MM2HCA seeks discussion with Home Affairs ministry to further revise Malaysia My Second Home programme terms

KUALA LUMPUR (Sept 18): The Malaysia My Second Home Consultants Association (MM2HCA) said that it hopes the Ministry of Home Affairs (MoHA) will arrange a dialogue with it and related industry players to revise the Malaysia My Second Home (MM2H) programme’s terms.

The MM2H programme, which was temporarily suspended for a review and improvement in the wake of the Covid-19 pandemic, has been reactivated and is slated to allow new application submissions from October 2021.

In a statement today, MM2HCA said that the programme’s stakeholders feel that the MoHA’s revised terms — which the ministry said are aimed at attracting genuine, high-quality participants — are “too stiff”.

“MM2HCA hopes the MoHA will arrange a dialogue and engagement with us and related industry players to consider multiple objectives in mind, to revise the programme with better terms to attract genuine and good-quality applicants, and make our MM2H programme the best and most attractive in the market,” it added.

To recap, under the revised terms of the programme, financial requirements have been increased.

Applicants must have offshore income of RM40,000 — up from RM10,000 previously — while they must also have at least RM1 million in a local fixed deposit account for a year — up from RM150,000 to RM300,000 previously. They must also have liquidity of at least RM1.5 million.

Meanwhile, the social visit pass duration has been shortened to five years from 10 years previously, while a yearly visa fee of RM500 will be imposed.

MM2HCA added that Sultan of Johor Sultan Ibrahim Sultan Iskandar had also expressed his utmost concern over the new MM2H criteria with a huge impact on the programme and other related industries. 

“He wanted to take up the matter with Prime Minister Datuk Seri Ismail Sabri Yaakob. MM2HCA appreciates the Sultan of Johor’s recognition of the multiplier impact on both Malaysians and the government,” it added. 

MM2HCA said the programme’s structure enhancements shall be conducted in stages, advancing one step at a time and gradually promoting the premium market.

“At the present stage of the economic recovery, we need to maintain and enlarge the target market share,” it noted.

MM2HCA added that the government of Malaysia should ensure public policy consistency to allow MM2H participants to renew their pass for the next 10 years under the existing terms.

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