Real Estate and Housing Developers’ Association (Rehda) Malaysia is encouraged that the “new Unity government is taking a pragmatic approach” to review the conditions for the Malaysia My Second Home MM2H scheme which had been made stricter in 2021.
The previously set conditions have had damaging impact on the MM2H programme where Malaysia was not only losing to our neighbouring countries but also created a “perception” amongst foreign investors looking to invest in the country, Rehda stated in a media release.
“The government’s intent to review the requirements as well as facilitate and expedite the processing of MM2H applications via a one-stop centre is definitely a step in the right direction,” said Datuk NK Tong (pictured), president of Rehda.
“The [Tourism, Arts and Culture (Motac)] minister, Datuk Seri Tiong King Sing’s call for the review is extremely timely and will demonstrate that Malaysia remains open to more investment capital, even through this MM2H program. The ultimate beneficiary is the rakyat.
“As the economy prospers, the rakyat will too. We hope that this review will be speedy and decisive, and the outcomes will be attractive for potential MM2H participants moving forward, making Malaysia as THE preferred destination for a second home,” added Tong.
Motac announced yesterday that Putrajaya will review the terms and conditions for the MM2H scheme following reports of a 90% drop in applicants because of strict the requirements.
This came about after a meeting between Tiong and Home Ministry secretary-general Datuk Ruji Ubi.
“Both parties have agreed for an agency under Motac, Tourism Malaysia, to promote and provide recommendations for applications via a filtering process through an MM2H one-stop centre,” Motac said in a statement yesterday.
Tiong added that the application process for the programme would be made more flexible.