Revamped MM2H Programme A Three-Tier System Explained
Navigating the maze to make Malaysia your second home can feel overwhelming, like you’re sifting through an endless sea of information just to find that one solution that clicks. However, when I came across the revamped MM2H programme and its innovative three-tier system – Silver, Gold, and Platinum are the three tiers introduced in the 2023 update of the MM2H program. – it was a game-changer.
So, let me simplify things for you. Ready? Let’s dive in!
Key Takeaways
- The MM2H program now has a three-tier system designed to be more inclusive and appealing to a wider range of potential applicants, a goal Datuk Seri Tiong King Sing has for the MM2H program. Three-tier system: Silver, Gold, and Platinum. Each tier comes with its own money in the bank requirements – RM500,000 for Silver, RM2 million for Gold, and RM5 million for Platinum.
- People as young as 30 can apply now. Before, you had to be older. Also, more family members can join – not just kids up to 21 but also those between 21 and 34 years old, plus parents or parents-in-law.
- You have to stay in Malaysia at least 60 days every year no matter which tier you choose, fulfilling the minimum stay requirement of the MM2H application. This helps people get to know Malaysia better while they live there.
- Putting money in a Malaysian bank is key for all the tiers. This helps Malaysia’s economy by supporting local businesses and tourism.
- These changes aim to get more people from different places and backgrounds interested in making Malaysia their second home. It hopes to bring more money into the country too.
Understanding the Revamped MM2H Programme A Three-Tier System
The revamped MM2H Programme now operates on a three-tier system, offering different benefits and requirements for each tier. This system includes the Silver Tier, Gold Tier, and Platinum Tier, providing options tailored to diverse needs and preferences.
Silver Tier
Silver Tier in the MM2H program is all about making a sweet start. You need to put RM500,000 in a fixed bank account. That’s like putting your money in a safe that Malaysia keeps an eye on.
And here’s the deal—you must stay in Malaysia for at least 60 days every year. It shows you’re really giving living there a good try.
Living in Malaysia starts with embracing its culture and beauty for 60 days yearly.
This level is great because it opens doors without asking too much from you. Think of it as a friendly handshake from Malaysia, inviting you to see what makes this place special while keeping your commitment manageable.
Gold Tier
The Gold Tier in the MM2H program asks you to put RM2 million in a bank account that pays you interest. You also need to be at least 30 years old to join this group. It’s great because your family can come too.
This means your kids who are between 21 and 34, and even your parents or your spouse’s parents, can live with you in Malaysia. Plus, there’s a rule that says everyone needs to stay in Malaysia for at least 60 days every year.
This part of the program is cool if you have enough money saved up and want to enjoy life here with more of your family members. The idea of having a place where both younger adults and older ones can feel welcome makes it special.
By putting money into Malaysia’s economy through this deposit, people help support local businesses too — from shops to restaurants, making it good not just for participants but also for Malaysia’s tourism sector and its growth after COVID-19 hit hard.
Platinum Tier
For folks wanting the best, Platinum Tier in the revamped MM2H program is it. You need to put RM5 million in a fixed deposit account. This shows you’re serious about staying in Malaysia.
Now, they’ve made it so you only have to be 30 years old to join this tier. Plus, you must stay at least 60 days each year in Malaysia.
Also, you should make at least RM40,000 every month from sources outside of Malaysia. This means if you’re earning good money and can save a lot, this option could work well for you.
It’s clear this tier is for those who want more from their second home experience and are ready to meet the higher requirements.
Key Changes in the MM2H Programme
The revamped MM2H programme introduces significant changes to make it more accessible and attractive. Here are the key changes:
- Lowering the Age Requirement: The minimum age for applicants has been reduced to 30 years, making it easier for younger individuals to qualify.
- Expanded Eligible Dependents: Eligible dependents now include children between 21 and 34 years old, parents, and parents-in-law, broadening the scope of family members who can participate in the programme.
- Three-Tier Fixed Deposit Requirements: The introduction of a three-tier system with specific fixed deposit (FD) requirements – Platinum tier (RM5mil), Gold tier (RM2mil), and Silver tier (RM500,000) gives flexibility based on financial capacity.
- Minimum Stay Requirement: Participants must fulfill a minimum stay requirement of residing in Malaysia for a cumulative total of 60 days annually, irrespective of the chosen tier.
Overall, these changes aim to make the MM2H programme more inclusive and appealing to a wider range of potential applicants.
Potential Impact of the Revamped MM2H Programme
The revamped MM2H program expects to pull in a more extensive scope of candidates and set Malaysia as an engaging second home destination. With the lower minimum age requirement of 30 years, more individuals could meet the criteria, boosting the number of potential applicants.
The three-tier system’s fixed deposit requirements will encourage participants to invest substantial amounts into Malaysia’s economy, thereby contributing positively to its growth.
Furthermore, this multi-tiered structure is anticipated to attract diverse groups According to their financial capacity and motivations for relocating or investing in Malaysia, an approach refined by the MM2H program’s introduction of three tiers. This customization may foster greater interest and participation from varied nationalities and socio-economic backgrounds.
Additionally, it is expected that the higher investment thresholds stipulated for each tier would result in increased economic contributions from successful candidates who choose to make Malaysia their new home.
This approach seeks not only to enhance the volume but also diversify the pool of investors and residents coming into Malaysia under this program. By doing so, it aims at providing a significant boost both economically and socially within Malay society, aligning with the goals of the Malaysia My Second Home (MM2H) program.
Conclusion
In a nutshell, the revamped MM2H programme introduces a three-tier system – Silver, Gold, and Platinum. The changes aim to simplify application procedures and attract more applicants by lowering the minimum age requirement and including a wider range of dependents.
These revisions align with upcoming diplomatic relations between Malaysia and China in 2024. This transformative approach is set to reshape the landscape of MM2H, offering an engaging quest for potential participants.
Hello, these updates are welcome, however it still looks confusing as to how, if at all, the money can be used outside of buying a property in year two for example?
Also, more importantly, what happens to the funds when or if you exit the programme due to your personal circumstances change?
thanks.
Hello! I understand the concerns about the flexibility and the fate of the funds deposited under the MM2H program. Typically, the deposited funds are primarily intended to show financial capability and are somewhat restricted in their usage, especially in the first year. After the first year, a portion of the funds can often be withdrawn for approved expenses like buying property, education for children, or medical purposes, depending on specific program guidelines.
If you decide to exit the MM2H program, the fixed deposit can usually be fully withdrawn. However, it’s important to comply with the formal procedures for cancellation of your MM2H visa to ensure the smooth release of your funds. The specific conditions can vary, so I highly recommend consulting directly with a registered MM2H agent or the relevant government authority to get precise information tailored to your situation. If you need further clarification or assistance with finding a reliable contact, feel free to ask!
Do you think the thresholds regarding income will be changing any time soon or are they stable for some years?
The latest guidelines for the Malaysia My Second Home (MM2H) program (June 2024) no longer require applicants to show offshore income for any category (Silver, Gold and Platinum). For Sarawak MM2H, individuals with pension funds or offshore income must demonstrate a monthly income of RM7,000 or RM10,000 for couple. For Sabah MM2H, monthly income of RM10,000 for individuals or RM15,000 for families over the last 3 months.
Hello,
All that information doesn’t actually explain the new rules regarding property purchase in the different states.
Has this changed or does each state still have a minimum investment requirement.
Look forward to your reply.
In the updated MM2H program (June 2024):
Federal MM2H:
Platinum Category: After approval, participants are required to purchase residential property. The minimum property value is RM2 million, and the property cannot be sold for 10 years, although upgrades to a more valuable property are allowed.
Gold Category: Similar to the Platinum, participants must buy a residential property valued at least RM1 million and cannot sell it for 10 years.
Silver Category in the MM2H program, participants are required to purchase residential property after approval. The minimum value for the property is RM600,000. The purchased property cannot be resold for a period of 10 years, though participants are allowed to upgrade to a higher-valued home during that period.
For Sarawak MM2H: Applicants aged 30-49 in the Sarawak MM2H program, there is a requirement to own residential property in Sarawak. At a minimum price of RM600,000.00 per unit for Kuching and RM500,000.00 per unit for other divisions; (OR Applicants have children (under 21 years old) who are continuing their studies in Sarawak (for those who already have a student pass only); OR Undergoing long-term medical treatment in Sarawak and certified by a Private/Government Physician registered with the Malaysian Medical Council). For 50 aged above not required to own residential property but an approved participant is allowed to purchase a residential house in Sarawak.
For Sabah MM2H: Applicants below 50 years of age must purchase high rise property with minimum RM600,000 purchase price. And applicants above 50 years of age is exempted from this condition.
Also is the 60 days minimum each person or overall
The updated MM2H program (June 2024) does not specify a 60-day minimum stay requirement. Instead, participants are expected to reside in Malaysia for at least 90 days cumulatively within a year to both the principal applicant and their dependents, regardless of age category. This requirement ensures participants spend a reasonable amount of time in Malaysia annually, contributing to local economic and social integration.
There is still some uncertainty as to whether one still need to show a monthly income? There is no mention by the Tourism Minister in regards to this.
The latest guidelines for the Malaysia My Second Home (MM2H) program (June 2024) no longer require applicants to show offshore income for any category (Silver, Gold and Platinum). For Sarawak MM2H, individuals with pension funds or offshore income must demonstrate a monthly income of RM7,000 or RM10,000 for couple. For Sabah MM2H, monthly income of RM10,000 for individuals or RM15,000 for families over the last 3 months.
Hello
I have two questions:
1. The Silver tier has a fixed deposit requirement of RM500,000 – right, understood. Do you know if this fixed deposit is reduced if one is over 50 years of age?
2. The fixed deposit is only for the Main Applicant – is this correct? I am am interetsed in the MM2H, I have a wife and one son. They would be on my application but only ONE fixed deposit would be required – please confrim?
Thank you.
Hello! To answer your questions:
1. The fixed deposit requirement for the Silver tier is set at USD 150,000 (approximately RM500,000). As of the latest guidelines, there is no reduction in the fixed deposit amount based on age. All applicants, regardless of age, must meet the same deposit amount.
2. Yes, you are correct! The fixed deposit requirement is only for the main applicant. Your wife and son can be included in your application without needing additional fixed deposits. Just one deposit will suffice for the entire family.
Feel free to ask if you have more questions!
Hello,
If/when the MM2H visa is approved, how soon should you purchase the required property.
Apart from a minimum value, are there any other constraints on buying a property?
Hello!
Once your MM2H visa is approved, it’s a good idea to start searching for the required property soon after, as fulfilling this requirement can strengthen your residency intentions. However, the program doesn’t typically mandate an immediate purchase within a specific timeframe, so it’s crucial to plan according to when is best for you.
Besides the minimum value, properties you purchase must adhere to state-specific regulations and guidelines. This can include restrictions on the type of property foreigners can buy, such as minimum price thresholds which vary by state, and the prohibition on purchasing certain types of properties like low-cost housing. It’s best to consult with a local real estate agent or legal advisor to ensure compliance with all local regulations.
Feel free to reach out with any further questions!