MM2H Latest News 2021, August
The new Malaysia My Second Home (MM2H) conditions will dent the country’s revenues, frighten off investors and affect the country’s image in overseas, Johor Ruler Sultan Ibrahim Sultan Iskandar warned.
Johor Sultan was stressing that the government should be more compassionate and lenient towards foreigners keen on settling down in Malaysia otherwise foreigners would lose confidence in Malaysia.
“This is not the right time to raise fees,” Johor Sultan said in a Facebook post.
“When we continue to flip-flop on conditions, how can we promote Malaysia as an investment destination?”
“Drastic changes like this will tarnish our image and will make us a laughing stock of the world,” he warned.
The recent revision was pretty “negative” & “ridiculous” which even subject existing MM2H pass holders to the new conditions, and predicted that they would now leave the country.
“The review was supposed to make things better. But the new criteria are only going to drive investors and tourists away,” he said.
Sultan Ibrahim said the government should also consider reverting to the original MM2H conditions as they have been effective in promoting Malaysia as an international retirement destination.
After being frozen last year for “review and further improvements”, the home ministry announced on Aug 11 that the country’s long-term visa programme for foreigners would be back online in October.
Established in 2002, MM2H allowed foreigners to stay in Malaysia for 10 years, after which period it is renewable. The duration has now been reduced to five years, which was one of the 10 changes announced by the home ministry earlier this month.
Other important changes at MM2h Latest News & updates:
- Increase in an applicant’s compulsory fixed deposits (FD) in local banks from between RM150,000 and RM300,000 to RM1 million, and an increase in offshore monthly income from RM10,000 to RM40,000.
- Applicants need to have at least RM1.5 million in liquid assets, compared with between RM300,000 and RM500,000 previously – conditions which stakeholders agree would deter potential applicants.
- Successful applicants, who numbered nearly 39,000 as of last year, have brought in RM40.6 billion throughout the 19 years of the programme, mostly from property purchases and compulsory FDs in local banks.
The programme’s participants spent an estimated RM4.9 billion in 2017 and RM4.4 billion in 2018 on property, rent, vehicles and immigration fees. They have also contributed to sectors like medical, education, travel, hospitality, retail, F&B (food and beverage) and entertainment.
This article originally appeared on Free Malaysia Today. & summarized by us with the main point without major changes.
Important changes of MM2h Latest News are summarized as below (please refer with proper care, we do not represent any parties and this might not be the final decision / update, thank you.) :
- Participants need to be in the country for at least 90 cumulative days in a year and have an offshore income of at least RM 40,000 a month (previously: RM 10,000)
- Fixed deposit account of at least RM 1million with 50% maximum withdrawal for purpose of buying property or spending on health & children’s education (Previously: RM 300,000 ; RM 150,000 for those age over 50)
- New processing fees between RM 2,500 to RM 5,000 (previously did not have this)
- Applicants of MM2H are split into 2 categories: 1) age 35 to 49 ; 2) age 50 and above
- Every single family member of the MM2H applicants that he / she plans to bring to Malaysia will have to top up additional RM 50,000 for each family members.
- Renewal of VISA pass period from 10 years to 5 years
- Proof of liquid asset of RM 1.5million
- Letter of Good Conduct for all the participants/ applicants of MM2H.
MM2H is schedule to resume in October with applications to be reviewed by the Immigration Department. Previously was done by the Tourism, Arts & Culture Ministry.
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