The state government has approved in principle the policies for the setting up of the Sabah-Malaysia My Second Home (SBH-MM2H) scheme.
“The state cabinet has approved the policies which govern the prerequisites for participation in the programme such as age requirement, medical certification and a fixed deposit account in Sabah,” Minister of Tourism, Culture and Environment Datuk Christina Liew announced in a statement that was reported by the Borneo Post yesterday.
Liew revealed that a fixed deposit of RM200,000 along with a bank account with any bank were among the conditions for applicants of the SBH-MM2H.
They are also only eligible to buy apartments worth a minimum of RM600,000, she said.
“There must be a minimum stay of 30 days a year and the approved duration for an individual or family is for 5+5 years in Sabah only.
“The applicants must have a good conduct certificate from their country of origin and a medical check-up certificate,” she added, according to a report by The Star.
Liew said she is optimistic that the programme will attract participants who fulfil the qualifying criteria.
“It is anticipated that these participants will create a significant impact on the state’s economy, especially in real property development and the tourism industry,” she added.