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Tourism Ministry to present policy paper on MM2H revamp soon

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Publish date: Fri, 01 Mar 2024, 07:33 PM

PUTRAJAYA (March 1): The Ministry of Tourism, Arts and Culture (Motac) will soon present a policy paper outlining the full guidelines for the revamped Malaysia My Second Home (MM2H) applications to the Cabinet, said Home Minister Datuk Seri Saifuddin Nasution Ismail.

“The role of the KDN [Ministry of Home Affairs] is only to approve Motac’s application process,” he said at a press conference on Friday. “We only have the authority to approve.”

Saifuddin, however, declined to comment when asked about the reasons behind the delay in finalising the MM2H guidelines.

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Last December, Motac Minister Tiong King Sing announced three-tier entry visas for the MM2H programme, requiring applicants to show proof of fixed deposits in local banks: RM500,000 for the silver tier, RM2 million for gold, and RM5 million for platinum.

The silver offers five-year residency and gold provides 15-year visa duration while platinum tier boasts opportunity for permanent residency status.

The review of MM2H rules was among the commitments announced by Prime Minister Datuk Seri Anwar Ibrahim in Budget 2024, in an attempt to spur investment activities in the country’s financial markets and property industry.

Malaysia saw a sharp 90% drop in MM2H applications when the programme was reintroduced in October 2021 due to stricter rules which included an increase in fixed deposit requirements to RM1 million from a minimum of RM150,000.

The previous rule also called for higher offshore monthly income at RM40,000 from RM10,000 as well as the requirement for RM1.5 million in liquid assets, up from between RM300,000 and RM500,000 prior to the pandemic.

The long-running programme was an initiative by the government to attract and allow foreigners who fulfil certain criteria to stay in Malaysia for as long as possible on a 10-year renewable social visit pass with multiple entry visa. 

 

https://www.theedgemarkets.com/node/703093

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