00:00The Malaysia My Second Home program has been revamped by the government to strengthen the
00:06economy and offer better benefits to new visa holders.
00:10Unlike the 2021 changes targeting high net worth individuals, the new MM2H has more relaxed
00:15requirements with the onerous monthly income and liquid asset requirements removed.
00:20The new program now involves three categories, silver, gold and platinum, with the fixed
00:26deposit requirement now fixed at between US$150,000 to US$1 million for the highest
00:33tier.
00:34Previously, principal applicants needed to deposit RM1 million plus RM50,000 per dependent,
00:40have a monthly income of RM40,000 and possess at least RM1.5 million in liquid assets to
00:46obtain a five-year multiple entry visa.
00:48The liquid asset clause and hike in the required fixed deposit, compared with RM300,000 between
00:542002 and 2019, had deterred middle-income applicants.
00:58However, there are some stricter conditions under the MM2H.
01:03Passholders must now purchase residential property of a certain value based on their
01:06visa category and hold on to the property for at least 10 years.
01:11The new MM2H conditions nonetheless minimize overlaps with similar programs offered by
01:15Sabah and Sarawak, which are more affordable and cater more to the lower middle-income
01:19crowd.
01:21Demandatory property purchases are also expected to reduce property overhang in key states,
01:25improving the market and local property values.
01:29Danish Rajareza, FMT News.
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