MM2H
MM2H

Malaysia My Second Home (MM2H) allows the citizens of other countries to be able to immigrate to Malaysia with their wives and children. with MM2h, Firstapplicants will receive a 10-year period of visa that can be extended according to the passport validity period.

This accommodation is extendable automatically and has benefits such as buying a car in Malaysia at a discount, receiving a housing loan to buy an apartment, house, shop or other property to about 70 percent (or more) and health insurance and also provides applicants with the possibility of investment, establishment and registration of a company. MM2H has been introduced since 2002. So far most of foreigners who immigrate to Malaysia with this plan are from UK, Bangladesh, the USA, Scandinavia, South Korea, Japan and Arab countries and Iran. MM2H is a plan associated with two factors of age and capital; the age and capital are the main factors to evaluate the residence of each applicant. However, the role of capital is higher. The higher the applicant’s capital is, the quicker and easier his residence in Malaysia will be accepted.

Receiving MM2H for people less than 50 years old: To submit request, they should prove that they have a capital of at least 300,000 Malaysian ringgit. This capital can be in banks as a fixed deposit. The other case the applicants should prove is monthly income of 10,000 Malaysian ringgit in a month. This rate of income is not as critical as capital and thus is also presentable with a legal certificate from a private or public company. If your residence is agreed, there is no requirement for income transfer to Malaysia, and if your income or capital is transferred to Malaysia, you are exempt from all taxes.

When the applicant’s residence was accepted, he should open a fixed deposit of 300,000 Malaysian ringgit and a year later they can withdraw up to 150,000 ringgit for certain expenses concerning the purchase of housing, the cost of education for children in Malaysia and medical issues but they should keep at least 150,000 ringgit from the second year until when they reside in Malaysia under this plan.

Receiving MM2H for people over 50 years old: To submit request, they should prove that they have a capital of at least 150,000 Malaysian ringgit. This capital can be in banks as a fixed deposit. The other case the applicants should prove is monthly income of 5000 Malaysian ringgit in a month. This rate of income is not as critical as capital and thus is also presentable with a legal certificate from a private or public company. If your residence is agreed, there is no requirement for income transfer to Malaysia, and if your income or capital is transferred to Malaysia, you are exempt from all taxes.

When the residence of the applicants over 50 years old was accepted, they should open a fixed deposit of 150,000 Malaysian ringgit and a year later they can withdraw 50000 ringgit for certain expenses concerning the purchase of housing, the cost of education for children in Malaysia and medical issues but they should keep at least 100,000 ringgit from the second year until when they reside in Malaysia under this plan.

At any age and from any country that you have applied for MM2H, after successfully receiving the MM2H, you will enjoy the following benefits:

1. A loan to buy commercial or residential property with interest at 5% per annum, the loan rate is approximately 70% of the property value.
2. A purchase discount of a car to 42% of the car value, this discount is in fact exemption of taxes and customs duties
3. Ten years of residence in Malaysia without limitation for the wife and children (when the children take residence, they should be less than 21 years old so that take 10 years of residence). If an applicant has parents over 60 years old they can take residence as companions. This residence may be extended after 10 years.
4. Health insurance in Malaysia with annual fee, annual tariff of health insurance is 100 to $ 300 per person according to the insurance type, damage ceiling and annual necessary facilities. So that it may be purchased after obtaining the agreement of the residence and before taking the residence by the applicant in Malaysia.
5. Possibility to register a company in different fields and setting up business in Malaysia; in this respect, applicants will receive expert advice from Kuala Lumpur office.
6. The possibility of part-time employment for applicants over 50 years old.
7. The fee for children to study at international schools and Malaysian universities is less than foreign normal students. On average at undergraduate level the fee of those having MM2H is 1 to 2 thousand US dollars less than those without MM2H.

The procedure to take MM2H:
1. Submitting documents and taking approval
2. Receiving conditional approval
3. Travelling to Malaysia
4. Opening a bank account in Malaysia and doing medical examination in Malaysia
5. The final approval and receiving a visa

More info here