Move to Malaysia in 2024: Complete Guide to the Malaysia My Second Home (MM2H) Program for Investors, Entrepreneurs, and Retirees

In the article “How to Move to Malaysia as a Digital Nomad in 2024: An Easy Step-by-Step Guide,” I discussed how Malaysia, known to many as “Truly Asia,” is a haven for those looking to work remotely and stay long-term.

Now, with the Malaysia My Second Home (MM2H) program, you can enjoy even more benefits if you’re an entrepreneur or retiree looking to invest in the country.

What is the MM2H program, and how can it allow you to move to Malaysia and live there long-term? In this article, we’ll explore the requirements and other essential information about this program recently launched by the Malaysian government—all based on my research and personal experience.

Why Malaysia is the Perfect Destination for Entrepreneurs, Investors, and Retirees

Malaysia is quickly emerging as a premier destination for entrepreneurs, investors, and retirees alike. With its pro-business environment, lucrative investment opportunities, and a warm, welcoming atmosphere for retirees, the country strikes the perfect balance between professional growth and quality of life.

Still unsure about making the move to Malaysia? Here’s a concise overview of the compelling reasons you should consider:

A Thriving Environment for Entrepreneurs

Malaysia’s business ecosystem is a fertile ground for entrepreneurs. The government has implemented various incentives to foster innovation and entrepreneurship, making it easier for startups to thrive.

1. Business-Friendly Policies: Malaysia ranks highly on the World Bank’s Ease of Doing Business Index. The government has streamlined processes related to starting a business, dealing with construction permits, getting electricity, and registering property.
2. Government Incentives: Through initiatives like the Malaysia Digital Economy Corporation (MDEC) and various grants, the government supports tech startups and other innovative enterprises. Programs such as the Malaysia Tech Entrepreneur Program (MTEP) offer visa schemes to attract tech talent and entrepreneurs from around the globe.
3. Growing Startup Ecosystem: Malaysia hosts a burgeoning startup ecosystem with numerous coworking spaces like Common Ground and WORQ providing entrepreneurs with affordable office solutions and networking opportunities. The country also hosts several startup accelerators and incubators that offer mentorship, funding, and resources.
4. Supportive Organizations: Organizations like MDEC play a pivotal role in promoting the digital economy. They provide support through various programs targeting different stages of startup growth, from ideation to scaling.

Attractive Opportunities for Investors

For investors, Malaysia presents a plethora of lucrative opportunities across various sectors. The country’s strategic location, stable economy, and favorable tax policies make it a magnet for investment.

1. Real Estate: Malaysia’s real estate market is one of the most attractive in Southeast Asia. With a diverse range of properties from luxurious condominiums to affordable housing, investors can find opportunities that suit their financial goals. The Malaysia My Second Home (MM2H) program allows foreigners to invest in property with attractive terms.
2. Technology and Innovation: Malaysia’s tech sector is booming, driven by government support and a growing talent pool. Investors can find opportunities in areas like fintech, e-commerce, and artificial intelligence. The country’s digital infrastructure is rapidly improving, providing a robust foundation for tech investments.
3. Manufacturing Hub: Malaysia is a key player in the global manufacturing sector, particularly in electronics, automotive, and consumer goods. The country’s strategic location facilitates easy access to other major markets in Asia, making it an ideal base for manufacturing operations.
4. Favorable Tax Policies: Malaysia offers competitive corporate tax rates and various tax incentives for businesses, including tax holidays and investment tax allowances. This makes it an attractive destination for foreign direct investment (FDI).

An Ideal Haven for Retirees

Malaysia is not only a land of opportunity for entrepreneurs and investors but also a haven for retirees. The country offers a combination of affordability, high-quality healthcare, and a rich cultural experience.

1. Malaysia My Second Home (MM2H) Program: This program is specifically designed to attract retirees by providing a long-term visa with attractive benefits. Participants can bring their spouses and dependents, and there are no minimum stay requirements.
2. Affordable Cost of Living: Compared to many Western countries, Malaysia offers a significantly lower cost of living. Retirees can enjoy a comfortable lifestyle without breaking the bank, with affordable housing, food, and entertainment options.
3. High-Quality Healthcare: Malaysia boasts a world-class healthcare system with state-of-the-art medical facilities and highly qualified doctors. The cost of medical care is also much lower than in many Western countries, making it an attractive option for retirees.
4. Diverse Culture and Natural Beauty: Malaysia’s rich cultural heritage and natural beauty offer retirees a vibrant and fulfilling lifestyle. From the bustling streets of Kuala Lumpur to the serene beaches of Langkawi and the lush rainforests of Borneo, there is something for everyone.

What Is The Malaysia My Second Home (MM2H) Program About? Here’s An Overview

The Malaysia My Second Home (MM2H) program is a long-term social visit pass designed to attract foreign retirees, investors, and professionals to live in Malaysia. It offers the opportunity to enjoy a relaxed lifestyle in a tropical paradise while also providing avenues for business and investment.

In recent years, the MM2H program has undergone significant changes, making it crucial for potential applicants to stay updated. Below, we explore the latest updates to the MM2H program, including its key features, eligibility criteria, and the benefits it offers.

Let’s explore some of the key information about this remarkable program.

Benefits of the MM2H Program

The MM2H program offers several advantages, including:

• Long-term residency: Enjoy a relaxed lifestyle in Malaysia with a renewable 10-year visa.
• Visa-free travel: Access to numerous countries without the need for a visa.
• Quality healthcare: Enjoy access to Malaysia’s world-class healthcare facilities.
• Investment opportunities: Explore business ventures and property investments.
• Family inclusion: Bring your dependents to live with you in Malaysia.

Common Misconceptions About MM2H

• It’s only for retirees: While the program was initially targeted at retirees, it now welcomes investors and entrepreneurs.
• The process is complex: While there are specific requirements, the application process is relatively straightforward with proper guidance.
• High living costs: Malaysia offers a relatively low cost of living compared to many Western countries.

Recent Overhaul of the MM2H Program

In 2024, the Malaysian government introduced substantial changes to the MM2H program, aiming to attract higher-net-worth individuals. Key changes include:

• Tiered system: Applicants can now choose between the Special Economic Zone, Silver, Gold, and Platinum tiers based on financial requirements.
• Mandatory property purchase: All tiers require a minimum property purchase.
• Increased financial requirements: The minimum financial requirements for each tier have been raised.

These changes reflect the government’s goal of attracting high-net-worth individuals who can contribute significantly to the Malaysian economy.

How to Move to Malaysia with the MM2H Program: Exploring Tiers, Requirements, and Benefits

As mentioned earlier, the Malaysia My Second Home (MM2H) program offers several tiers to cater to different financial profiles and lifestyle preferences. Let’s break down the key differences:

Special Economic Zone Tier

Overview: Special Economic Zones (SEZs) in Malaysia are regions designated to attract investments through fiscal incentives, tax relief, and robust infrastructure. Examples include the East Coast Economic Region, the Northern Corridor Economic Region, and Iskandar Malaysia.

Requirements:

• Ages 21-49: A fixed deposit of USD 65,000 in a Malaysian bank.
• Ages 50 and above: A fixed deposit of USD 32,000.
• Property Purchase: Must buy a residential property, with a 10-year non-sale requirement.

Benefits:

• A 10-year MM2H visa.
• Option to withdraw 50% of the deposit post-approval for specific expenses (property purchase, education, healthcare, tourism).
• Mandatory residency of at least 90 days per year.

Silver Tier

Overview: This tier requires a higher financial commitment than the SEZ but offers similar benefits.

Requirements:

• A fixed deposit of USD 150,000 in a Malaysian bank.
• Purchase a residential property worth at least RM 600,000 with a 10-year non-sale condition.

Benefits:

• A 10-year MM2H visa.
• Withdrawal of 50% of the fixed deposit for certain expenses.
• 90-day residency requirement per year.

Gold Tier

Overview: The Gold tier offers a more extended visa period and requires a substantial investment in both a fixed deposit and property.

Requirements:

• A fixed deposit of USD 500,000 in a Malaysian bank.
• Purchase a residential property valued at RM 1 million or more, with a 10-year non-sale condition.

Benefits:

• A 15-year MM2H visa.
• 50% deposit withdrawal for approved expenses.
• Must reside in Malaysia for at least 90 days each year.

Platinum Tier

Overview: The Platinum tier is the most exclusive, designed for high-net-worth individuals seeking long-term residence in Malaysia.

Requirements:

• A fixed deposit of USD 1 million in a Malaysian bank.
• Purchase a residential property worth at least RM 2 million with a 10-year non-sale condition.

Benefits:

• A 20-year MM2H visa.
• 50% deposit withdrawal option for specific expenses.
• A 90-day annual residency requirement.

This tiered structure allows flexibility for potential applicants based on their financial capabilities and lifestyle preferences. By understanding the requirements and benefits of each tier, you can make an informed decision about moving to Malaysia under the MM2H program.

My Final Thoughts On Moving To Malaysia, the MM2H Program and Other Relevant Recommendations

Among the countries in Southeast Asia that I’ve lived in or frequently visited, Malaysia stands out as a place that holds a special place in my heart. From the warmth of its people to the delicious flavors of local cuisine and breathtaking scenery, Malaysia is the perfect destination for those looking for a place to call home (or a second home).

With the MM2H program, people like me who dream of staying long-term in the country can now make that dream a reality.

That said, I understand that not everyone can meet the requirements of the MM2H program. This leads us to ask: are there other alternatives to the MM2H program? The answer is, “yes!”

ALRIGHT, I’LL BE HONEST: One of the main reasons I love Malaysia is its incredible food. That’s right! Check out these photos of some of the delicious dishes I enjoyed during my recent trip. If you haven’t yet, I suggest you try Nasi Lemak, Mee Goreng Mamak, Rendang, and Laksa.

What Other Alternatives Are Available for People Who Want to Move to Malaysia?

1. Apply for the Sarawak-Malaysia My Second Home (S-MM2H)

While Malaysia’s My Second Home (MM2H) program has gained significant attention, Sarawak, one of Malaysia’s states, has its own version: the Sarawak-Malaysia My Second Home (S-MM2H).

This program offers a unique opportunity for those seeking a quieter, more nature-oriented lifestyle while enjoying the benefits of long-term residency.

• Focus: The S-MM2H program is specifically tailored for those interested in living in Sarawak, emphasizing its unique natural and cultural attractions.
• Eligibility: While both programs have financial requirements, the specific criteria might differ.
• Benefits: Both programs offer long-term residency and other perks, but the specific benefits might vary based on state policies.

Why Choose Sarawak?

Sarawak offers a unique blend of natural beauty, cultural diversity, and a slower pace of life. Known for its lush rainforests, diverse wildlife, and indigenous cultures, Sarawak appeals to those seeking an authentic Malaysian experience.

• Natural Wonders: Explore stunning national parks, encounter exotic wildlife, and immerse yourself in nature.
• Cultural Richness: Experience the rich tapestry of Sarawak’s diverse ethnic groups and their traditions.
• Affordable Living: Enjoy a high quality of life at a lower cost compared to other parts of Malaysia.
• Business Opportunities: While not as focused on business as the main MM2H program, Sarawak offers potential for niche investments and entrepreneurship.

To qualify for the S-MM2H, you typically need to meet certain financial criteria and health standards. Specific requirements may vary, so it’s essential to check the official S-MM2H website for the most up-to-date information.

Overall, the S-MM2H program presents a compelling option for those seeking a more secluded and nature-oriented lifestyle in Malaysia. While it may not offer the same level of exposure to urban amenities as the main MM2H program, it provides a unique opportunity to experience the heart of Borneo.

2. Move to Malaysia as a Digital Nomad

For those aspiring to work remotely from Malaysia as digital nomads, the Malaysian government offers an ideal option starting January 2024 – the DE Rantau program.

What is the DE Rantau Programme?

Launched by the Malaysia Digital Economy Corporation (MDEC) in 2023, the DE Rantau program aims to position Malaysia as the primary digital nomad hub in ASEAN, fostering digital adoption and encouraging professional mobility and tourism across the nation.

This program is designed to benefit:

• Foreign Digital Nomads: MDEC facilitates your stay in Malaysia through a new digital nomad pass, providing access to nomad-ready hubs and specially curated services and facilities for a productive and memorable experience across the country.
• Local Digital Nomads: MDEC supports local digital nomads with nomad-ready hubs, offering specially curated services and facilities for an enriching experience throughout Malaysia.
• DE Rantau HUB Partners: Certification and inclusion in MDEC’s list of DE Rantau Hubs are extended to entities aligned with digital nomad lifestyle criteria, as per the LIVE standards.

For more information, read my blog article “How to Move to Malaysia as a Digital Nomad in 2024: An Easy Step-by-Step Guide.”

3. Opt for Alternative Extended Stay Options

While I highly recommend applying for the previous options, you may also consider the following:

• Multiple Entry Visa (MEV): This serves as a reliable backup plan. Obtain a 3-month MEV with the possibility of extensions. Be prepared to provide stronger financial evidence and clarify your remote work commitments.
• Visa Runs: Although not ideal, visa runs are a classic option. Take short trips outside of Malaysia to reset your visa duration. Keep in mind that border control may become stricter in the future

My Final Thoughts

If you’re still undecided about relocating to or living in Malaysia, I recommend visiting the country as a tourist first to get a feel for the place.

Overall, I highly recommend conducting thorough research, considering the pros and cons, and ensuring that you meet all the requirements before moving to Malaysia—whether you’re applying for the MM2H program or exploring other options.

By taking these steps and following my recommendations, your transition to long-term living in Malaysia should be smooth and successful.

Still unsure about moving to Malaysia? Try reading these articles for other options:

• Phnom Penh Cost of Living 2024: Is It Really Expensive? An Honest Review from a Long-Time Resident
• How to Move to Thailand in 2024: A Comprehensive Guide for Digital Nomads, Investors, Entrepreneurs, and Retirees
• Are You a Crypto Investor? Here Are the Top 7 Reasons Why You Should Move to Vietnam

Have fun reading and have a safe journey!

Disclaimer: The information and opinions expressed in this blog post are for informational purposes only and are not intended to be construed as professional advice. Please consult with a qualified professional before making any financial decisions, traveling, or purchasing a product or service. This information is also based on personal experiences and/or research at the time of writing, and new information and updates may be available on the topic being discussed. Please conduct further research before making any decisions.