KUALA LUMPUR, June 15 — New participants of the Malaysia My Second Home (MM2H) programme are not eligible for permanent residency, said Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing.
In a Facebook post today, Tiong announced the government will introduce new requirements for the MM2H programme.
“With this new approach, the Tourism, Arts and Culture Ministry (Motac) is confident MM2H will attract participants from target groups, especially high net-worth individuals and digital nomads.
“The presence of these groups is expected to boost the local economy, especially in the tourism, housing, education and medical industries, making Malaysia a highly competitive global hub,” he said.
Introduced in 2002, MM2H allows foreigners to purchase property and reside in Malaysia. It was temporarily frozen in August 2020 for a review by the Home Affairs Ministry and Motac.
Since October 2021, new MM2H applications have been handled by the Immigration Department, covering application processing services and logistics.
According to an infographic shared by Tiong in the same post, MM2H applicants are categorised into three tiers — Platinum, Gold and Silver..
The general conditions for all three categories include being open to foreigners from countries with diplomatic relations with Malaysia, being at least 25 years old, submitting all applications through the MM2H One-Stop Centre, and staying in Malaysia for at least 90 days per year.
MM2H criteria includes a fixed deposit of US$1 million (RM4.7 million) for Platinum, US$500,000 for Gold, and US$150,000 for Silver.
Tiong said Motac has started processing MM2H Tourism Business Operation Licences based on the new conditions.
Tiong said agents approved for the MM2H Tourism Business Operation Licence under the new requirements can submit new participant applications at the MM2H One-Stop Centre in Putrajaya.
He said the new MM2H Tourism Business Operation Licence requirements include raising the company’s minimum paid-up capital from RM50,000 to RM200,000, setting the annual licence fee at RM2,500, and having valid business premises.
“These new requirements were introduced to enhance the credibility and accountability of MM2H-licensed business operation companies. Additionally, these requirements aim to provide more comprehensive protection for participants of the programme,” he said.
He said more details will be outlined in the MM2H Tourism Business Operation Licence Application Guidelines, available on the Motac website.
Any enquiries regarding MM2H licensing can be emailed to [email protected].
— Bernama
