Summary: Malaysia has introduced a revamped visa program called “My Second Home,” offering different tiers for foreign residents. Under the new program, participants can choose from silver, gold, and platinum tiers, each with varying requirements. The platinum tier necessitates a fixed deposit of RM5 million (US$1 million), while the gold category requires RM2 million and the silver tier RM500,000. All participants must spend a total of 60 days in Malaysia annually, compared to the previous requirement of 90 days. Additionally, the minimum age requirement has been lowered to 30 from the previous age of 35. The government plans to implement these new conditions for a year-long trial period starting from December 15. The My Second Home program, initiated in 2002, allows foreigners to reside in Malaysia for up to 10 years. However, due to stricter conditions imposed in 2021, the program witnessed a 90% decrease in the number of applicants. Southeast Asian countries are increasingly vying to attract affluent foreigners by offering flexible visa policies that permit stays ranging from 5 to 20 years.
Title: Malaysia Unveils New Tiers for Foreign Residents in Visa Program
In a bid to entice foreign residents, Malaysia has recently launched an upgraded version of its visa program, My Second Home. Under this new program, individuals can choose from three distinct tiers, each with its own specific requirements and benefits. The tiers are categorized as silver, gold, and platinum. Instead of the previous single set of criteria, the program now provides a range of options for potential participants.
The platinum tier, the highest level, necessitates a sizable fixed deposit of RM5 million (US$1 million). After completing one year in the program, participants are allowed to withdraw half the amount to either buy properties worth no less than RM1.5 million or allocate the funds for healthcare and domestic tourism purposes.
For those opting for the gold category, a fixed deposit of RM2 million is required, while the silver tier necessitates a minimum deposit of RM500,000. The revised program aims to cater to individuals of varying financial capacities, making it more accessible and appealing to a wider range of potential applicants.
Another significant change introduced is the reduced residency requirement. Participants of all tiers must now spend a total of 60 days in Malaysia annually, as opposed to the previous threshold of 90 days. This modification aims to strike a balance between sustaining foreign residency and accommodating the requirements of applicants who may have other commitments or residences elsewhere.
Moreover, the minimum age requirement for the program has been lowered from 35 to 30. This adjustment aims to attract a younger demographic who may be interested in exploring Malaysia as a potential second home.
The government plans to implement these new conditions for a year-long trial period, commencing on December 15. During this time, the effectiveness of the revised visa program can be evaluated, and necessary adjustments can be made accordingly.
The My Second Home program, initially introduced in 2002, grants foreign residents the opportunity to reside in Malaysia for a period of up to 10 years. However, stringent conditions imposed in 2021 resulted in a significant decline in applicants, with a reported 90% drop. The new tiers and requirements are expected to reinvigorate interest in the program and attract a more diverse pool of potential participants.
The competition among Southeast Asian countries to attract affluent foreigners with favorable visa policies continues to intensify. Offering longer-term stays ranging from 5 to 20 years, countries in the region seek to position themselves as desirable options for those seeking a new home or investment opportunities.