MCCC: MM2H new terms should be for new applicants, not existing participants

PETALING JAYA (Aug 13): Malaysia-China Chamber of Commerce (MCCC) has lauded the reactivation of the Malaysia My Second Home (MM2H) Programme but expressed reservation on the new stringent terms imposed.

In a media statement today, MCCC said the change in conditions on all applicants, including the existing MM2H participants, will have an adverse impact on the intended result in the programme relaunch.

“It is especially unfair to apply the new ruling on the existing MM2H participants when they renew their passes. It is more acceptable if new requirements are only applicable to the new applicants,” MCCC added.

The MM2H, which was launched in 2002, is a programme to attract foreigners with talents and resources that would benefit the nation. 

MCCC noted that now is not the right timing to revisit upwards the terms and conditions for MM2H applications. 

Instead, the government should formulate more benefits and favourable terms to involve local and foreign capital in the revival of our post-Covid-19 economy, it added.

To recap, Home Ministry secretary-general Wan Ahmad Dahlan Abdul Aziz on Aug 11 announced that the MM2H programme will resume in Oct this year, after being suspended one year ago.

The rebooted MM2H programme will add in ten new criteria, including a duration of stay of at least 90 days (cumulative) in a year, with a minimum offshore income of RM40,000 a month (formerly RM10,000), permanent savings of at least RM1 million and a declaration of liquid assets of at least RM1.5 million.

Another criteria change is the social visa pass will be shortened to five years, compared to ten years previously.

Besides, the annual pass fees will also be increased to RM500 from RM90 previously. On top of this, there will be a processing fee of RM5,000 for the principal participant and RM2,500 for each dependent.

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