The Ministry of Tourism, Arts and Culture of Malaysia has unveiled the revised Malaysia My Second Home Plan.

This is the second tweak to Malaysia’s My Second Home program in less than a year, as the government attempts to improve the program’s accessibility following criticism of conditions for its 2021 launch. Attraction of high net worth individuals.

The new version of the Malaysia My Second Home project maintains the three-tier structure, but cancels the income requirements introduced by the Malaysian Ministry of Tourism, Arts and Culture in December 2023, and changes the standards of the project .

The new policy includes two major changes: the Malaysian Ministry of Tourism, Arts and Culture changed the platinum-level residence permit from permanent residence to a 20-year residence permit, and changed the gold-level time deposit amount from 200 MYR 10,000 is reduced to MYR 1 million.

The Ministry of Tourism, Arts and Culture of Malaysia has also announced the "Malaysia My Second Home Program" category for special economic zones and financial zones, but has not announced any details about this pathway.

The time deposit amount under the new policy is as follows:

Silver level: MYR 500,000 (approximately US$105,000)

Gold level: 100 MYR 10,000 (approximately US$ 420,800)

Platinum level: MYR 5 million (approximately US$ 1.05 million)

The validity period of the Second Home Program silver-level residence permit is 5 years, 15 years for gold level and 20 years for platinum level. All residence permits are renewable.

Investors can withdraw 50% of the time deposit after a one-year holding period to purchase property in Malaysia or pay for medical expenses or local travel expenses.

However, the Malaysian Ministry of Tourism, Arts and Culture has introduced restrictions on property purchases. Second Home Program silver level customers can only purchase properties above MYR 600,000, gold level refers to properties above MYR 1 million, and platinum level refers to properties above MYR 2 million. Previously, the silver and gold levels were 750,000. MYR, the platinum level is MYR 1.5 million.

Based on withdrawal and minimum property value restrictions, Platinum level customers can withdraw up to MYR 2.5 million, but must purchase a property worth at least MYR 2 million. Gold level allows you to withdraw up to MYR 500,000 and purchase a property worth at least MYR 1 million, while silver level allows you to withdraw up to MYR 250,000 and purchase a property worth at least MYR 600,000.

Regardless of the level, Second Home project customers cannot resell their properties within 10 years. However, they can upgrade to a property of higher value during this period.

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Customer level distinction of Malaysia My Second Home project

The Ministry of Tourism, Arts and Culture of Malaysia has maintained the previous status of the second home project. Dependent parameter requirements allow the principal applicant to add his/her spouse, dependent children, and dependent parents to his or her application. To be eligible to apply, the principal applicant must be at least 25 years old.

Applicants, regardless of their level, must also reside in Malaysia for 60 days per year. The new policy maintains residency flexibility as the main applicant or dependents can fulfill the physical residency requirement on behalf of other Second Home program clients aged 25 to 49 years old.

Agents need to re-apply for licenses

The adjustment of the Second Home Project by the Malaysian Ministry of Tourism, Arts and Culture has led to delays in the issuance of licenses. The Malaysian Ministry of Tourism, Arts and Culture The license will only be renewed if the agent now meets the re-established standards.

When talking about the matter, Malaysian Minister of Tourism, Arts and Culture Datuk Seri Zhang Qingxin said, "We have no intention to create difficulties for anyone. On the contrary, we hope to establish a more complete mechanism to protect all The interests of all parties."

The requirements for renewal of licenses are adjusted as follows:

Company structure: must be incorporated in accordance with the Companies Act 2016 (Act No. 777) Pte Ltd.

Capital requirements: The minimum paid-in capital is MYR 200,000.

Bank Account: A company bank account can only be signed by shareholders and directors or duly designated persons.

Shareholders: Must be 100% Malaysian citizens or Malaysian legal entities.

Conflict of interest: Shareholders are not allowed to hold interests in any "Malaysia My Second Home Project" company licensed under the Tourism Industry Act 1992 (Act 482).

Foreign Participation: Foreign individuals/companies cannot hold shares but may serve as board members upon approval and must not be participants in the Malaysia My Second Home programme.

Board composition: At least 51% of the board of directors must be Malaysian citizens.

Employment: At least 51% of management and professional employees must be Malaysian citizens.

Company name: "(Malaysia My Second Home)" must be included when registering with the Companies Commission of Malaysia.

Nature of business: The nature of the company's business registered with the Companies Commission of Malaysia must indicate activities or consultations related to the "Malaysia My Second Home Project".

Operating area: Headquarters and branches must operate in urban areas within the municipal council or municipal area.

Office area: The minimum office area for headquarters and branches is 100 square feet.

Foreign Entity: Must be registered as a foreign entity/business promoting/recruiting for the “Malaysia My Second Home Programme”.

Notification of Contract: The Commissioner must be notified within 30 days of any contract entered into with a foreign entity.

Service fees: "Malaysia My Second Home Program" operators can charge the following service fees:

Platinum level: MYR 70,000

Gold level: MYR 55,000

Silver level: MYR 40,000

Special zone: MYR 40,000

Deposit collected: Operator A deposit of up to 20% of the total service fee can be charged.

Bank guarantee: A bank guarantee of MYR 200,000 must be provided to ensure the compensation and protection of participants.

Contract compliance: The set service fee rate and deposit ratio must be adhered to.

Standardized Agreement: Standardized terms and conditions must be prepared for the “Malaysia My Second Home Program” participant agreement.

Legal Compliance: No penalties are imposed under the Tourism Industry Act 1992 (Act 482) or the Tourist Vehicle Licensing Act 1999 (Act 594) and the There are no claims pending before the Malaysian Consumer Claims Tribunal.