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MM2H programme participants must now have RM5mil in fixed deposit, says Tourism Minister

Publish date: Sat, 15 Jun 2024, 09:02 AM

KUALA LUMPUR: The Tourism, Arts and Culture Ministry has officially announced the updated Malaysia My Second Home (MM2H) programme. The "Platinum" category now requires participants to maintain RM5mil in a fixed deposit but no longer offers the option of permanent residence (PR) status.

The newly introduced MM2H programme features three categories, differentiated by the amount of fixed deposit (FD) kept onshore. The "Platinum" category is designated for those maintaining RM5mil in FD.

Previously, the "Platinum" category, as released last December, was eligible for obtaining PR status. However, in the updated version announced on Friday (June 14), this offering has been removed.

Its Minister Datuk Seri Tiong King Sing (pic) said participants in all categories of the MM2H program are not eligible to apply for PR status.

He reiterated that it will not continue using the original agents, these updated conditions will serve as the standards for processing and approving licences for agents under the MM2H programme.

All agents with expired licences must reapply according to the new regulations and conditions. They will undergo a strict background check, and those found unqualified will not have their licences renewed.

"We have no intention of making things difficult for anyone. Instead, we hope to establish a more complete mechanism to protect the interests of all parties, thereby ensuring the continued successful implementation of this programme and bringing positive benefits to the national economy," he said in a statement on Friday.

Among the new conditions for obtaining a business licence to operate tourism under the MM2H programme, the paid-up capital requirement has been raised from RM50,000 to a minimum of RM200,000. The annual licence fee is set at RM2,500. Business premises must have a valid address, and companies are required to provide a bank guarantee amounting to RM200,000.

Companies must also establish contracts and register representatives, which may include foreign businesses or individuals. Detailed explanations of these conditions can be found in the MM2H Business Licence Application Guidelines, available on the Ministry's website.

Engagement in business, investment activities, or employment in Malaysia is exclusively granted to participants in the "Platinum" category. Those in the "Gold" and "Silver" categories are not permitted to engage in such activities. Special cases requiring exceptions must be individually submitted to the relevant authorities for approval.

Under the "Platinum" tier, participants must maintain a fixed deposit (FD) of RM5mil (approximately US$1.05mil). After one year, a maximum withdrawal of 50% is allowed for property purchase (with a minimum value of RM1.5 million), healthcare, and domestic travel within Malaysia.

The "Gold" tier requires an FD of RM2mil (approximately US$420,800) with similar withdrawal provisions for property purchases (minimum value of RM750,000), healthcare, and domestic travel.

The "Silver" tier requires RM500,000 (approximately US$105,000) in FD with similar withdrawal provisions.

Irrespective of the chosen tier, all participants must fulfil the minimum stay requirement of residing in Malaysia for a cumulative total of 60 days annually.

At present, intermediary companies that comply with the new regulations and have obtained operating licences can submit their applications for the MM2H program at the one-stop MM2H centre counter in Putrajaya. Once the system is fully operational, applications will also be accepted online.

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