KUALA LUMPUR (October 1): Malaysia My Second Home (MM2H) program reopens today, but excitement over the long-awaited reopening has been dampened by lack of clarity regarding its revised regulations, editor-in-chief said of EdgeProp Malaysia and Managing Director Au Foong Yee.
In Astro AwaniThe “Consider This” live show, hosted virtually by Melisa Idris and Sharaad Kuttan on September 30 at 10 p.m., Au pointed out that MM2H’s recently revised terms and conditions still have many unanswered questions.
“Although the program reopens tomorrow, it still lacks clarity. For example, what does the government mean by “high quality candidate”? Does that mean those with large bank accounts? “
She stressed that a commitment between government and stakeholders is essential to ensure that the program does not lose its focus of attracting eligible foreigners to settle in their second home in Malaysia and attract foreign investment. required.
“That’s why we need a commitment [between the government and stakeholders] to talk about the problems and find a solution together, ”said Au.
In August 2020, the government decided to abruptly suspend the program, saying it had to review policies that had not changed since 2002.
After a one-year hiatus, the government announced the reopening of the program, but with much stricter conditions in order to attract “high quality” candidates. Some of the revised conditions include the requirement for applicants to reside in Malaysia for at least 90 cumulative days per year, offshore income of at least RM 40,000 per month versus RM 10,000 previously, a fixed savings account of 1 million RM compared to at least 150,000 RM (over 50 years) and 300,000 RM (50 years and under) previously, as well as cash of at least 1.5 million RM against at least 350,000 RM previously .
(Read MM2H is back, but will it stay?)
In addition, the duration of the visa has also been set at five years and can be extended for an additional five years as long as participants meet the conditions set, up from 10 years previously.
“Everyone knows what MM2H is and why we do it. At this point we just have to make the decision – [does] Malaysia still wants the program or not? And why do we want it and what must we do to keep the goal?
“After spending a year reviewing the terms and conditions, the program will resume with a lot of surprises. It is certainly not going to do well for Malaysia’s image, ”said Au.
(Read MM2H: Are we serious?)
Asked about concerns over the growing number of foreign landlords in Malaysia, Au is confident that the law will ensure the rights of local housing seekers are protected.
“First, the money of MM2H candidates does not flow directly into the accounts of developers [alone] because it is not necessary for them to invest in local real estate. Even if they wanted to invest [in property], What’s wrong with that? Our law governs the purchase of our real estate abroad. There is nothing to worry about.
“What we should be worried about is whether we still want the program and its economic contribution to the country. If we want to, the government should sit down and discuss the concerns with the stakeholders. Commitment is important, putting your ear to the ground is also very important, ”concluded Au.
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