MM2H, Malaysia My Second Home
Living in Malaysia for 10 Years Or Longer
The MM2H program grants participants a 10-year renewable visa that allows all holders to reside in Malaysia. With this multiple-entry visa, you can freely enter and exit the country during the entire duration of your stay. Whether you're considering retirement or extended periods in Malaysia, MM2H provides a stable and welcoming environment, with tons of life-changing extras.
Property Ownership and Bank Loans
One of the major advantages of MM2H is the ability to purchase a property in Malaysia. Participants can apply for bank loans to facilitate property acquisition. And the loans are sweetened for MM2H-holders. While the minimum property price varies by state, foreigners can buy freehold land in Malaysia, so your home is for life. That said, prior state approval is necessary, which typically takes up to six months, but it opens the door to limitless property ownership as well as investment options. By the way, very few countries allow freehold ownership by foreigners. This is an awesome advantage.
Car Import or Purchase
Under MM2H, you have two options regarding cars. First, you can import one car from your country of residence, provided it already belongs to you. This import is subject to an approved permit (AP) and is exempt from import duty, excise duty, and sales tax. Alternatively, you can purchase a locally made car in Malaysia without having to fork over any taxes. This flexibility ensures convenient mobility during your stay. Another generous perk.
Part-Time Work Opportunities
MM2H visa holders aged 50 years and above can work part-time for up to 20 hours per week. If you possess specialized skills in approved sectors, you can explore employment opportunities. Additionally, MM2H participants can invest in businesses in Malaysia, adhering to standard foreign investor regulations. Bottom line. if you want to sideline a little to top-up your passive income, go right ahead.
Renewal and Simplified Process
When your 10-year visa nears expiration, you can apply for renewal. The renewal process is significantly easier than the initial application. You can initiate the renewal a few months before your existing MM2H visa expires, ensuring a seamless transition. No fuss, no muss.
Taxation and Inheritance
Overseas income is taxable in Malaysia, but individuals receive a five-year waiver for all funds remitted from overseas starting in 2022. Now, any income earned within Malaysia is subject to taxation. Incidentally, there is no inheritance tax in the country. Keep in mind though, that if you decide to sell your property within five years of acquisition, a 30% real property gains tax applies.
Climate, People, Food, Nature
As if MM2H isn't wonderful enough, Malaysia also offers lovely weather, delicious cuisine, the kindest people you'll likely to ever meet and a host of environments that are all just begging to be explored. From humming jungles, to brightly-coloured reef systems, and from deserted white sandy beaches to old-school Malay kampongs of yore that seem to take you back 50 years. Malaysia = Never a dull moment.
Clearly, Malaysia has gone all out when it comes to MM2H, its Golden Visa. The program offers a wealth of benefits, from long-term residency to property ownership, work flexibility, and simplified renewal procedures. For Europeans seeking a vibrant and culturally rich second home, Malaysia bids all MM2H-participants Selamat datang :)
With MM2H, every day feels like a holiday...
