Top 10 FAQs On the Latest MM2H Program Answered!
As someone deeply interested in the Malaysia My Second Home (MM2H) program, I often scour the internet and speak with other expats to get the most up-to-date information. Recently, many have raised questions about the newly updated MM2H rules. Here, I’ve compiled and answered ten of the most frequently asked questions about the MM2H program to help you better understand this visa option.
1. Are New MM2H Applications Being Accepted Right Now?
Currently, you can’t submit a new application for the MM2H program. The process has been halted until further notice. Agents are still gathering essential information and documents, but they cannot submit applications until the government gives the official go-ahead. In fact, many agents are busy renewing their own licenses at the moment.
2. Do Existing MM2H Participants Need to Reapply?
Good news for current MM2H visa holders: you don’t need to reapply or adhere to the new set of rules. You’re required to follow the conditions and regulations that were in place when you first received your visa. This ensures continuity and stability for existing participants.
3. Why Is the Fee for the MM2H Agent So High?
One of the common gripes I’ve heard is about the steep agent fee for the MM2H program. This fee isn’t just for the agent’s services; it includes a plethora of costs such as immigration fees, medical examination and insurance, miscellaneous administrative fees, and application charges. These are all regulated by the government, hence the sizable total.
4. When Can I Access My Fixed Deposit to Buy a Property?
One of the benefits of the MM2H program is that you can withdraw your fixed deposit to buy a property one year after your visa has been approved. This gives you some financial leeway to make your move smoother.
5. How Much Are the Renewal Fees for the MM2H Visa?
If you’re worried about the renewal costs, fear not. The charges are pretty reasonable: RM1,500 for the Silver tier, RM3,000 for the Gold tier, and RM5,000 for the Platinum tier. This is markedly affordable compared to the initial application fees, easing the financial strain on those looking to extend their stay.
6. Are MM2H Participants Limited to New Properties Only?
The restriction to buy only new properties applies specifically to the Special Economic Zone (SEZ) category. For those on Silver, Gold, or Platinum visas, you can choose between new (primary market) and resale (secondary market) properties. This flexibility allows you to pick a property that best suits your preferences and budget.
7. Do I Need to Buy a New Property If I Already Own One That Meets the Value Requirement?
You don’t need to purchase a new property if your existing one meets the MM2H price requirement. For example, if you own a condo in Kuala Lumpur bought for RM1 million, you can pledge this existing property under your MM2H visa. However, you must hold onto this property for at least ten years from your visa approval date.
8. Can I Combine Multiple Properties to Meet the Price Requirement?
A frequent query I receive is whether you can combine the value of more than one property to meet the MM2H price requirement. Unfortunately, the answer is no. The rule specifies a single property whose value must meet the required minimum for the visa category you’re applying for. For instance, if you’re going for the Platinum visa, the property must be worth at least RM2 million.
9. Can Foreigners Buy Properties in Malaysia Without an MM2H Visa?
Yes, foreigners are welcome to purchase real estate in Malaysia even without an MM2H visa. There aren’t any limitations on the number of properties you can buy, as long as you meet the state’s criteria regarding property price and type. This open policy makes Malaysia an attractive destination for foreign property investment.
10. What Is the Special Economic Zone (SEZ) Category?
The SEZ category is a recent addition to the MM2H program, designed to offer more lenient requirements. This category is specific to regions like Johor’s Iskandar and Forest City and entails buying property directly from developers, with a minimum value of RM500,000. It allows applicants to start at age 21, and the required fixed deposits are lower: USD65,000 for those aged 21–49 and USD32,000 for those over 50. The MM2H application fee for SEZ is RM40,000 with a government fee of RM1,000. This program looks quite attractive, especially for those who want to be close to Singapore, making it a popular choice among professionals working in or around the area.
On the silver program are monthly retirement funds directly deposited to a Malaysia bank taxable?
Under the Silver tier of the Malaysia My Second Home (MM2H) program, foreign-sourced income, such as monthly retirement funds deposited into a Malaysian bank, is generally not taxable. However, it is always a good idea to consult with a tax professional or the Malaysian tax authorities for specific advice regarding your situation.