The Ministry of Tourism, Arts and Culture (Motac) is gearing up to present a detailed policy paper to the Cabinet, outlining the full guidelines for the revamped Malaysia My Second Home (MM2H) applications, announced Home Minister Datuk Seri Saifuddin Nasution Ismail during a recent press conference. This move comes as part of the government’s efforts to refine and rejuvenate the program, aiming to attract more foreign nationals by offering an attractive residency option in Malaysia.
Saifuddin Nasution highlighted the role of the Ministry of Home Affairs (KDN) in the MM2H application process, stating, “The role of the KDN is only to approve Motac’s application process. We only have the authority to approve.” The Home Minister refrained from commenting on the delays in finalizing the MM2H guidelines, indicating that the upcoming policy paper will provide the necessary clarity and direction.
In December, Motac Minister Tiong King Sing introduced a new tiered visa system for the MM2H program, designed to cater to a broader range of applicants through differentiated financial requirements and benefits. The proposed system includes three tiers: silver, requiring a RM500,000 fixed deposit in local banks; gold, with a RM2 million requirement; and platinum, necessitating RM5 million. These tiers correspond to varying lengths of residency, with the silver tier offering a five-year visa, the gold tier providing a 15-year duration, and the platinum tier presenting an opportunity for permanent residency.
This restructuring of the MM2H program aligns with the government’s broader strategy to stimulate investment in Malaysia’s financial markets and property sector. Announced by Prime Minister Datuk Seri Anwar Ibrahim in Budget 2024, the review seeks to address the significant decline in MM2H applications experienced after the program’s relaunch in October 2021. The relaunch saw stricter requirements, including increased fixed deposit thresholds and higher minimum offshore monthly incomes, which contributed to a 90% drop in applications.
The MM2H program has been a pivotal initiative by the Malaysian government to attract foreign nationals, offering them the chance to reside in Malaysia on a renewable 10-year social visit pass with a multiple entry visa. The forthcoming guidelines aim to revitalize the program, ensuring it remains a competitive and appealing option for prospective applicants seeking a second home in Malaysia.
