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Here’s more on Malaysia’s tax system – https://www.mooresrowland.tax/2019/11/ive-touch-on-malaysia-before-httpwww.html
The MM2H programme allows foreigners who fulfill certain criteria to stay legally in Malaysia on a multiple-entry social visit pass for an initial period of 10 years (renewable).
The key benefits are:
- Unlimited stay in Malaysia for 10 years
- The applicant is allowed to bring his/her spouse and children below 21 years old and not married as dependents
- The applicant is not allowed to work while staying in Malaysia, however, one can register a business incorporated in Malaysia
- The applicant may purchase any number of residential properties at a minimum of MYR 1 million (approx. USD 250,000)
- Taxation is based on the territorial source principle – only levied on income sourced in Malaysia
Applicants are expected to be financially capable of supporting themselves in Malaysia, whereby the requirements are:
Upon Application
Applicants below 50 years old:
– Proof of bankable assets worth minimum of MYR 500,000 (approx. USD 125,000); AND
– Proof of offshore income of at least MYR 10,000 (approx. USD 2,500) per month.
Applicants 50 years and above:
– Proof of bankable assets worth minimum of MYR 350,000 (approx. USD 85,000); AND
– Proof of offshore income of at least MYR 10,000 (approx. USD 2,500) per month.
Upon Approval
During the processing period, applicants have to: (1) open a bank account; (2) obtain a medical report from any private hospital/clinic; and (3) purchase medical insurance from any insurance company in Malaysia – Henley & Partners will help with the coordination of all of this as part of our service.
Applicants below 50 years old:
– Open a local fixed deposit account of MYR 300,000 (approx. USD 75,000); AND
- After a period of one year, the applicant is allowed to withdraw up to MYR 150,000 (approx. USD 37,500) for approved expenses relating to a house purchase, education for children in Malaysia or medical purposes;
- Maintain a minimum balance of MYR 150,000 (approx. USD 37,500) from the second year onward and throughout the stay in Malaysia under the MM2H.
Applicants 50 years old and above:
– Open a local fixed deposit account of MYR 150,000 (approx. USD 37,500); AND
- After a period of one year, the applicant is allowed to withdraw up to MYR 50,000 (approx. USD 12,500) for approved expenses relating to a house purchase, education for children in Malaysia or medical purposes;
- Maintain a minimum balance of MYR 100,000 (approx. USD 25,000) from the second year onward and throughout the stay in Malaysia under the MM2H.
Once the applicant receives approval from the MM2H visa, the applicant will be required to visit Malaysia and we will assist with the bank account opening; medical check (cost approximately MYR 200 or USD 50); obtaining medical insurance (cost approximately MYR 1,500 or USD 350 per annum) and property search (if required).
