Malaysia My Second Home Program (MMH2H) promoted by the Malaysian government permits foreigners who satisfy the set criteria, to remain in Malaysia for as long as possible on a multiple-entry social visit pass.
Initially, the Social Visit Pass is for ten years and is renewable
This program is available to residents of all countries perceived by Malaysia regardless of race, religion, sex or age. Candidates are permitted to bring their spouses and unmarried children beneath the age of 21 as dependents.
Education
MM2H visa holders are permitted to bring their children who are under 21 years of age and not married, as their dependents under the programme.
Youngsters over the age of 17 who expect to proceed with their schooling in Malaysia, may apply for a student pass or get unique endorsement under this program.
Student passes can be obtained with the help of the schools.
Income Tax
MM2H visa holders are to abide by the Malaysian strategies and tax guidelines, they can appreciate added tax exemption benefits in Malaysia under the Double Taxation Avoidance Agreement (DTA). An annual assessment is charged on a territory basis rather than an overall scope basis.
Enrolment of Business
MM2H visa holders are permitted to enrol a business incorporated in Malaysia. Rules for incorporating an organization can be obtained from the Companies Commission of Malaysia.
Acquisition of Property
There are different laws and guidelines governing the acquisition of properties by outsiders in the above rules. Among them which are explicitly for MM2H visa holders are as follows:-
They can buy only one (1) property from the essential market (for example from engineers) within a specific region assigned by the State Authorities.
The reason for the acquisition should be for private use.
MM2H visa holders will acquire approval from the Immigration Department which they should submit along with the application and their identification, stamped with the ‘Malaysia My Second Home’ visa.
The endorsement for the purchase of the property can’t be transferred to someone else/party.
The endorsement of the different costs set by the State government must be adhered to.
- One of them is explicitly for MM2H visa holders: any acquisition of a private unit under the ‘Malaysia My Second Home’ Program to be excluded from requiring the approval of the Economic Planning Unit (EPU) yet it would, but it would still require approval to be obtained from the relevant State Authorities.
- A minimum threshold for the acquisition of private units, business units, industrial grounds and farming lands by foreign interests.
The minimum purchase price, explicit for MM2H holders, which is RM1 million for each unit.
