Tiong: Programme to undergo major revamp to ease existing stringent conditions
PETALING JAYA: Positive changes are coming soon for the revision of the Malaysia My Second Home (MM2H) programme, says Datuk Seri Tiong King Sing (pic).
“It will be announced in mid-December after a thorough review,” said the Tourism, Arts and Culture Minister.
He said significant modifications had been made to the existing strict conditions for applications of the programme.
“Pending the ironing out of some details, the changes will be positive, with the MM2H threshold set to see major adjustments,” he told The Star.Prime Minister Datuk Seri Anwar Ibrahim had, during the tabling of Budget 2024 in October, announced the government’s commitment to ease the existing stringent conditions of the MM2H programme.
This move is aimed at driving tourism and foreign investments to Malaysia.
Tiong also called on the public to assist the government in promoting tourism in Malaysia.
Previously, he had said his ministry would be taking over the marketing of the MM2H programme from the Home Ministry on Oct 15.
His ministry will be reviewing all agents involved in the MM2H programme and requiring them to re-register.
“The existing MM2H consultant agents will not get automatic recognition. Their backgrounds will be thoroughly checked, with unsuitable agents weeded out,” he said.
Tiong has also ordered for a fixed consultancy fee to “ensure transparency and fairness”.
The ministry targets to attract between 10,000 and 15,000 MM2H applications and approvals next year, with a projected revenue of about RM11.25bil.
The MM2H programme was reactivated on Aug 11, 2021 after it was put on hold for a year because of the Covid-19 pandemic.
Under the then revised conditions, participants must spend a minimum of 90 cumulative days in the country annually, have an offshore income of at least RM40,000 per month (increased from RM10,000), and maintain a fixed deposit account of at least RM1mil.
A maximum withdrawal of 50% is allowed for property purchase or spending on health and children’s education.
Many, including Johor Ruler Sultan Ibrahim Ibni Almarhum Sultan Iskandar and stakeholders, had said the revised conditions were too restrictive and not attractive to potential applicants.
When contacted yesterday, MM2H Consultants Association president Anthony Liew said inquiries about MM2H had surged following Anwar’s announcement.
“The most interest came from the people of China, Singapore, the United Kingdom, Japan and South Korea,” he said.
On the current minimum 90-day stay requirement, Liew said it would impact those who still have jobs in their home country as they might have problems getting leave from employers.
He noted that MM2H had originally targeted retirees and not working professionals.
“As such, we hope the government will lower the threshold on the 90-day stay and RM40,000 monthly income requirements,” he said.
He added that the fixed deposit and monthly income amounts should be adjusted to a reasonable level.
