There are a few reasons why investing in property and MM2H in Malaysia could be a good idea in 2024:
1st According to The Star Reports, MM2H Program Easing, The Malaysian government has proposed to ease the conditions for the MM2H program, which could make it more attractive for foreigners to invest in property in Malaysia.
2nd , The depreciation of Malaysia’s currency can be opportunity to invest Malaysia Real Estate. This program offers extended visas to individuals from qualifying countries , based on IQI Global research.
MM2H Expected to Make a Great Comeback in 2024
The Malaysia My Second Home (MM2H) program, initiated by the Malaysian government in 2002, has attracted over 50,000 foreigners to live in Malaysia on multiple-entry social visit passes.
Despite stricter conditions in recent years, the renewable five-year visas under MM2H saw 2,164 applications between November 2021 and September 2023, with 1,905 (88%) approved. Additionally, the Premium Visa Programme (PVIP) launched in September 2022 saw 28 approved applications, with 29 more recommended for approval.
According to data provided by the Tourism, Arts and Culture Ministry, between 2002 and 2019, participants from China accounted for the majority (32.8%) of those granted MM2H status, followed by Japan (10.6%) and Bangladesh (8.9%).
Our Current Prime Minister, Datuk Seri Anwar Ibrahim, announced during his Budget 2024 speech that the Government will look into easing existing conditions for MM2H application, expecting this improvement to boost investment activities in the Malaysian financial market and the country’s real estate industry.
The MM2H program offers attractive benefits such as world-class education, award-winning healthcare, a multi-lingual and multi-cultural society, tropical climate, established rule of law, and affordable property market compared to the rest of Southeast Asia.
Investing in property in Malaysia and Kuala Lumpur is expected to become even more attractive as the Government focuses on boosting homeownership and infrastructure developments in 2024.
So we let you Understanding our MM2H Program:
- MM2H is aimed at attracting foreign nationals to live, invest, and enjoy retirement in Malaysia, offering a multiple-entry social visit pass for up to five years, with renewal options.
- Benefits include eligibility to register a limited company, tax exemption on pensions or overseas income remitted into Malaysia, international education options for dependent children, eligibility to purchase residential and commercial properties, and eligibility to apply for a domestic helper.
- Eligibility criteria include financial requirements, medical insurance, background checks, financial support, investment requirements, and health examinations, with applicants divided into age categories.
