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New MM2H rules: reduced deposits and age limits for special economic zone applicants | Scoop
Participants in MM2H special economic zones are exempt from taxes on offshore income and funds brought into Malaysia, making these zones more appealing to foreign investors. – Scoop file pic, June 18, 2024
News

New MM2H rules: reduced deposits and age limits for special economic zone applicants

They must only be 21 years old, deposit US$65,000 in Malaysian bank, half of which can be withdrawn under certain conditions after approval

Scoop Reporters
Updated
10:00 AM MYT

 

KUALA LUMPUR – The newly released Malaysia MySecond Home (MM2H) rules for special economic zones (SEZ) in the country offer a lower minimum age for applicants and lower fixed deposit thresholds for applicants compared to regular MM2H participants.

In its regulations, the Tourism, Arts and Culture Ministry (Motac) said MM2H participants in SEZs or special financial zones must be at least 21 years old and have a fixed deposit of US$65,000 (RM306,350) in a local bank.

Participants aged 50 only need half of that – US$32,000 (RM150,800) – in fixed deposits.

Half of the principal amount of the fixed deposit can be withdrawn after receiving MM2H approval for the purpose of purchasing a property, education, health, or tourism activity in Malaysia, Motac’s regulations said.

The property, however, must be purchased directly from a developer rather than through realtors or from an existing homeowner, and it cannot be resold for the first 10 years. Subsequent properties must have a higher value than the first.

Purchasing a property is mandatory under the MM2H for SEZ/financial zones regulations, as failure to do so can result in a participant’s MM2H pass being revoked.

Participants must reside in Malaysia for at least 90 days, cumulatively, a year.

They may bring dependents, which include their parents and parents-in-law.

The validity period for the MM2H principal participant and dependents is 10 years. Thereafter, passes are renewable for a period of five years.

The principal participant pays a one-off fee of RM1,000 to sign on to the programme, while there is no fee for dependents. 

Dependents who are students can study locally at institutions recognised by the Malaysian government and can study using their MM2H pass or “be given a student pass automatically”, the regulations said.

Although the programme in SEZ/financial zones is aimed at drawing foreign investment, MM2H participants must still apply for investment or permits if they wish to carry out business.

They will receive tax exemptions on offshore income and any funds brought into Malaysia, such as fixed deposits.

The regulations were dated June 14 and were released by Motac recently, along with new rules for regular MM2H applicants, who are divided into three tiers with different fund thresholds.

The fixed deposit requirements under the Platinum (US$1 million or RM4.72 million), Gold (US$500,000) and Silver tiers are higher than the conditions for MM2H participants in SEZ/financial zones.

The minimum age for regular MM2H applicants is four years older, at 25.

Malaysia’s SEZs are currently the East Coast Economic Region and the Northern Corridor Economic Region, while the upcoming Johor-Singapore Special Economic Zone is being developed following the signing of a memorandum between Malaysia and Singapore in January.

Forest City in Johor has also been designated as a special financial zone.

Singapore and Malaysia this year introduced QR code clearance at the land border crossing with Johor. – June 18, 2024

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