Malaysia My Second Home (MM2H) Program was established by the Malaysian Government which permits foreigners to stay in the country for a long time. The revised MM2H program is being re- inaugurated this October 2021 after having been suspended for over a year. The debate on whether the program will last this time or not has been intriguing to every concerned individual. Who wouldn’t be, right?
MM2H Visa Scheme
Foreigners who meet the criteria of the MM2H visa program are allowed to purchase realties and reside in Malaysia for an extensive period. The scheme concedes renewable 10-year multiple entry visas from applicants all over the globe. The visa grants them the privilege to set foot in and out of Malaysia at one’s convenience, with no minimum stay demand.
Updated MM2H Regulation and Criteria
In spite of the fact that the MM2H visa scheme has experienced countless assessments from the time it was first inaugurated, recent reviews see more stern regulations and criteria for the existing and future visa holders. Among are the following:
- The number of MM2H principal visa holders and their dependents will be restricted to 1% of Malaysia’s population.
- A stay of at least 90 days (cumulative) in a year is necessary for visa holders.
- They must have offshore revenues of at least RM40,000 a month, up from RM10,000 per month previously.
- They must now have permanent savings of at least RM1 million and a proclamation of liquid assets of at least RM1.5 million. Previously, they only needed to have savings of between RM300,000 and RM500,000.
- The term of the renewable multiple-entry visa has been reduced to five years from 10 years.
- The renewal fee for the visa has been increased from RM90 a year to RM500 a year.
- From a no processing fee application, MM2H potential holders will pay RM5,000 for the principal participant and RM2,500 for each dependent.
Shedding light on MM2H Hesitancy
Doubts are all over the place whether MM2H is just a prevailing course to a lifetime visa for Malaysia. Let us clear the air by saying – it is not. If you are eligible for the MM2H program, you are qualified for a maximum of a 5-year visa. You will then have a choice to renew to another 5, and so on. In simplified terms, you have a choice to enter and leave the country at your discretion.
Being suspended before, there are a lot of queries as to whether the program will last long or the history will just repeat itself. Some existing visa holders are petitioning to exclude them from the new regulations, and some are saying they could not render the amount of savings needed. On the other hand, potential clients are driven off by the stricter rules especially now that we are in the middle of the pandemic crisis. Is MM2H really back for good or is this just a transient scheme?