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Malaysia has eased the requirements for its residency visa programme in an effort to attract wealthy foreigners. After months of scrutiny following the much-criticized October 2021 terms, the Malaysian government has rolled out a revamped version of its Malaysia My Second Home (MM2H) program. The new requirements aim to address concerns and make the program more appealing to a broader audience.
Tourism Minister Tiong King Sing officially announced changes in December, expressing optimism about the program's ability to attract a more diverse pool of applicants. The program will undergo a one-year trial period, during which adjustments may be made to further enhance its effectiveness and relevance.
Three-Tiered Structure: Silver, Gold, and Platinum
The most significant change is the introduction of a three-tiered system—Silver, Gold, and Platinum. These tiers differ primarily in fixed deposit requirements and visa durations, providing applicants with more tailored options.
Previously, the program mandated a MYR 1 million deposit ($214,000) for all applicants, allowing a 50% withdrawal for real estate purchases or specified expenses within Malaysia. The revised rules retain the withdrawal option, with minimum real estate purchase prices set at MYR 750,000 for Silver and Gold participants and MYR 1.5 million for Platinum participants.
Permanent Residency Opportunity for High Deposits
Malaysia has also introduced the opportunity for applicants to get permanent residency status if they are willing to deposit MYR 5 million (approximately $1.1 million).
Unified Requirements Across Tiers
Several changes now apply uniformly across all three categories:
Minimum Age: Reduced to 30 years old from the previous 35.
Dependents: Parents and in-laws over 60 years old can now be included.
Children's Age Limit: Raised from 21 to 34, given they are unmarried and not working in Malaysia.
Physical Presence: Modified to 60 days annually for t he main applicant and spouse (if the main applicant is aged 50+).
Income Requirement: The MYR 40,000 offshore income requirement, a previous point of contention, has been removed.4
Malaysia has relaxed the criteria for its residency visa initiative with the aim of enticing affluent foreigners. Following extensive scrutiny in the wake of the heavily criticized terms introduced in October 2021, the Malaysian government has introduced a revised edition of its Malaysia My Second Home (MM2H) program. The updated requirements seek to alleviate concerns and enhance the program's attractiveness to a wider range of applicants.
