Introduction to Malaysia My Second Home (MM2H) Programme and
Malaysia Premium Visa Investor Programme (PVIP)
Malaysia offers several long-term residency visa options for foreign nationals who wish to live in the country for an extended period. The prominent options are the Malaysia My Second Home (MM2H) Programme and Malaysia Premium Visa Investor Programme (PVIP). These programmes showcase Malaysia’s commitment to welcoming individuals from around the world and fostering economic growth and cultural diversity. However, these visas do not lead to permanent residence.
MM2H programme, launched in 2002 by the Ministry of Home Affairs, is a visa initiative aimed at promoting Malaysia as an attractive place to live for foreign resident. Successful applicants are granted a 5 years renewable multiple-entry visa, offering flexibility to enter and exit the country. Many applicants choose the MM2H programme due to the following considerations:
- Wish to settle down and retire in Malaysia;
- Use this visa to purchase property in Malaysia;
- Wish to enroll children to international school in Malaysia; or
- Wish to stay in Malaysia for a longer period of time to avoid having to apply for a temporary visa.
PVIP programme is a new long-term residency visa launched by the Government in September 2022 to enable investors, entrepreneurs, foreign talents to live and work or study in Malaysia for up to 20 years. This visa is issued through the 5+5+5+5 year method. People who are willing to pay more for PVIP over MM2H programme are mainly because of the following:
- Wish to study, work or do business in Malaysia;
- Wish to avoid the minimum annual stay requirement of 90-day;
- Failure to meet the minimum application age for MM2H; or
- Failure to meet the minimum liquid assets requirement of RM1.5 million.
- Entry Requirements
At the time of application of MM2H and PVIP, the applicants have to provide supporting documents showing a minimum offshore income equivalent to RM40,000 monthly or RM480,000 yearly. Additionally, the applicants are also required to prove that they have no misdemeanour or criminal record through a letter of good conduct.
There are additional requirements for MM2H applications whereby the applicants must be at least 35 years of age and have liquid assets of at least RM1.5 million at the time of application.
- Application Procedure
For MM2H applications, applicants have the option of using an approved MM2H agent or submitting their application directly. Nevertheless, most applicants will still work through an MM2H agent who is familiar with the rules and process.
Unlike MM2H, all PVIP applications are required to be made through an authorised agency appointed by the Immigration Department of Malaysia.
All applicants must have a Malaysian sponsor to support their applications. The appointed agent will usually act as the sponsor. The applications of MM2H and PVIP are to be submitted online along with all the required documents. The submission can be done while the applicant is in Malaysia or from overseas.
The official time frame for approval (or decline) is approximately 4 to 6 months after submission.
Once the submission is reviewed and approved, a letter of “Conditional Approval?will be issued. At this time, the applicant has 6 months to complete the remaining conditions (obtain medical insurance, complete the medical examination and open the fixed deposit account) and collect the visa.
- Post Approval Requirements
After obtaining the conditional approval, the successful applicant will have to visit the country to complete the remaining requirements as follows:
(1)
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Open a bank account in Malaysia and depositing RM1 million into a fixed deposit account;
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(2)
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Applicant can withdraw up to RM500,000 from the fixed deposit account after one year for approved expenses relating to house purchase, education for children in Malaysia and medical purposes. A minimum balance of 50% fixed deposit must be maintained from second year onwards and throughout the stay in Malaysia;
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(3)
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Pass a medical check-up and submit the medical report from any private hospital in Malaysia;
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(4)
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Applicant who is below 60 years old is required to possess a valid medical insurance policy; and
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(5)
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For MM2H applicant, an additional amount of RM50,000 must be placed into the fixed deposit for each dependant if the applicant is below 50 years old. Further, the applicant shall reside in Malaysia for at least 90 days (cumulatively) in a year.
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- Comparison between MM2H and PVIP
Below are the differences between MM2H and PVIP:
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DIFFERENCE
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MM2H
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PVIP
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Minimum age
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35 years old
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No age restriction
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Visa validity
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5 years renewable
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20 years renewable
(to endorse a new visa every 5 years)
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Minimum offshore monthly income
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RM40,000
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RM40,000
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Minimum fixed deposit
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RM1 million
(Additional RM50,000 per dependant if the applicant is below 50 years old)
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RM1 million
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Withdrawal limit after 1 year
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50% for approved expenses
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50% for approved expenses
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Liquid assets
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RM1.5 million
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N/A
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Dependant
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Spouse, children, parents, parents-in-laws and domestic helper
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Spouse, children, parents, parents-in-laws and domestic helper
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Age of children
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Not more than 34 years old
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Not more than 21 years old
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Permission to study, employment and conduct business
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No
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Yes
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Minimum annual stay in Malaysia
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90 days
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N/A
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Immigration Application Fee
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RM5,000 (Principal)
RM2,500 (Each Dependant)
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RM200,000 (Principal)
RM100,000 (Each Dependant)
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Visa fee
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RM500
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RM2,000
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Kaizen, together with its associate firms in Malaysia, can help the clients to perform these compliances formalities so as to maintain the Malaysia company in good standing. Please call and talk to our professionals in Kaizen for further clarification.
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