Residency | Malaysia
Overview
Malaysia is one of Asia’s most vibrant economies due to its continued industrial growth and political stability. After gaining independence, Malaysia joined the British Commonwealth. A member of the UN and APEC, it is also a founding member of ASEAN. Malaysia offers excellent beaches, breathtaking scenery, and dense rainforests.
Investment: Minimum investment of MYR 1 million (approximately USD 230,000)
Processing time: Three–six months
Key benefit: A 10-year multiple-entry visa enabling the applicant and their family to live in Malaysia
Benefits of Malaysian Residency by Investment:
—–Straightforward, efficient residence by investment programs
—–Ability to include a spouse, parents, parents-in-law, and children who are not married and under 21 years old
—–Option to purchase any number of residential properties, from MYR 300,000 (approximately USD 70,000) to MYR 1 million (approximately USD 230,000), which varies from state to state
—–Taxation only levied on income sourced in Malaysia, and an extensive network of double tax agreements in place
Procedures and time frame of Malaysian residence by investment
The Malaysia Immigration Department will issue a conditional approval letter to each approved applicant. The MM2H and PVIP visas do not allow their holders to work in Malaysia, and they do not lead to permanent residence.
After the MM2H or PVIP application for residence has been submitted to the Malaysian government and initial approval has been granted, the client can visit the country to complete the remaining requirements (namely, opening a bank account and fulfilling the medical requirements). Henley & Partners will assist with this process.
Thereafter, full approval will be granted and the applicant and their included family receive their long-term multiple-entry visas to Malaysia (10 years under the MM2H program and 20 years under the PVIP). The whole process takes three to six months.
Both the initial MM2H visa and the PVIP visa are valid for an initial period of five years and can be renewed thereafter.
Requirements of the Malaysia My Second Home Program
o acquire Malaysian residence under the Malaysia My Second Home (MM2H) Program and receive a 10-year, multiple-entry visa, foreign nationals must fulfill the below requirements.
Upon applying for the program, applicants must:
1. Be at least 35 years old.
2. Demonstrate the capability to support themselves financially in Malaysia without seeking employment or government assistance by submitting proof of offshore income worth a minimum MYR 40,000 (approximately USD 10,000) per month.
3. Submit proof of bankable assets worth a minimum MYR 1.5 million (approximately USD 350,000).
Upon approval of the application, successful applicants:
4. Must invest MYR 1 million (approximately USD 230,000) plus MYR 50,000 (approximately USD 12,000) per dependent spouse or child into a local fixed deposit account maintained throughout their stay under the program.
5. May withdraw up to MYR 500,000 (approximately USD 115,000) after the first year if they wish, for approved expenses relating to a house purchase, education for their children in Malaysia, or medical purposes.
6. Must spend 90 days per year in Malaysia (only applies to the main applicant and their spouse; children, parents, and parents-in-law are exempt from this requirement).