Malaysia relaxes requirements for long-term visa program

Under the revised version of the My Second Home program, there will be three tiers of silver, gold and platinum, with each having different requirements, New Strait Times reported.

Under the platinum tier, participants are required to show a fixed deposit of RM5 million (US$1 million). After one year, they can withdraw half of the amount after a year to purchase properties priced at RM1.5 million minimum or use for healthcare and domestic tourism.

Those in the gold category must have a fixed deposit of RM2 million while those in the silver tier must have RM500,000 minimum.

Participants of all tiers must fulfill the requirement of residing in Malaysia for a total of 60 days annually instead of 90 as previously.

The new minimum age requirement for the revised visa program is now 30, instead of 35.

The new conditions have been put under a year-long trial period starting from Dec. 15, Datuk Seri Tiong King Sing, Minister of Tourism, Arts and Culture, said as quoted by The Star.

The My Second Home program, which was launched in 2002, allows foreigners to stay in Malaysia for up to 10 years.

In 2021, the government imposed stricter conditions, such as requiring a minimum stay of 90 cumulative days in Malaysia annually, having an offshore income of at least RM40,000 per month and maintain a fixed deposit account of at least RM1 million.

Since the conditions were tightened, the program has seen a 90% drop in the number of applicants, according to the scheme’s consultant association.

Just over 1,900 of 2,160 applications for the visa program were approved between November 2021 and the end of September this year.

Several Southeast Asian countries have raced to attract wealthy foreigners with flexible visa policies that allow a maximum stay of 5-20 years.