THE Malaysia My Second Home (MM2H) programme has seen a 90% drop in applications, with new applications drying up from places such as China, Hong Kong, the United Kingdom, Australia and Europe.
MM2H consultant Tara Lim said the sharp drop was due to the new “unfriendly” requirements.
Citing an example, she said an applicant must show an offshore monthly income of at least RM40,000 and comply with the minimum of 90 days’ stay in the country per year.
“Those who can meet the RM40,000 monthly income criterion will then face difficulty in fulfilling the minimum 90-day stay, as they have jobs in their countries and will have problems getting leave from their employers,” she noted.
Lim said there were those who had secured approval letters, but were hesitant to proceed for fear there might be further changes to the criteria.
“I have to assure them that the current Malaysian government is friendly to both foreigners and investors.
“I have also tried my best to convince my clients to complete the visa endorsement accordingly,” she said.
Former Penang Real Estate and Housing Developers Association (Rehda) chairman Datuk Jerry Chan said the latest development of the MM2H programme was not only detrimental to the property industry but also to Malaysia’s economy.
Chan urged the government to revert to the original guidelines of the programme, stating that any amendments to requirements must be justified and made clear to all the stakeholders.
“If we are happy to accept short-term tourists in our country, we should embrace long-term tourists as well, in this case, the MM2H participants.”
The MM2H programme is aimed at attracting long-term foreign residents.
The latest conditions introduced in 2021 require applicants to have savings of at least RM1mil and liquid assets of at least RM1.5mil.
Previously, they needed savings of only between RM300,000 and RM500,000.
