Malaysia My Second Home (MM2H) in 2023
Malaysia My Second Home (MM2H) is a Malaysian government immigration program allowing high net worth individuals and wealthy entrepreneurs to live in Malaysia and run their business.
- Malaysia’s economy has been growing fast in the past years, maintaining an average GDP growth rate of 5.7% since 2010. Such market expansion means more opportunities for entrepreneurs;
- English is one of Malaysia’s official languages and is spoken by 70% of the population. Therefore foreign investors and immigrants interested in relocating to Malaysia will easily be able to communicate with locals;
- Malaysia has excellent health care facilities and there are many international schools to choose from if you settle here with children;
- For these reasons, Malaysia has been ranked in the top 10 best countries to live by International Living Inc. for the past 4 years.
Benefits of MM2H
After approval, Our Clients will be able to enjoy the following benefits from MM2H:
- All applicants are allowed to invest in Malaysia and oversee their own businesses;
- They can additionally purchase residential properties priced at above RM500,000;
- Category 2 applicants (50+, see below for further details) can also work part-time;
- All beneficiaries of the MM2H program can bring their immediate family to Malaysia and apply together. Their children in age of going to school (up to 21 years old) will be given student pass to further their studies in Malaysia (public or private institutions that Healy Consultants can assist to choose);
- Can bring over a car, their maid, personal belongings and pets, tax free.
How to apply for MM2H
MM2H is open to all citizens of countries regardless of race, religion, gender or age.
The main documents required for the application include: i) Copy of Passport ii) Letter of good conduct from your relevant government agency iii) Last 3 months’ bank statements and pay slips and iv) Resume of the applicant. All of them can be presented in English. For a full list of documents, kindly refer to the Government website.
Processing time is about 3 months for applications which are not selected for financial verifications.
Financial requirements to apply for MM2H
Category 1 (under 50 years old)
- Our Clients aged less than 50 years old are eligible provided that they open a fixed deposit account in Malaysia of US$78,800 (MYR300,000) at any Malaysian bank;
- After one year, it is possible to withdraw up to 50% of the fixed deposit for approved expenses: house purchase, education for children in Malaysia and medical purposes;
- A minimum balance of US$39,400 (MYR150,000) must be maintained in the account from the 2nd year onwards and throughout the stay in Malaysia under this program.
Category 2 (50+ years old)
- Our Clients aged more than 50 years old can choose to i) open a fixed deposit account in Malaysia of US$39,400 (MYR150,000) with a local branch of any bank; OR ii) show proof of monthly offshore government pension of at least US$2,630 (MYR10,000);
- After 1 year, they can withdraw up to US$13,134 (MYR 50,000) of the initial fixed deposit for approved expenses (house purchase, education for children in Malaysia and medical purposes);
- They must however maintain a minimum balance of US$26,270 (MYR100,000) from the second year, onwards and throughout stay in Malaysia under this program.
Medical requirements for MM2HOur Clients will have to i) undergo a health check at a private hospital in Malaysia and ii) purchase a valid medical insurance policy covering their whole stay in Malaysia. It is however possible to request a waiver from medical insurance requirement.
Healy Consultants' fees
How can Healy Consultants help?
While forming a company is not necessary to obtain a residency permit under the MM2H Program, if required, Healy Consultants will be happy to offer our client company registration services in Malaysia.Healy Consultants can assist our Clients to i) assess their eligibility to the MM2H program ii) assist them to subscribe to a medical insurance and gather all other supporting documents required for the application iii) prepare and submit a high quality MM2H application for you and your dependents, iv) choose the bank offering the best rates for a fixed term deposit, v) find the most appropriate property investment options (if required) and iv) assist in locating the best schools (if required).
Bank Account Opening in MalaysiaHealy Consultants’ excellent relationship with the leading international banks in Malaysia means our clients do not need to visit the country in order to open their Malaysia banking account. We will be pleased to assist and shelter our Client from the administrative challenges. All banks will be top tier banks with the best deposit schemes and excellent internet banking services, for your benefit.