M A L A Y S I A

Residence-by-Investment Malaysia

officially suspended in July 2020

 

 

 

Malaysia Suspends MM2H Golden Visa Program

October  2018 
 

The Malaysian government has temporarily frozen the extremely popular Malaysia My Second Home (MM2H) residence by investment program, according to a statement from the Southeast Asian country’s Ministry of Tourism and Culture.

Deputy Minister of Tourism, Mr. Ebadi, confirmed Malaysia’s cabinet had temporarily suspended the program, but did not provide any details as to the suspension’s duration or motive, Singapore’s 联合早报 reports.

The MM2H is one of the world’s most popular golden visas, rivaling those of the US and Greece. Since the opening in 2002, a reported 39,973 individuals (presumably including dependents) have received residence permits in Malaysia through the MM2H, about a third of whom are Chinese nationals.

Note: Investment Migration Insider has not been able to find any other source for this story, nor has any announcement appeared on the program’s official website, and as such we are not able to verify the information.

The MM2H Program requires applicants to meet certain criteria and in exchange, applicants and their dependents are granted a 10-year multiple-entry visa. This is effectively a residence permit, enabling the successful applicant and their family to live in Malaysia.

 

Requirements upon Application

 

Applicants are required to demonstrate the capability to support themselves financially in Malaysia without seeking employment or government assistance. The financial requirements are as follows:

For applicants below 50 years old

  • Proof of bankable assets of at least MYR 500,000 (USD 135,000)

  • Proof of income of at least MYR 10,000 (USD 3,000) per month


For applicants 50 years old and above

  • Proof of bankable assets of at least MYR 350,000 (USD 95,000)

  • Proof of income of at least MYR 10,000 (USD 3,000) per monthit does not lead to permanent residence.

Requirements upon Approval

 

Once an applicant receives a conditional approval letter, they must meet the following requirements:

For applicants below 50 years old

  • A bank account must be opened with a deposit of at least MYR 300,000 (USD 80,000)

  • After a period of one year, up to MYR 150,000 (USD 40,000) may be withdrawn for approved expenses relating to a house purchase, the education of children in Malaysia or medical purposes

  • A minimum balance of MYR 150,000 (USD 40,000) must be maintained from the second year onwards and throughout the stay in Malaysia under the program


For applicants 50 years old and above

  • A bank account must be opened with a deposit of at least MYR 150,000 (USD 40,000)

  • After a period of one year, up to MYR 50,000 (USD 13,000) may be withdrawn for approved expenses relating to a house purchase, the education of children in Malaysia or medical purposes

  • A minimum balance of MYR 100,000 (USD 27,000) must be maintained from the second year onwards and throughout the stay in Malaysia under the program

  • With proof of receipt of a pension of at least MYR 10,000 (USD 3,000) per month, the participant may be exempt from making a fixed deposit

 

Procedure and Time Frame 

The Ministry of Tourism and Culture is responsible for the processing of all applicants. The Immigration Unit will issue a conditional approval letter to each approved applicant.

Upon receiving the conditional approval letter, the applicant needs to travel to Malaysia and fulfil the remaining requirements:

  • Open a bank account in Malaysia and transfer the fixed deposit

  • Purchase medical insurance from any insurance company in Malaysia

  • Obtain a medical report from any private hospital or registered clinic in Malaysia


After submission of the fixed deposit certificate, the medical insurance policy and the medical report, the applicant may collect their MM2H visa. 

It is important to note that the visa does not allow the holder to work in Malaysia and it does not lead to permanent residence.

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