HK migration to Malaysia : MM2H
Is it easy for Hong Kongers to migrate to Malaysia? What are the options and procedures for immigrating to Malaysia? Here are some of the tips for Hong Kong who wants to invest in Malaysia via property investments in Malaysia or MM2H.
Malaysia My Second Home (MM2H) Programme
MM2H visit pass which has a validity of up to 10 years, and it is renewable upon fulfillment of the renewal requirements when it expires.
This is not a Permanent Residence (PR) Permit nor does it lead towards you getting a PR eventually. You will simply possess a Social Visit Pass with multiple entries and exit under the MM2H program.
Who is eligible to apply for the MM2H programme?
· You are allowed to bring your spouse, unmarried children under the age of 21 and your parents.
· You can apply for a maid service during your stay in Malaysia.
Upon Application – MM2H Financial Requirements
Applicants under 50 : liquid assets above RM500,000 and a monthly income of over RM10,000 (equivalent).
Applicants over 50 : liquid assets over RM350,000 and a monthly income over RM10,000.
Upon Approval – MM2H Fixed Deposit Requirements
i) MM2H Applicants below 50 years old:
- RM300,000 Fixed Deposit in a Malaysia bank account
- After one year, can withdraw up to RM150,000 for the purchase of house, medical insurance or child’s education expenses
- Maintain a minimum balance of RM150,000 from second year onwards and throughout stay in Malaysia under this programme.
ii) MM2H Applicants aged 50 years and above:
- RM150,000 Fixed Deposit in a Malaysia bank account
- After one year, can withdraw up to RM50,000 for purchase of house, medical insurance or child’s education expenses.
- Maintain a minimum balance of RM100,000 throughout their stay in Malaysia under this programme.
Employment /Business Investment Rules for MM2H
MM2H visa holders are not allowed to work, except those aged 50 years old and above can work part time (for up to 20 hours a week). This is applicable to visa holders who have specialised skills in certain approved sectors.
They can set up and invest in businesses in Malaysia without being actively involved in the day to day operations the business (which will require them to switch their visa to a work permit).
Dependents
Applicants are allowed to bring along their dependants (children below 21 years of age, step children, disabled children, and parents) under their MM2H visa. Older dependent children will need to apply a separate visa. Dependants schooling in Malaysia will need to apply for a Student Pass.
House Purchase
Each participant is allowed to purchase an unlimited number of residences above the minimal applicable price set for foreigners buying property in the State where they make the purchase. In Wilayah Persekutuan, the minimum price is RM1,000,000, Selangor the minimum price is RM2,000,000 and some States, like Penang, have lower minimums for MM2H. All purchases must be approved by the State authorities.
Taxes
Successful applicants are subject to Malaysian taxes on income sourced from Malaysia but income from overseas is not taxable. There are also many foreigners who are still working overseas eg in Hong Kong but family resides in Malaysia, thus they fly between the 2 locations and would not have to pay Malaysia income taxes.
Security Vetting – Letter of Good Conduct
Approvals are given subject to security vetting clearance by the Royal Malaysian Police. Applicants will also have to show a police clearance certificate (letter of Good Conduct) from their home country to show they do not possess a criminal record.
MM2H Approval Rate
The approval for MM2H applications is under the jurisdiction of the Ministry of Home Affairs (MOHA). From 2002 to August 2017, the MM2H programme has approved about 36,000 MM2H visas.
Get Hong Kong migration to Malaysia by buying property in Malaysia or via MM2H agent, contact us today
