We are gathering input from affected participants in the Malaysia My Second Home programme regarding the announced changes.
The Malaysian government recently announced a number of changes to the MM2H programme, which is due to resume in October following a suspension to the programme for over a year.
Among other changes, the most controversial have been the requirement for monthly income being raised from RM10,000 to RM40,000; the required fixed deposit amount being increased to RM1 million; and provable liquid assets raised to RM1.5 million. The term of the visa has also been slashed in half, from 10 years previously to just five years now.
Agents, existing and expected MM2H visa holders, and outside parties have said these requirements will mean that very few people can actually qualify for the programme. A number of critics have stated that people who have this much income and wealth will have many options in where they settle, and most would likely look elsewhere besides Malaysia.
Though we have always advocated for MM2H, viewing it as an excellent initiative that brings tangible benefits to the country and to the Malaysian people, we of course believe it is the Malaysian government’s right to do as it sees fit with the MM2H programme going forward. If they want to reduce the number of future applicants, we feel that is their prerogative. However, to apply these restrictive changes retroactively to existing MM2Hers, many of whom came to Malaysia and settled here on the strength of a programme to which they were assured no major changes would be made, is another matter entirely.
For the last 19 years, the government has always allowed approved MM2H applicants to stay based on the rules at the time they applied. This has been an assurance which has been repeated and one which we (and other MM2H agents) have dutifully advised potential applicants about, communicating to them that they could trust the government to honour that commitment. So, along with other industry players, we are trying to get the new government to respect this.
To that end, we would appreciate any current or potential MM2H visa holder – particularly the former category – taking a few moments to complete this very short survey.
Click HERE to access the MM2H survey.
Your input is very much appreciated and will be valuable as we work to try and ensure existing visa holders are not forced to uproot their lives and leave Malaysia en masse as a result of any new MM2H requirements.
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