KUALA LUMPUR (Sept 15): The change in requirements for the Malaysia My Second Home (MM2H) scheme is to allow the country to “attract high quality participants who are genuine and can contribute positively to economic growth”, Home Minister Datuk Seri Hamzah Zainudin explained today.
Hamzah also said that improvements have been made to current procedures for new participants of the MM2H programme, including stricter measures for security purposes, reported The Star.
As for previous participants, their situation “would be decided based on a case-to-case basis due to the security aspect”, he said.
“Some of them are disguising as MM2H participants, but they are actually using it (Malaysia) as a transit only, and carry out unwanted activities.
“That is why focus is given to security aspects for the MM2H programme. In order to spur economic activities, let us attract those that are of high quality,” Hamzah told MP for Balik Pulau Muhammad Bakhtiar Wan Chik in Parliament today during minister’s Question Time.
The new terms and requirements of MM2H introduced by Putrajaya effective October include an increase in the minimum monthly income derived from offshore sources to RM40,000; minimum fixed deposit of RM1 million; minimum liquidity requirement of RM1.5 million; yearly visa fee of RM500; and reduction of the visa duration to five years.
Get the latest news @ www.EdgeProp.my
Subscribe to our Telegram channel for the latest stories and updates