KUALA LUMPUR: The newly introduced Malaysia My Second Home (MM2H) programme has been approved by the Cabinet and requires agents and overseas counterparts to register, says Datuk Seri Tiong King Sing.
The Tourism, Arts and Culture Minister said that agents and its overseas counterpart agencies must register with the ministry to allow them to charge foreigners consulting or service fees.
This decision is part of the ministry's bid to regulate MM2H programme agents and consultancy firms.
"With this, we want MM2H agents to be responsible for their services and not charge arbitrarily. There have been complaints in the past about agents charging between RM10,000 and RM100,000, with some agents lacking physical offices. Hence, we have decided to re-register these agencies," Tiong said.
"Agents will be allowed to charge fees based on different application categories. Agents who fail to provide adequate services or violate regulations will face fines and registration cancellation.
"Any agent found charging excessive fees will be fined, required to refund the excess to the applicants, and have their licence cancelled," he said at a Tourism Malaysia event.
Tiong said that after registering with the ministry, MM2H agents will be listed on the official MM2H website, making it easier for potential applicants to verify them.
The ministry has unveiled a revamped version of the MM2H programme, which now includes three tiers – Silver, Gold, and Platinum.
Under the Platinum tier, participants must have a fixed deposit (FD) of RM5mil (approximately US$1.05mil). After one year, a maximum withdrawal of 50% is allowed for property purchase (with a minimum value of RM1.5mil and above), healthcare and domestic travel within Malaysia.
The Gold tier sets the FD requirement at RM2mil (approximately US$420,800) with similar withdrawal provisions for property purchases (minimum value of RM750,000 and above), healthcare and domestic travel.
The Silver tier requires RM500,000 (approximately US$105,000) in FD with similar withdrawal provisions.
Irrespective of the chosen tier, all participants must fulfil the minimum stay requirement of residing in Malaysia for a cumulative total of 60 days annually.
The MM2H programme was reactivated on Aug 11, 2021, with revised conditions, after being put on hold for a year because of the Covid-19 pandemic.
Under the 2021 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.
