Govt relaxes rules for existing MM2H holders

 

Among those who have called for the new MM2H conditions to be reviewed was Johor’s Sultan Ibrahim Sultan Iskandar, who said it would dent the country’s revenue and frighten off investors.

PETALING JAYA: The government has eased up on the new rules for the Malaysia My Second Home (MM2H) programme, with those already enrolled needing to only comply with two of the 10 new requirements.

Home minister Hamzah Zainudin said existing MM2H programme holders would not be tied to the new conditions, except for the fee increase from RM90 to RM500 a year, and the requirement to stay in the country for a minimum of 90 days each year.

“The improvements are to ensure that only those who are of ‘good quality’ and who can really contribute to the nation’s economy are allowed to join the programme,” he said at the Dewan Rakyat today.

The programme was suspended in July 2020 before being rolled out once again this August with 10 new requirements.

Among the new requirements were higher compulsory fixed deposits (FD) in local banks worth RM1 million (from between RM150,000 and RM300,000) and offshore monthly income of RM40,000 (from RM10,000).

The new conditions also require applicants to have at least RM1.5 million in liquid assets, compared with between RM300,000 and RM500,000 previously.

Among those who have called for the new MM2H conditions to be reviewed was Johor’s Sultan Ibrahim Sultan Iskandar, who said it would dent the country’s revenue and frighten off investors. - FMT