PETALING JAYA, 22 June 2023 – In an effort to rejuvenate the Malaysia My Second Home (MM2H) programme, the Malaysian government plans to introduce three categories with varying requirements: Platinum, Gold, and Silver. Each category will have different levels of requirements, with Platinum having the most stringent criteria and Silver being the least stringent. The specific requirements for each category have yet to be disclosed, but they are anticipated to be based on factors such as the applicant’s permanent savings, liquid assets, and offshore income.
This move comes as a response to a significant decline of 90% in MM2H applications in recent years, as the existing requirements were deemed excessively strict for many potential applicants.
To streamline the application process, the government intends to establish a dedicated one-stop centre under the Ministry of Tourism, Arts and Culture (Motac). This centre will handle all aspects of the MM2H programme, making it more convenient for applicants to apply and obtain the necessary approvals.
The detailed changes to the MM2H programme are slated to be announced later this year. The government aims to enhance the attractiveness of the programme to prospective applicants, while also attracting more foreign investment and tourism to Malaysia.
Among the potential changes being considered are reducing the minimum required amount of permanent savings, allowing a combination of liquid assets and offshore income to meet the requirements, and waiving the necessity for applicants to have a local sponsor.
The government is currently finalizing the specifics of the revamped MM2H programme, and further details are expected to be unveiled later this year.