KUALA LUMPUR – In a bid to rejuvenate the Malaysia My Second Home (MM2H) programme, the Tourism, Arts, and Culture Ministry (Motac) announced a significant relaxation of requirements, targeting high-income foreigners.
Under the new structure, the MM2H programme is now divided into three categories: Platinum, Gold, and Silver, each tailored to specific financial criteria.
The Platinum category, aimed at those maintaining a RM5 million (US$1.05 million) fixed deposit, allows applicants to apply for permanent residence (PR) status upon obtaining the Platinum pass.
After a year, Platinum category applicants will be allowed to withdraw up to 50% of this amount for purposes such as acquiring properties valued at RM1.5 million and above, covering healthcare expenses, and engaging in tourism activities within the country.
Platinum category participants are obligated to spend a cumulative total of at least 60 days per year residing in Malaysia.
The Gold category requires a minimum RM2 million (US$420,800) fixed deposit and offers a 15-year renewable multiple entry visa (MEV). They can withdraw up to 50% of the fixed deposit for purposes such as purchasing properties valued at RM750,000 and above, covering healthcare expenses, and funding tourism activities.
On the other hand, the Silver category involves an RM500,000 (US$107,000) fixed deposit with a five-year renewable MEV.
The new structure not only opens the MM2H programme to individuals aged 30 and above but also mandates that either the principal or dependents must stay in Malaysia for a minimum of 60 days annually.
“The purpose is to facilitate the MM2H application process, which was often criticised as burdensome, by introducing application rules that are clearer and more flexible,” Motac said in a statement today, as quoted by several news outlets.
Applications must be exclusively processed through licenced MM2H agents authorised by the ministry, in line with the Tourism Industry Act of 1992.
Motac emphasised that these adjustments are part of a one-year trial period, subject to standardisation based on current needs, aiming to simplify and make the MM2H application process more flexible.
Notably, these changes come after Malaysia experienced a 90% drop in MM2H applications following the programme’s reintroduction in October 2021, which included stricter rules and increased financial requirements.
The initiative coincides with the celebration of the 50th anniversary of Malaysia-China diplomatic relations.
The government’s move to attract foreign investors and tourists aligns with Prime Minister Datuk Seri Anwar Ibrahim’s commitment in Budget 2024.
During the recent visit to China, Motac engaged in discussions and promotional efforts to garner support and consensus with Chinese authorities.
The revision is part of Malaysia’s strategy to compete with other countries, such as Thailand and Indonesia, which have also enhanced their programmes to attract wealthy foreigners. – December 15, 2023