The Malaysia My Second Home Programme (MM2H) promoted by the Malaysian government allows foreigners who fulfil the set criteria, to stay in Malaysia for as long as possible on a multiple-entry social visit pass.
The Social Visit Pass is initially for ten years and is renewable.
This programme is open to citizens of all countries recognized by Malaysia regardless of race, religion, gender or age. Applicants are allowed to bring their spouses and unmarried children below the age of 21 as dependents.
Below are the statistics on the top 10 participating countries between the years 2012 to 2018 for MM2H, China is ranked in 1st place, followed by Japan in 2nd place and Bangladesh in 3rd place.
Education
MM2H visa holders are allowed to bring their children who are under 21 years old and not married, as their dependents under the programme.
Children above the age of 17 who intend to continue their schooling in Malaysia may apply for a student pass or obtain special approval under this programme.
Student passes can be obtained with the assistance of the respective schools.
Income Tax
MM2H visa holders are to abide by the Malaysian policies and tax regulations, however, they can enjoy added tax exemption benefits in Malaysia under the Double Taxation Avoidance Agreement (DTA). Income tax is charged on a territory basis instead of a worldwide scope basis.
Registration of Business
MM2H visa holders are allowed to register a business incorporated in Malaysia. Guidelines for incorporating a company can be obtained from the Companies Commission of Malaysia.
Acquisition of Property
(For Selangor Darul Ehsan, from the Guidelines of the Department of Land and Mines, effective 1st September 2014)
There are various laws and regulations governing the acquisition of properties by foreigners in the above guidelines. Among them which are specifically for MM2H visa holders are as follows:-
- They can purchase only one (1) property from the primary market (i.e. from developers) within a particular area designated by the State Authorities.
- The purpose of the acquisition should be for residential use.
- MM2H visa holders will obtain an approval from the Immigration Department which they must submit along with the application and their passport, stamped with the ‘Malaysia My Second Home’ visa.
- The approval for the purchase of the property cannot be transferred to another person/party.
- The threshold of the various prices set by the State government must be adhered to.
(For Kuala Lumpur, from the Guidelines on the Acquisition of Properties from the Economic Planning Unit of the Prime Minister’s Department, effective 1st March 2014)
- One of them is specifically for MM2H visa holders: any acquisition of a residential unit under the ‘Malaysia My Second Home’ Programme to be exempted from requiring the approval of the Economic Planning Unit (EPU) but it would still require approval to be obtained from the relevant State Authorities.
- A minimum threshold for the acquisition of residential units, commercial units, industrial lands and agricultural lands by foreign interests.
- The minimum purchase price, specific for MM2H holders, which is RM1 million per unit.
If you want to know more about Malaysia My Second Home programme, have a look here.
SOURCE: StarProperty.my / Malaysia My Second Home Official Website
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