In June 2024, Ministry of Tourism, Arts & Culture (MOTAC) revamped the Malaysia My Second Home (MM2H) scheme, particularly the introduction of the new three-tier system (Platinum, Gold, and Silver).
1. New Three-Tier System
The previous, single set of requirements was replaced with three distinct categories:
- Platinum Tier : For high-net-worth individuals.
- Gold Tier : For a broader range of investors.
- Silver Tier : For those seeking a long-term stay with lower financial commitment.
2. Financial Requirements
The previous requirement for a high monthly offshore income and a large amount of liquid assets was removed and replaced with new fixed deposit (FD) and property purchase requirements. The values vary by tier :
| Tier | Fixed Deposit (USD) | Property Purchase (RM) |
| Platinum | $1 million | RM2 million (approx. $425,000) |
| Gold | $500,000 | RM1 million (approx. $212,500) |
| Silver | $150,000 | RM600,000 (approx. $127,500) |
Note : All property purchases must be held for a minimum of 10 years, though participants can upgrade to a higher-value property.
3. Visa Validity and Benefits
The validity and benefits now depend on the chosen tier:
- Platinum : 20-year renewable visa with the right to work and invest in Malaysia without special permission.
- Gold : 15-year renewable visa.
- Silver : 5-year renewable visa.
4. Other Key Changes
Removal of Permanent Residency (PR) Pathway : The Platinum tier no longer offers a path to permanent residency.
Lowered Minimum Age : The minimum age for applicants was lowered to 25 years old.
Dependents : The new rules allow for a wider range of dependents, including unmarried, non-working children up to 34 years old, as well as parents and parents-in-law.
Mandatory Stay : Applicants between 25 and 49 years old are required to reside in Malaysia for at least 90 cumulative days per year. There is no minimum stay requirement for those aged 50 and above.
Fixed Deposit Withdrawal : After one year, participants can withdraw up to 50% of their fixed deposit for approved purposes such as property purchase, healthcare, or tourism activities.
The announcement was seen as a strategic move to address the criticisms and low uptake of the previous, more stringent version of the program.
In summary, the 2024 MM2H revamp was perceived as a step in the right direction, successfully attracting a new wave of applicants and much-needed foreign investment, particularly into the real estate sector. However, the mandatory property-holding period and the absence of a PR pathway for top-tier investors remained notable points of contention.