New MM2H Rules June 2024: Key Changes and Comparisons

The Malaysia My Second Home (MM2H) program has recently undergone significant changes for 2024, introducing new requirements and benefits aimed at attracting a different demographic of applicants. These changes reflect a shift in focus towards investors and younger applicants, moving away from the previous retiree-centric approach. Here’s a summary of the key changes and what they mean for potential applicants.

Key Summary of Changes

• Minimum Age Requirement: Lowered from 35 to 25 years.
• Income and Assets: No minimum income required, previously RM40,000 monthly offshore income and RM1.5 million in liquid assets.
• Fixed Deposit Structure:some text
  • Platinum: USD1 million, 20-year renewable visa.
  • Gold: USD500,000, 15-year renewable visa.
  • Silver: USD150,000, 5-year renewable visa.
• Property Purchase Requirement:some text
  • Platinum: >RM2 million property.
  • Gold: >RM1 million property.
  • Silver: >RM600,000 property.
  • Must hold the property for 10 years, with the ability to upgrade to higher-value homes.
• Visa Validity and Entry: Multiple-entry visa based on passport validity, simplifying extensions.
• No Permanent Residency: Platinum tier no longer offers PR.
• Participation Fee: One-time fee of RM1,000 for Silver, RM3,000 for Gold, and RM200,000 for Platinum. No charge for dependents.
• Dependents: Includes partner and children under 21 (up to 34 if unmarried and not working), no age limit for disabled children.
• Spousal Provisions: Dependent spouses can assume the principal visa upon the applicant's death.
• Work Permission: Platinum visa holders can work without special permission.
• Deposit Withdrawal: Up to 50% of the fixed deposit can be withdrawn after one year for property purchase, healthcare, and tourism.

Conclusion

The new MM2H rules are designed to attract investors rather than retirees, with higher financial thresholds and mandatory property investments. These changes may deter older applicants who previously formed the majority of MM2H participants. The focus on substantial fixed deposits and long-term property commitments reflects a strategic move to boost the Malaysian economy through significant foreign investments. However, the stringent requirements may pose challenges for those uncertain about long-term commitments due to health or financial unpredictability.

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