Latest MM2H Updates: 34 Applications for MM2H Programme Approved as of October 2024
The Malaysia My Second Home (MM2H) programme is a long-term visa initiative that allows foreigners to stay in Malaysia for extended periods. Launched as a strategy to attract skilled expatriates, retirees, and foreign investors, the program provides an opportunity for applicants to live and explore Malaysia under various categories. As of October 14th, 2024, there have been key updates and changes in the program that are shaping its future.
Current Status of MM2H Applications
Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing recently announced that a total of 34 out of 249 MM2H applications have been approved. The approved applications consist of 11 principal applicants and 23 dependents, indicating a clear and structured approach in the evaluation process.
Motac’s Role as the One-Stop Center
The Ministry of Tourism, Arts and Culture (Motac) has been tasked with handling the MM2H applications, making it a one-stop center for receiving and processing all requests. Applications are then forwarded to other relevant agencies for security screening, ensuring that the program adheres to national regulations and safety protocols. Once these security checks are completed, the application documents are sent to the Immigration Department for final approval.
A Focus on Security and Efficiency
Minister Tiong emphasized that while the government is committed to enhancing the MM2H programme, there will be no compromises on national security aspects. In addition to requiring a good conduct certificate, each applicant is subjected to a security screening by the police. The screening process is thorough and aims to minimize any potential risks associated with long-term residency.
In a move to improve the application timeline, Motac is working towards expediting the process, aiming for a 30-day turnaround for each application. This step indicates the government’s desire to attract more foreign nationals while balancing efficiency with stringent security measures.
MM2H’s New Categories and Requirements
In June 2024, Minister Tiong unveiled updated guidelines for the MM2H programme, introducing three distinct categories for applicants: Silver, Gold, and Platinum. These categories cater to different financial capacities and have varying requirements, allowing a broader range of individuals to apply. Furthermore, there is a special category tailored for Special Economic Zones (SEZ) and Special Financial Zones (SFZ).
1. Silver Category
The Silver category is aimed at attracting younger expatriates or those with moderate financial resources. The requirements include:
- Minimum fixed deposit: USD 150,000.
- Property purchase: A property in Malaysia valued at a minimum of RM600,000.
- Minimum age: 25 years.
- Minimum stay: Applicants must stay in Malaysia for at least 90 cumulative days per year.
This category offers a relatively accessible route for those interested in starting a new chapter in Malaysia.
2. Gold Category
The Gold category targets individuals with higher financial capacities. It requires:
- Minimum fixed deposit: USD 500,000.
- Property purchase: A property valued at a minimum of RM1 million.
- Minimum age: 25 years.
- Minimum stay: A requirement of 90 cumulative days per year in Malaysia.
The Gold category is a middle-tier option designed to attract those who are financially stable and have a vested interest in residing in Malaysia.
3. Platinum Category
The Platinum category is the most exclusive, catering to high-net-worth individuals. The requirements include:
- Minimum fixed deposit: USD 1 million.
- Property purchase: A property in Malaysia valued at a minimum of RM2 million.
- Minimum age: 25 years.
- Minimum stay: Applicants must remain in Malaysia for at least 90 cumulative days per year.
This category aims to draw affluent expatriates who are interested in significant investments in Malaysia.
Who Can Apply for MM2H?
The MM2H programme is open to nationals from countries that have diplomatic relations with Malaysia. Applicants must meet the minimum age requirement of 25 years and comply with the financial and residential criteria set by their chosen category. The updated guidelines have introduced a clear framework that helps to better align the program with the government’s objectives of attracting long-term residents who can contribute positively to the country’s economy and community.
The Special Categories: SEZ and SFZ
In addition to the Silver, Gold, and Platinum categories, there are special categories for those wishing to settle in Special Economic Zones (SEZ) and Special Financial Zones (SFZ). These zones are designed to boost economic development by offering unique opportunities and benefits for foreign investors and expatriates. Details regarding these special categories, including specific incentives and requirements, are expected to be released in the coming months.
Key Considerations for MM2H Applicants
- Property Purchase Requirement
One of the key updates in the latest MM2H guidelines is the requirement for applicants to purchase a property in Malaysia. Depending on the chosen visa category, the property must be valued between RM600,000 and RM2 million. This move is expected to stimulate the real estate market and ensure that long-term residents have a tangible investment in the country. - Security Measures and Good Conduct Certificate
The need for a good conduct certificate highlights the government’s commitment to ensuring that only individuals with clean records are granted long-term residency. This certificate must be obtained from the applicant’s home country and forms an essential part of the application process. - Minimum Stay Requirement
All categories require applicants to stay in Malaysia for a minimum of 90 cumulative days each year. This requirement is aimed at fostering a genuine connection between residents and the country, rather than encouraging short-term or passive residency.
What’s Next for the MM2H Programme?
The Malaysian government’s introduction of new categories and updated guidelines for the MM2H programme shows a clear commitment to improving the program while prioritizing national security and economic growth. By creating a tiered structure, the government aims to attract a more diverse range of applicants, from young expatriates to high-net-worth individuals, who can contribute to the country in various ways.
Moreover, Motac’s efforts to streamline the application process and reduce processing times reflect a strategic move to enhance Malaysia’s appeal as a second home for foreigners. This development aligns with broader efforts to position Malaysia as a leading destination for expatriates, retirees, and investors seeking long-term residency options in Southeast Asia.
Conclusion
The Malaysia My Second Home (MM2H) programme continues to be an attractive option for foreigners looking to live in a vibrant and diverse country. The latest updates, including the introduction of the Silver, Gold, and Platinum categories, are designed to accommodate various financial backgrounds while ensuring a commitment to national security and economic growth. With new property purchase requirements and a focus on transparency and efficiency in the application process, Malaysia is strengthening its position as a premier destination for long-term residency.
Whether you are a retiree looking to enjoy a peaceful life in Malaysia, a professional seeking new opportunities, or an investor aiming to tap into the country’s growing markets, the MM2H programme offers an exciting pathway to make Malaysia your second home.
