The Malaysian Government has decided to temporarily suspend the My Second Home (MM2H) program due to Covid-19 pandemic and re-evaluation of the program. The announcement was made on Aug 4. This suspension will be lifted once the review of the program will be completed.
No foreigners will be allowed to enter Malaysia following the outbreak of COVID-19 pandemic. No applications submitted for MM2H will be reviewed
The suspension will now allow Ministry of Tourism, Arts and Culture (MOTAC) and related agencies to comprehensively review and re-evaluate the MM2H program since its inception in 2002.
The MM2H after the review will be relaunched as a new citizenship or residence by investment program with revised rules.
MM2H scheme offers investors a long term social visit pass with 10 year multiple entry visas. Applicants are not eligible for permanent residency or citizenship, but freely invest in property.
Foreign-source income is not taxable in Malaysia, also a major attraction for foreigners. The Malaysian MM2H scheme is very popular with asian investors from neighbouring countries. From 2002 to 2018, a total of 42,271 participants were approved under this scheme. No figures were released for 2019.
At this moment foreigners are advised to pursue other visa offered by the Immigration Department Malaysia. Malaysia offers investor entry permit if you deposit USD 2 million in a bank for 4 years.
Malaysia has been largely able to control the coronavirus cases. As of 9 August 2020, Malaysia has a total of 9083 confirmed cases and 125 deaths.