Significant changes to the Malaysia My Second Home (MM2H) program are set to be announced in mid-December, according to Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing. These changes are expected to include major adjustments to the MM2H threshold, making it more appealing to potential applicants.
The Malaysian government is aiming to ease the stringent conditions of the MM2H program to encourage tourism and foreign investments. Prime Minister Datuk Seri Anwar Ibrahim announced this initiative while presenting Budget 2024 in October. The Ministry of Tourism, Arts and Culture hopes to attract between 10,000 and 15,000 MM2H applications and approvals in the coming year, generating an estimated revenue of about RM11.25 billion for the country.
One of the proposed changes includes a review of the agents involved in the MM2H scheme, requiring them to re-register. Background checks will be conducted to ensure transparency and suitability. Additionally, there will be a fixed consultancy fee to enhance fairness and transparency.
The current MM2H program, which was implemented in August 2021, includes strict conditions such as a requirement for applicants to have permanent savings of at least RM1 million and a declaration of liquid assets of at least RM1.5 million. Applicants must also have an offshore income of at least RM40,000 per month, a significant increase from the previous requirement of RM10,000 per month.
The upcoming changes aim to make Malaysia a more attractive destination for those seeking to make it their second home.