The Malaysia My Second Home (MM2H) program, aimed at attracting foreign investors and tourists to Malaysia, has experienced significant success in the post-pandemic era. Between November 2021 and the end of September 2023, a total of 2,164 applications were submitted, of which 1,905 (88%) have been approved.
Additionally, the Premium Visa Programme (PVIP), designed to encourage foreign investment and residence in Malaysia, has seen 57 applications processed. Out of these, 28 have already been approved, while the remaining 29 are awaiting final approval.
These developments were revealed by Datuk Seri Tiong King Sing, Malaysia’s Minister of Tourism, during a session at the Dewan Rakyat. Tiong explained that the Ministry of Tourism, Arts and Culture (MOTAC) and the Home Ministry are continuously reviewing the MM2H program’s requirements to ensure its attractiveness and competitiveness.
In contrast, the PVIP program’s requirements, including a RM40,000 offshore monthly income, RM1 million local fixed deposit, and a RM200,000 participation fee, are overseen by the Home Ministry and the National Immigration Department.
The MM2H program has varying conditions based on the region, including different minimum stay periods, local fixed deposit, and minimum age requirements between East and West Malaysia. It also requires proof of RM40,000 to RM70,000 offshore monthly income and RM1.5 million in liquid assets (for Peninsular Malaysia).
Prime Minister Datuk Seri Anwar Ibrahim recently announced in the Budget 2024 that the government would ease existing conditions for MM2H applications to boost tourism and foreign investments in Malaysia. He also pledged to introduce new initiatives under the Malaysian Visa Liberalisation Plan, such as a Long-Term Social Visit Pass for international students who have graduated to meet industrial skilled personnel needs and improve Visa-On-Arrival facilities, social visit passes, and Multiple Entry Visa offers to encourage more tourists and investors, especially from India and China. These measures are expected to further enhance Malaysia’s appeal to foreigners.