Malaysia Revamps: Malaysia has revamped its residency visa program, easing requirements to attract affluent foreigners. Addressing criticisms from the October 2021 terms, the Malaysian government introduced a refined Malaysia My Second Home program.
Malaysia Revamps Viral
The adjustments aim to broaden its appeal and cater to a more diverse applicant pool, with Tourism Minister Tiong King Sing announcing the changes in December.
The program is set to undergo a one-year trial period, allowing for further adjustments to optimize its effectiveness. A significant overhaul includes the introduction of a three-tiered system.
These tiers vary in fixed deposit requirements and visa durations, offering applicants more tailored choices. Additionally, Malaysia now grants permanent residency status to those willing to deposit 5M MYR.
Several key changes have been implemented to enhance inclusivity and flexibility. The minimum age requirement has been reduced from 35 to 30 years old. The eligibility for dependents has expanded to include parents and in-laws over 60 years old.
The age limit for children has been raised from 21 to 34, given they remain unmarried and are not employed in Malaysia. Notably, the contentious offshore income requirement of 40K MYR has been eliminated.
These comprehensive alterations mark a strategic effort by Malaysia to position itself as an attractive destination for affluent individuals seeking residency, fostering a more dynamic and inclusive MM2H program.
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