Malaysia My Second Home
MM2H Penang Property Guide
Penang is Malaysia's most popular MM2H destination. Here's what you need to know about buying property here as an MM2H applicant or holder.
Why Penang for MM2H?
World-Class Healthcare
Penang Adventist Hospital, Island Hospital, Gleneagles — Penang is a regional medical hub with English-speaking specialists across all disciplines.
International Community
Large expat population, English widely spoken, international schools, diverse cultural and social landscape comparable to Singapore at a fraction of the cost.
Quality of Life
Ranked among Asia's best food cities. Beach access, UNESCO heritage Georgetown, warm climate, friendly population. Daily life is genuinely pleasant.
The Current Programme — Silver, Gold and Platinum
MM2H was restructured under the Ministry of Tourism, Arts and Culture (MOTAC) in July 2024 into tiers. Two things changed that still catch people out, because much of what is written online predates the restructure:
- •There is no offshore income requirement. The old RM40,000 monthly offshore income rule is gone, as is the RM1,500,000 liquid asset test. If a page quotes either at you, it is out of date.
- •Buying property is now mandatory, not optional. Every mainland tier requires you to purchase a residential property and hold it. The old deposit-only route no longer exists.
Fixed deposits are denominated in US dollars; the property minimums are in ringgit.
| Requirement | Platinum Tier | Gold Tier | Silver Tier |
|---|---|---|---|
| Fixed deposit | USD 1,000,000 | USD 500,000 | USD 150,000 |
| Min. property purchase | RM2,000,000 | RM1,000,000 | RM600,000 |
| Visa duration | 20 years, renewable | 15 years, renewable | 5 years, renewable |
| Minimum age | 25 | 25 | 25 |
| Right to work | Yes — as company director / shareholder | No | No |
| Minimum stay | 90 days/yr (ages 25–49); none at 50+ | 90 days/yr (ages 25–49); none at 50+ | 90 days/yr (ages 25–49); none at 50+ |
| Offshore income required | No | No | No |
The part that matters most if you are buying in Penang
Penang lets MM2H participants buy residential property, condo or landed, island or mainland, from RM500,000, up to two homes. That sits below every tier's own property minimum, so in practice your tier sets the budget: Silver's RM600,000, Gold's RM1,000,000 or Platinum's RM2,000,000, with the whole island open to you at each. Both tests apply at once: you must satisfy your MM2H tier minimum and Penang's floor for the property you choose.
There is also an SEZ/SFZ tier with a lower deposit and an RM500,000 property minimum, but it is tied to designated special economic and financial zones, so it is not a route into Penang property.
Other conditions that apply across the mainland tiers: the property must be purchased within 12 months of visa endorsement and held for a minimum of 10 years, and applications must be submitted through an MM2H agent licensed by MOTAC — direct applications are no longer accepted. Requirements are revised from time to time; confirm current criteria with a licensed agent before you commit to a purchase.
Buying Property on MM2H in Penang
MM2H holders buy as foreigners, but with a lower minimum of RM500,000 for up to two homes. The following rules apply in Penang:
Penang Island
- • Minimum purchase price: RM500,000 for your property on MM2H (RM1,000,000 otherwise)
- • Foreign levy: 3% of purchase price
- • State consent: Required (3–4 months)
- • Max bank loan: 70% of purchase price
- • Title: Freehold or leasehold (both permitted)
Penang Mainland
- • Minimum purchase price: RM500,000 for condos, RM1,000,000 for landed
- • Foreign levy: 2% of purchase price
- • State consent: Required
- • More freehold options available
- • Lower PSF — more space per RM
Best Projects for MM2H Buyers in Penang
MM2H own-stay buyers typically prioritise security, views, lifestyle facilities, and proximity to healthcare. These projects meet the criteria:
Tanjung Tokong
Crown Penang
Freehold, residential title, sea view, high-spec security, Tanjung Tokong community. Ideal long-term own-stay condo with strong resale market.
From RM 1.2M
Gurney Drive
W Residence Gurney Bay
Branded residence, hotel services available, Gurney Drive address, freehold. Premium MM2H lifestyle purchase with STR option when away.
From RM 2M
Gurney Drive
W Residence Gurney Bay Gurney
Hotel-branded serviced residences with hotel-grade management, Gurney Drive address, and freehold title. Full hotel hospitality access without nightly rates.
From RM 2M
Frequently Asked Questions
Do MM2H holders get a discount on property purchase in Penang?
Yes, on Penang Island. MM2H participants can buy residential property from RM500,000, condo or landed, up to two homes, instead of RM1,000,000 for a condo and RM3,000,000 for a landed home. The foreign buyer levy still applies. Confirm the details for your purchase with a Penang lawyer.
What is the minimum property price for MM2H holders in Penang?
MM2H participants can buy residential property in Penang from RM500,000, condo or landed, island or mainland, up to two homes. Other foreign buyers need RM1,000,000 for an island condo, RM3,000,000 for island landed, RM500,000 for a mainland condo and RM1,000,000 for mainland landed.
Can MM2H holders get a Malaysian bank loan?
Yes. MM2H holders can apply for Malaysian bank loans to purchase property. The typical maximum LTV is 70% (vs 90% for Malaysians). Some banks may offer slightly more favourable terms to MM2H holders due to demonstrated financial standing required by the programme.
Is Penang a good MM2H base?
Yes. Penang is one of Malaysia's most popular MM2H locations — English-speaking environment, excellent healthcare (Penang Adventist, Island Hospital, Gleneagles), diverse F&B, international community, and quality of life comparable to Singapore or Hong Kong at a fraction of the cost.
What are the best property types for MM2H holders in Penang?
Own-stay MM2H buyers typically favour: freehold residential-title condos in Tanjung Tokong/Tanjung Bungah (sea view, security, community), Gurney Drive corridor (walkable to amenities), or Georgetown (heritage character, vibrant community). Size: 2–3 bedrooms with good management.
📘 Verified Handbook
MM2H Penang Handbook 2026
Every tier requirement, Penang state overlay, and 8-step process. Sourced. Printable. Unverified items honestly flagged rather than glossed.
📖 Read the handbook →