New Framework for Second Home Announced | 3 Groups, New Fees, Fines for Failure to Provide Corresponding Services
New Framework for Second Home Announced | 3 Groups, New Fees, Fines for Failure to Provide Corresponding Services
(Kuala Lumpur, 14th) The Ministry of Tourism, Arts and Culture has launched a new framework for the Malaysia My Second Home (MM2H) program. After attending the "Tourism Malaysia Overseas Officials Meet Ministers" today, Minister of Tourism, Arts and Culture Dato' Seri Tiong Keng Sing said at a press conference that the cabinet has set new fees for the three groups under the new framework.
"This time, we want MM2H agents to be responsible for their services, instead of charging arbitrarily. If you do not provide the corresponding services, we will fine you.
" He pointed out that once the department finds that an agent has charged excessive fees, he will be fined. At that time, he must return the excess fees to the applicant and his agent license will be revoked.
Agents will be displayed on the official website after registration
Tiong Keng Sing also said that under the new framework, agents will be displayed on the MM2H official website after registering with the Ministry of Tourism for people to check.
He mentioned that under the new framework, MM2H agents and overseas partners must register with the department, and agents must have at least one office.
"If the license holder wants to work with any overseas company, they must ensure that all companies are registered with us so that we can know who they are when they violate the rules."
"Platinum", "Gold" and "Silver" three categories
The Ministry of Tourism, Arts and Culture issued a statement stating that the government hopes to attract high-income groups and elites to apply through the MM2H program in order to achieve the goal of stimulating national economic growth and increasing national income, and hereby promulgated new application conditions for MM2H.
The application for the MM2H program will be divided into three categories: "Platinum", "Gold" and "Silver", making the program's open application more flexible and providing convenience for interested potential applicants. The basic requirements for applicants in the three groups are as follows:
a) Applicants must be from countries that have established diplomatic relations with Malaysia;
b) Aged 25 years or above;
c) All applications, whether for the first application or renewal of the original permit, must be submitted to the MM2H One-Stop Center for processing;
d) Applicants must reside in Malaysia for at least 90 days in a year (cumulative);
e) Dependents (children) of MM2H program participants can study at Malaysian institutions of higher education (IPT) certified by the Malaysian government;
f) Long-term treatment is allowed in Malaysia;
g) Funds brought in such as fixed deposits are tax exempt;
h) If a MM2H program participant dies during the period, the deceased's MM2H permit is allowed to be transferred to the participant's designated next of kin.
In addition, the individual requirements for the three groups are:
a) Fixed deposit amount
[Platinum] US$1 million
[Gold] US$500,000
[Silver] US$150,000
All successful applicants can withdraw up to 50% of the fixed deposit amount later to purchase real estate, study, medical treatment and domestic travel in Malaysia.
b) Participation Fee
[Platinum] RM200,000
[Gold] RM3,000
[Silver] RM1,000
The participation fee is a one-time fee paid by the successful applicant to officially join the MM2H program, and the applicant's family members do not need to pay.
c) Property Acquisition Conditions
The MM2H program requires participants to purchase and own a house in Malaysia. The value of the property is as follows:
[Platinum] The value of the property purchased is at least RM2 million or more
[Gold] The value of the property purchased is at least RM1 million or more
[Silver] The value of the property purchased is at least RM600,000 or more
All participants are not allowed to sell the properties they have purchased within 10 years, but the relevant properties are allowed to be resold for upgrading (purchasing new properties with higher value). Those who do not meet the conditions will have their MM2H permits revoked.
d) Participants may bring their spouse
(husband/wife);
children, including step-children and adopted children (under 21 years of age, or between 21 and 34 years of age and unemployed or unmarried in Malaysia); children with disabilities (no age limit, medical expert certification required); parents and/or parents-in-law; foreign domestic helpers (only for [Platinum] participants).
e) Validity of MM2H Pass The validity
of the MM2H pass (with multiple entry visa) for participants and their families is set as:
[Platinum] 20 years
[Gold] 15 years
[Silver] 5 years
. Renewal is allowed upon expiration. The validity of the "Safe Pass Tag" (Pelekat Keselamatan) on the passport is based on the validity of the MM2H pass and the validity of the participant's passport. If the participant's passport expires during the program participation period, the "Safe Pass Tag" must also be renewed along with the passport.
f) Business, Investment and Work
Permission to engage in business or investment activities or work in Malaysia is only available to participants in the [Platinum] group. Participants in the [Gold] and [Silver] groups are not allowed. Special cases must apply to the relevant authorities individually.
g) MM2H Pass Renewal Participants in all groups are allowed to renew their passes every 5 years after the end of the program period. The pass renewal fees for relevant participants and their families are as follows:
[Platinum] RM5,000;
[Gold] RM3,000;
[Silver] RM1,500.
Applications can be submitted at the one-stop counter in Putrajaya.
At the same time, those who apply for renewal of the pass must resubmit the relevant documents, including: passport, health report and medical insurance certificate. The relevant application can be submitted to the MM2H One-Stop Center or the Malaysian Immigration Department for processing. Currently, intermediary companies that comply with the new regulations and obtain business licenses can submit applications to participate in the MM2H program at the MM2H One-Stop Center counter in Putrajaya. Once the system is improved, applications can be submitted online. At the same time, the Ministry of Tourism, Arts and Culture also stated that participants in all groups of the MM2H program will not be eligible to apply for permanent resident (PR) status. The
Ministry of Tourism, Arts and Culture believes that through the above latest measures, the MM2H program can attract potential target groups to apply, including high-income groups and digital nomads. The Ministry of Tourism, Arts and Culture hopes to take this opportunity to make Malaysia one of the preferred destinations for the target groups of such programs, in order to promote the national economy through relevant groups, especially to drive the development of tourism, real estate, education and medical fields, and make Malaysia a highly competitive global hub.
Malaysia
