“”Platinum” MM2H participants must hold RM5 million in a fixed deposit account under new MOTAC conditions, with specific withdrawal options for property, healthcare, and travel.”
Kuala Lumpur, 17th June 2024, 12.00pm – The Tourism, Arts and Culture Ministry (MOTAC) officially announced new conditions for the Malaysia My Second Home (MM2H) programme yesterday.
Notably, the ministry will discontinue the use of original agents. Agents with expired licenses must reapply under the new regulations and conditions.
Additionally, the ministry will no longer offer the option for some participants to apply for permanent residence (PR). Previously, participants in the top “Platinum” category were eligible for PR.
In December, MOTAC categorized applicants into three tiers: “Platinum,” “Gold,” and “Silver.” Now, participants in all categories of the MM2H program are not eligible to apply for PR.
Additionally, “Platinum” participants must maintain RM5 million in a local fixed deposit account.
“We are not aiming to complicate matters. Instead, we seek to create a more comprehensive system to safeguard the interests of all parties, ensuring the program’s continued success and benefiting the national economy,” stated Minister Datuk Seri Tiong King Sing in a report by The Star yesterday.
Platinum participants can withdraw up to 50% of their RM5 million fixed deposit after a year for property purchases (minimum RM1.5 million), healthcare, and travel within Malaysia.
Gold participants must maintain RM2 million in a fixed deposit account, with similar withdrawal provisions for property purchases (minimum RM750,000), healthcare, and domestic travel.
Silver participants are required to have RM500,000 in a fixed deposit account, with the same withdrawal options.
According to the same report, participants in all three tiers must meet the minimum residency requirement of 60 days per year in Malaysia.
Only “Platinum” participants are permitted to engage in business, investment activities, or employment in Malaysia, while those in the “Gold” and “Silver” categories are not allowed to participate in such activities.
Meanwhile, Tiong stated that agents approved under the new requirements for the MM2H Tourism Business Operation Licence can start submitting new participant applications at the One-Stop Centre, Malaysia My Second Home (OSC MM2H) in Putrajaya, according to Bernama.
The updated requirements for the MM2H Tourism Business Operation Licence include increasing the company’s paid-up capital from RM50,000 to a minimum of RM200,000, setting the annual licence fee at RM2,500, and maintaining a business premises with a valid address.
“These new requirements are designed to bolster the credibility and accountability of licensed MM2H business operation companies. Furthermore, they aim to offer more comprehensive protection for program participants,” he stated in the Bernama report.
He added that further details about these requirements will be provided in the MM2H Tourism Business Operation Licence Application Guidelines, which will be available on the MOTAC website.
