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Three-tier MM2H to be a permanent feature, says Tiong

Publish date: Tue, 18 Jun 2024, 11:24 PM

PETALING JAYA: The new three-tier category system for the Malaysia My Second Home (MM2H) programme will be a permanent feature, says Datuk Seri Tiong King Sing.

The Tourism, Arts and Culture Minister said the programme would remain unchanged to bolster the country's reputation, a decision endorsed by the MM2H Special Committee.

"Many people are concerned about whether the new MM2H framework will undergo further adjustments, causing confusion among applicants.

"The Special Committee has clarified that the newly implemented MM2H framework and regulations will not be modified after changes to the political landscape or Cabinet reshuffles," he said.

He explained that the ministry had taken a considerable amount of time to review and rectify shortcomings of the previous MM2H application conditions.

"The programme will not see changes in the coming years. We don't want flip-flopping on MM2H," he said in an interview on Tuesday (June 18).

Under the newly announced MM2H programme, applicants are divided into three tiers: Platinum, Gold, and Silver. The Platinum category requires a fixed deposit of US$1mil, the Gold category requires US$500,000 and the Silver category requires US$150,000, alongside specific criteria and conditions.

Tiong also said that MM2H applicants are not allowed to sell the property within 10 years of its purchase.

However, if an applicant wishes to do so, the original property can be sold but the value of the new property must exceed that of the original.

"For instance, if the property purchased by a Platinum category applicant is valued at RM2mil, the new 'upgraded' property must be higher than RM2mil," he said.

He also pointed out that MM2H participants' children are not allowed to enrol in primary or secondary schools under the government system but can continue their studies at Malaysian higher education institutions certified by the Malaysian government.

Introduced in 2002, the MM2H programme allowed foreigners to purchase property and reside in Malaysia before it was temporarily frozen in August 2020 for the Home Ministry and the Tourism, Arts and Culture Ministry to be comprehensively reviewed.

The MM2H programme was reactivated on August 11, 2021, with revised conditions after being put on hold for a year due to the Covid-19 pandemic.

Under the 2021 conditions, participants must spend a minimum of 90 cumulative days in the country annually, have an offshore income of at least RM40,000 per month (increased from RM10,000), and maintain a fixed deposit account of at least RM1mil, a requirement described by many as too restrictive.

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