There is a difference in opinion between those who consider the MM2H or ‘Malaysia My Second Home’ visa as a mere social visit pass and those who do not! It is true that in general, the Malaysian government does not issue the right of permanent residency to foreigners. Unlike many other countries in Latin America and South-East Asia, the Malaysian government does not detract from its policy of prioritising the domestic workforce. To raise the graph of national employment is one of the main objectives of the government. That is why, the government is not in favour of inviting the foreigners who migrate to a new country to earn a living. However, this rule is applicable only for the foreigners with limited means. In the long list of MM2H benefits, an important point is that you can invest in a business venture here. Let us look at the reasons why the MM2H visa is more than a mere social visit pass!
Come and invest into the thriving economy of Malaysia: the MM2H visa welcomes you with open hands
When we decide to migrate to a new country, we take a closer look at its economy. According to the World Bank report, the average GDP growth of Malaysia in the period between 1960 and 2016 is 6.35 per cent. Based on the criteria set by the World Bank, if a country undergoes a growth of 5 per cent, on an average, it is considered to be a good rate of economic growth. One of the primary reasons behind this excellent record is the open economy policy practised in Malaysia.
If you want to explore the opportunities offered by the open economy of Malaysia, you could avail the MM2H visa benefits after submitting the financial and other legal requirements as stipulated under the guidelines. Based upon the MM2H visa features, you would get the permission to stay in the country for a long 10 years, without any break. The government encourages any attempt to increase more employment generation through legal means. This opportunity leads you to earn more profit and contribute to the growth of the Malaysian economy.
The MM2H visa authorises you to buy any number of residential properties. You may import a vehicle and you need not have to pay the import or excise duty for that! You do not have to pay an excise duty on the purchase of a locally assembled vehicle. You need not have to pay the taxes on the foreign remittances incurred on the income earned from an employment or pension. A mere social visit pass does not offer you all these facilities.
Part-time employment right
The ‘Malaysia My Second Home’ visa programme was initially intended for the 50 above population. The MM2H visa programme was known by the name of ‘Silver-Hair Programme’. However, at present, the rules have been modified and the visa is applicable for all. Still, the right of part-time employment is restricted to the 50 above people only!
Apart from the financial benefits what else make the difference?
Let us focus on the social benefits offered by the MM2H visa programme:
Bring in your parents (above 60 years old) on a half-yearly renewable visa
You could enroll your children to local schools or colleges
Move in your household maid when you come to Malaysia
You are permitted to bring in your pets without paying any tax
The MM2H visa benefits, clearly point towards the fact that the visa programme has been framed to help the foreigners stay in the country for a longer duration! It is surely not a mere social visit pass.