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Benefits Of Malaysia My Second Home (MM2H)

Unlike similar programmes offered by other countries, the Malaysian government did not associate the visa with several exclusive rights and benefits.

The duration of the visa and the various natural attractions in Malaysia serve as the program’s key attractions.

In this post, you may learn more about the opinions of resident ex-pats on living in Malaysia. Some of the advantages of the visa include the following.

A visa for five years (renewable)

Successful applicants will receive a five-year visa, which is longer than those issued by the majority of other countries. At the end of the five years, you can renew it.

The initial visa is issued for the period the main candidate’s passport is valid. In fact, it typically expires just before the passport. The remaining five years of the five-year visa can easily be applied for once a new passport has been obtained.

It should be noted that this visa does not result in citizenship or Permanent Residency (PR). In Malaysia, obtaining PR is a challenging and drawn-out procedure, and obtaining citizenship is practically impossible.

Tax – Free Income

Money transferred into Malaysia will be tax-free because Malaysia does not currently impose tax overseas. However, there are rules regarding reporting significant money transfers, so be sure to do so. Banks will assist with this, however, individuals who arrive with huge sums of cash have encountered some challenges.

Some people with Malaysia My Second Home (MM2H) Programme visas are subject to source taxes on their income in the country where they are employed. If the taxpayer can demonstrate that he has registered for Malaysian tax in a country with which Malaysia has a double taxation agreement, deductions would typically be allowed to stop. This can be done even if there is no tax owed in this country. Any assets can be handed on tax-free in Malaysia because there is no inheritance tax there.

House Purchase

Despite a few limitations, participants are allowed to purchase a home in Malaysia. It depends on the state you live in because real estate is governed at the state level. Typically, only homes worth more than RM 1,000,000 may be purchased by foreigners. Certain states have different cap levels, both lower and higher. You can purchase a home in Malaysia without having an MM2H visa.

You can apply for a bank loan in Malaysia with the purpose of purchasing a home. The bank will typically demand that you repay the loan before you turn 65 or 70. State clearance is required for all real estate purchases, and obtaining it might take up to six months.

If you sell within five years, there is a capital gain tax of 30% on any earnings, and there is a 5% tax after that.

Duty-Free Car

This benefit was once provided but is now no longer available. Because they are less expensive than cars that are imported fully built up, it is preferable to purchase a new or used car that is locally made.

Please get in touch with us if you have any additional inquiries regarding MM2H or if you want us to represent you.

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