Malaysia’s revamped Malaysia My Second Home (MM2H) programme under the “Silver” plan now requires foreign applicants to invest over RM1.3 million by purchasing property worth at least RM600,000 and placing US$150,000 (approximately RM710,000) in a fixed deposit. This change reflects Malaysia’s effort to attract high-value residents. However, Ananth suggests that tapping into the potential of ex-Malaysians could significantly boost business and investment opportunities in the country.
New Criteria for MM2H Silver Plan
Under the new MM2H Silver Plan criteria, foreigners must:
- Purchase property worth at least RM600,000
- Place US$150,000 (approximately RM710,000) in a fixed deposit
Previously, applicants were required to place RM1 million in a fixed deposit, indicating a shift towards encouraging property investment alongside financial security.
Potential of Ex-Malaysians
Ananth emphasizes the immense potential of ex-Malaysians as a target market for business and investment in Malaysia. Many Malaysians who have moved abroad remain keen on exploring business and networking opportunities in their home country. However, the current MM2H programme primarily targets retired expatriates, missing out on the valuable contributions ex-Malaysians can make.
Challenges Faced by Malaysian Emigrants
One of the major challenges faced by Malaysian emigrants who wish to engage in business activities in Malaysia is the absence of a suitable visa category. Many visit Malaysia on tourist visas, which restrict their ability to conduct business effectively. The bureaucratic and regulatory hurdles further complicate establishing a business presence in Malaysia, leading to missed opportunities for both individuals and the country.
Proposed Solutions
Ananth suggests creating a specific category within the MM2H programme or a parallel initiative targeting ex-Malaysians. This new category should offer:
- Flexible visa terms
- Reduced bureaucratic hurdles
- Specific incentives, such as simplified registration processes and tax breaks
Leveraging Ex-Malaysians for Economic Growth
By focusing on former Malaysians, Malaysia can tap into a unique and valuable resource. Ex-Malaysians speak Malay, understand business and cultural sensitivities, and have international experience. Encouraging their return with business-friendly policies could drive innovation, collaboration, and economic growth.
Proposed Initiatives
To make this initiative successful, Malaysia could:
- Establish networking platforms and business forums specifically for ex-Malaysians, facilitating easier connections between these individuals and local businesses.
- Offer tax breaks and simplified registration processes to make it easier for ex-Malaysians to establish businesses.
- Create business-friendly policies that reduce bureaucratic hurdles and encourage investment.
Conclusion
Revamping the MM2H Silver Plan and creating a specific category for ex-Malaysians can significantly boost Malaysia’s economic growth. By leveraging the skills, knowledge, and networks of ex-Malaysians, the country can attract high-value investments and foster innovation. This strategic move could differentiate Malaysia from other countries and tap into a unique and valuable resource, driving long-term economic benefits.
