Malaysia is one of Asia’s prime economies and a country experiencing significant growth in all aspects. It has a great number of diplomatic relations, with more than 100 missions in more than 80 countries. The country has also opened its shores to the populations of different countries who wish to visit for longer durations. The MM2H or Malaysia My Second Home programme is a Social Visit Pass with long-term multiple entry options. Under this scheme, participants can stay for their intended durations. It lasts for 10 years and can even be renewed following that.
Malaysia welcomes people from all countries and backgrounds, irrespective of race, gender, religion, or age. If you arrive with a MM2H Visa, bringing your spouse or offsprings is also allowed. In case of children who are dependents, the Visa lasts till they are 21. This particular Visa issued by Malaysia is one of the longest duration ones globally. All you need to do is meet the MM2H requirements, and you are set to become a part of society within the country. It offers a hassle free experience, with easy application and renewals, and a host of benefits.
Necessary Documentation and other MM2H Requirements
To qualify for an MM2H Malaysia Visa, people under 50 must have financial strength upwards of RM500,0001 or equivalent currency and a monthly income of more than RM10,000. If an applicant is over 50, the requirements are financial strength upwards of RM350,000, with RM10,000 plus monthly income. In addition, each application must have 3 months of documented financial statements. That might include salary, pension, investment returns, royalty, rental income, and interest.
Listed possessions must be in liquid asset form, and should not include properties. Malaysia Visa requirements entail that all documented proof of income must be from offshore sources, and not Malaysian. Upon approval, applicants under 50 must have the fixed deposit amount of RM300,000 in a bank of Malaysian origin. For people older than 50 years, the designated deposit amount is RM150,000.
What Malaysia Offers for Retired Foreigners
- Retired foreigners can buy any number of residential properties.
- There are options to buy medical insurance from Malaysian providers.
- Pets can be brought along with by owners without paying taxes.
- Domestic helps who have been under your employment can be brought along to Malaysia.
- A Visa holder can bring their parents as dependents on 6 months visas that can be renewed.
- For those over 50 years there are part time work opportunities (20 hours a week).
- MM2H visa can be renewed every 10 years if participants can meet the same requirements. Employment incomes and pensions are subject to remittance in Malaysia without taxes.
These are just some of the core benefits which can be experienced by pensioners who intend to make Malaysia their second home. With relaxed rules and regulations, there are very less limitations on personal freedom. That is the main reason why the country is becoming a favourite of many. Malaysia offers various benefits such as first world countries, but at far lesser costs.