‘Positive changes’ for MM2H to be announced in mid-December

• Tourism, Arts and Culture Ministry will also be reviewing agents involved in the MM2H scheme, “requiring them to re-register”.  

PETALING JAYA (Dec 4): Significant modifications had been made to the strict conditions for applications of the Malaysia My Second Home (MM2H) programme and they will be announced in mid-December.

“Pending the ironing out of some details, the changes will be positive, with the MM2H threshold set to see major adjustments,” Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing (pictured) told The Star in a report. “It will be announced in mid-December after a thorough review.”

Tiong also revealed that his ministry will be reviewing agents involved in the MM2H scheme and “requiring them to re-register”.

“The existing MM2H consultant agents will not get automatic recognition. Their backgrounds will be thoroughly checked, with unsuitable agents weeded out,” he said in the same report.

Tiong also wants a fixed consultancy fee to “ensure transparency and fairness”.

Prime Minister Datuk Seri Anwar Ibrahim had announced Putrajaya’s aim to ease the existing stringent conditions of the MM2H programme while tabling Budget 2024 in October.

This was meant to encourage tourism and foreign investments to Malaysia.

Tourism, Arts and Culture Ministry hoping to attract between 10,000 and 15,000 MM2H applications and approvals next year, bringing a projected revenue of about RM11.25 billion to the country.

The current “strict” MM2H scheme came about when in August 2021, the government announced new conditions for the programme such as the requirement for applicants to have permanent savings of at least RM1 million and a declaration of liquid assets of at least RM1.5 million.

MM2H applicants would also need an offshore income of at least RM40,000 a month, up from the RM10,000 per month required before the “strict” requirements.

Many stakeholders had said the current conditions were too restrictive and not attractive to potential applicants.

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