22/08/2021
A weekend session where we share everything related to education in Malaysia. Feel free to ask us anything via Direct message .
This week we have : What's the latest changes to MM2H?
Answer: MM2H is also known as the Malaysia, my 2nd home programme. It allows foreigner to live in Malaysia.
With ample education channel, career opportunities, rising quality of life and relatively low living cost compared to overseas, Malaysia is a hotspot for well-to-do foreigners as well expats retiree. However due to the ongoing Covid pandemic, the programme was put to a halt since July 2020.
Recently however, Malaysia has reopened this programme. Once again accepting new applications but with a stricter guidelines. Here are the changes:
(1) Under the new MM2H 2021 requirements, applicants must first of all prove they have liquid assets worth MYR1.5 million ($483,000) – a substantial hike from the previous range of MYR350,000-500,000, depending on the applicant's age.
(2) Successful MM2H applications will need to have an offshore income of at least than MYR40,000 ($12,880) per month – a four-fold increase over the previous MYR10,000 monthly income – and must reside in Malaysia for at least 90 days per year.
(3) MM2H participants must maintain a fixed deposit account in Malaysia with a balance of MYR1 million ($322,000) from which they can withdraw no more than half during their stay – with those withdrawals only permitted for real estate, health care and the educational fees of any children.
(4) The tenure of the renewable multiple-entry visa has been reduced to five years from 10 years previously
(5) The renewal fees for the visa has been increased from RM90 a year to RM500 a year
(6) The processing fee for MM2H applicants will now be RM5,000 for the principal participant and RM2,500 for each dependent. Previously, there was no processing fee.
With these stricter guidelines, it will definitely impact overseas/ expats enrolments into International schools residing in Malaysia. Tough time indeed.
What are your thoughts? Let us know.