Expect positive changes to MM2H in mid-December. Minister Tiong emphasizes agent scrutiny for transparency. PM aims for tourism boost and higher foreign investments.
PETALING JAYA, 4th Dec – Substantial revisions have been made to the stringent conditions governing applications for the Malaysia My Second Home (MM2H) program, with an official announcement expected in mid-December.
Pending the finalization of certain details, Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing disclosed to The Star that these changes would be positive, emphasizing significant adjustments to the MM2H threshold. The official announcement is scheduled for mid-December following a comprehensive review.
Tiong also revealed plans to scrutinize agents involved in the MM2H scheme, requiring them to re-register. Existing MM2H consultant agents will not receive automatic recognition; their backgrounds will be thoroughly vetted, and unsuitable agents will be removed.
Additionally, Tiong advocates for a fixed consultancy fee to ensure transparency and fairness in the process.
In October, Prime Minister Datuk Seri Anwar Ibrahim announced the government’s intention to relax the stringent conditions of the MM2H program, aiming to boost tourism and foreign investments in Malaysia as outlined in Budget 2024.
The Tourism, Arts, and Culture Ministry aspire to attract 10,000 to 15,000 MM2H applications and approvals next year, projecting a revenue of about RM11.25 billion for the country.
The current stringent MM2H scheme, established in August 2021, imposed new conditions, including the prerequisite for applicants to have permanent savings of at least RM1 million and a declaration of liquid assets amounting to at least RM1.5 million. Applicants are also required to have an offshore income of at least RM40,000 per month, an increase from the previous RM10,000 per month.
Stakeholders criticized the existing conditions as overly restrictive and unappealing to potential applicants.
