The government guarantees that participants in the MM2H program will not be subject to new conditions
October 5, 2021
The government guarantees that participants in the MM2H program will not be subject to new conditions
Hamzah Zainudin said the government had improved the conditions of the MM2H program based on economic factors, security, benchmarking with other countries.
KUALA LUMPUR: The government has given an assurance that participants of the Malaysia My Second Home (MM2H) Program will not be subject to the new conditions, except for the increase in pass fees from RM90 to RM500 a year.
Home Minister, Datuk Seri Hamzah Zainudin stressed, apart from that, they are only subject to the condition of a minimum period of stay in Malaysia of 90 days for a period of one year cumulatively.
"However, for all new participants, they need to meet the new policy of the MM2H Program to ensure that the MM2H Program participants in Malaysia are truly genuine , of high quality and able to make a positive contribution to economic growth," he said.
He said this when winding up the 12th Malaysia Plan (RMK-12) in the Dewan Rakyat here, on Tuesday.
Commenting further, Hamzah said, the government has improved the conditions of the MM2H program based on economic factors, security, benchmarking with other countries, the results of a study report by a consultant appointed by the Ministry of Tourism, Arts and Culture (MOTAC) and the findings of the National Audit Department as well. part of a strategy to support the National Recovery Plan (VAT).
However, he said, the policy changes for the MM2H program were not implemented drastically because the initial assessment had been made since 2019 and also involved several ministries or agencies that were interested.
“Studies involving stakeholders from the private sector have also been carried out by MOTAC through the appointment of consultants.
The Home Ministry and MOTAC have reviewed the policies and conditions regarding the program before announcing the reactivation of the MM2H program," he explained.
According to him, the main objective of the implementation of MM2H is to provide opportunities for high quality retirees and participants to live and spend in Malaysia.
Meanwhile, for the purpose of doing business, investing and finding employment, he said, the Malaysian Immigration Department has issued other pass facilities such as expatriate passes and resident-talent passes .
Monthly income required to qualify is increased from RM10,000 to RM40,000 a month (roughly US$9500 or £6800)
You need to show liquid assets amounting to RM1,500,000 in order to apply for the visa.
The fixed deposit requirement is increased to RM1,000,000 (roughly US$236,000; GB £170,000). It was previously RM150,000 if you were over 50, and RM300,000 for those under 50 years of age. (Up to RM500,000 can be withdrawn for education, health care or buying a house). In addition, RM50,000 must be placed for each dependent
You must spend 90 days a year in Malaysia.
The minimum age is increased from 21 to 35. We assume that is only the principal applicant.
Government charges are increased dramatically. The annual visa fee will be RM500 up from RM90 and there will be a processing fee charged by immigration of RM5,000 for the principal applicants plus RM2,500 for each dependent.