Malaysia offers a residency scheme called “Malaysia My Second Home” – in short MM2H. Unlike many other similar schemes there is no need to spend the usual 183 days (6 months + 1 day) in the country, or even purchase/rent a flat or house. The programme offers a 10 year multiple entry visa which gives the MM2H resident complete freedom to come and go to and from Malaysia, whether for the European winter months or to live there.
Malaysia offers an wide selection of activities for everyone in the family.
WHY MM2H & WHY MALAYSIA?
- No tax. Malaysia operates territorial taxation that applies to both Malaysian citizens and to MM2H residents. This means that only income earned in Malaysia is taxable whilst income earned outside Malaysia and brought into the country is tax-free. This opens the possibility of living in Malaysia and operating a business through a foreign (offshore) company completely tax free
- No requirement to spend 183 days+ in Malaysia - or any days at all!
- No requirement to purchase or even rent a property. There is however no problem with foreigners purchasing property or land in Malaysia – in contrast to many other counties in South East Asia (e.g. Thailand, Indonesia etc.).
- Summer all year round. The climate of Malaysia is tropical with temperatures throughout the year averaging 28 c.
- Quality of life. Life in Malaysia is quite relaxed and inexpensive. It is quite common to have a live-in maid at a very reasonable cost. Overall, the cost of living is half of that in Europe, and property prices are still affordable.
- English is widely spoken. Although the official language of Malaysia is Bahasa Melayu, English is widely spoken and is the languages in which business is conducted.
In Summary ...
What makes Malaysia attractive? There are a myriad of possible answers ranging from the variety of food, the warm and sunny weather, the idyllic islands and beaches, the entertainment and the huge variety of shopping.
- AFFORDABLE PROPERTY to buy or rent
- EATING OUT IN MALAYSIA - A huge range of cuisines are on offer from French, Italian, Iranian, Portuguese, English or Vietnamese and of course Malaysian.
- THE LAND OF FESTIVALS - A wide variety of festivals and cultural events reflecting the various Malaysian traditions.
- RECREATION - from Golf to sailing to mountain walking and much more ...
- SHOPPING - A shopper’s paradise with choices ranging from night markets to air conditioned shopping centres and only 6% VAT (GST).
- WEATHER - Equatorial, with daytime temperatures from 28 to 32 degrees but cooler in upland areas.
HOW CAN I TAKE ADVANTAGE OF THIS SCHEME?
The Malaysia My Second Home program (commonly abbreviated "MM2H") is an International residency scheme enacted by the Government of Malaysia to allow foreigners to live in the country on a long-stay visa of up to 10 years.
Benefits of MM2H
- 1 application covers the entire family including aged parents of the main applicant.
- 10 year unrestricted multiple entry visa.
- Tax free import of furniture & other chattels.
To qualify for the scheme, applicants must meet certain financial and medical criteria
Summary of Requirements:
Anyone from countries recognised by Malaysia may apply for MM2H
All applicants need to show
Those under 50 - Proof of minimum liquid assets of RM 500,000 (c. US$ 120,000).
Those over 50 - Proof of minimum liquid assets of RM 350,000 (c. US$ 85,000).
All Applicants must income earned outside of Malaysia of a minimum RM10,000 (c. US $ 2,400) per month. This income can also be a pension for those retired.
Successful applicants are require to place a fixed deposit (RM300,000 under 50, RM150,000 over 50) with a Malaysian bank of their choice.
Applicants who have purchased properties of at least RM 1 million (c. US $ 240,000) qualify to place a lower fixed deposit.
Completion of various forms etc. including documentary evidence as requested.
To know more, please contact us for details.