Malaysia My Second Home (MM2H)

The Malaysian government established the “Malaysia My Second Home” programme (abbreviated “MM2H”) as an international residence programme to enable visitors to reside there for up to ten years. All citizens of countries [recognised by Malaysia] are eligible for the programme, regardless of their ethnicity, religion, gender, or age. Those applying must fulfil specific financial and medical requirements in order to be eligible for the programme. The successful candidates will receive incentives aimed at making their stay in Malaysia more easy, and they will be granted permissions to enter and exit the country without limitation.

The following are few benefits which come with the visa.

A visa for five years (renewable)

Successful candidates will be awarded a five-year visa, which is longer than those issued by the majority of other countries. You can renew it at the end of the 5 years. Once a new passport is received it is simple to apply for the remaining of the five-year visa.

It should be noted that this visa does not lead in citizenship or Permanent Residency (PR). In Malaysia, obtaining PR is a challenging and stretched procedure, and obtaining citizenship is almost impossible.

Tax Free Income

Malaysia does not currently impose tax overseas income so any cash transferred into the nation will be tax free. However, there are rules about reporting significant money transfers, so be careful to do so. Banks will assist with this, however individuals who arrive with huge quantities of cash have encountered difficulties.

Some people with MM2H visas are subject to pay taxes on their income in the nation where they are employed. If the tax payer can demonstrate that he has registered for Malaysian tax in a country with which Malaysia has a double taxation agreement, deductions would often be allowed to stop. Even if there is no tax due in this nation, this can be done.

Any assets may be handed on tax-free in Malaysia because there is no inheritance tax there.

Home Purchase

With a few limitations, participants are allowed to purchase a home in Malaysia. As property is regulated at the state level, it depends on which state you reside in. Typically, foreigners are only permitted to purchase properties costing more than RM1,000,000. Certain states have lower (and higher) cap levels. You may purchase a home in Malaysia without having an MM2H visa.

In Malaysia, you can apply for a bank loan with the intention of buying a home. Usually, the bank will require that you pay back the loan before you turn 65 or 70. State clearance is required for all real estate purchases, which can take up to six months to secure.