM2H program has sparked renewed interest from foreign applicants. This change, effective June 30, 2024, opens the program to a wider range of potential participants, particularly retirees with sufficient savings. Combined with the existing benefits of MM2H, this update creates a more attractive option for those seeking long-term residency in Malaysia.

The Malaysia My Second Home program continues to evolve, offering more opportunities for individuals to enjoy the rich culture and vibrant lifestyle Malaysia has to offer. With the launch of MM2H in Sabah and the recent removal of the offshore income requirement, more people are expected to take advantage of this unique program and make Malaysia their second home.

 

FAQ

Q: Is Sabah-MM2H different from the standard MM2H program?

A: Yes, Sabah-MM2H might have some specific requirements regarding property ownership or investment within Sabah state. It's advisable to check with Sabah's immigration department for the latest details.

Q: What is the duration of the MM2H visa?
A: The MM2H visa is valid for 10 years and is renewable.

Q: Can I include my family in the MM2H application?
A: Yes, your spouse and children under 21 years old can be included as dependents.

Q: Can I work in Malaysia with the MM2H visa?
A: The MM2H visa primarily allows for long-term stay; however, part-time work and business investments are permitted under certain conditions.

Q: Is there an age requirement for MM2H?
A: Yes, applicants must be at least 50 years old.

Q: Where can I find more information about MM2H?

A: You can find information on the Malaysia My Second Home program website or contact the Malaysian Immigration Department.

 


 

 


 

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