Realtors wary of new MM2H rules on finance, PR

 

The government recently announced changes to the MM2H programme which is aimed at providing long-term residence for wealthy foreigners. (Bernama pic)

PETALING JAYA: An international realtors association has expressed concern over recent changes to the Malaysia My Second Home (MM2H) programme, which might affect “the overall mix of participants and the programme’s overall appeal”.

Firdaus Musa, president of the International Real Estate Federation (Fiabci) Malaysia, said the association welcomed the lower age of eligibility for the MM2H programme.

However, there are concerns over the introduction of permanent residence for certain MM2H participants, and the new higher fixed deposit required for the highest category of applicants.

He said the expansion of the programme to include those aged 30 and above, departing from the previous age limit of 35 had the potential to spur and invigorate real estate opportunities while enhancing Malaysia’s global connections, Bernama reported.

The introduction of three distinct categories – Platinum, Gold and Silver – provided options catering to diverse financial capacities and preferences for individual applications.

However, there are concerns over the high financial requirements of a fixed deposit, especially for the Platinum pass (RM5 million or US$1.05 million).

Fiabci Malaysia said the requirements might be challenging for some applicants and potentially limit the programme’s inclusivity.

It said that the introduction of permanent resident eligibility for Platinum pass holders could make some potential participants hesitant to apply. The government might face some local opposition to granting permanent resident status to MM2H pass holders.

“While reducing the minimum age is commendable, there are concerns about how the changes might affect the overall mix of participants and the programme’s overall appeal,” it said.

Fiabci Malaysia said it is important to find a balance that attracts good-quality global citizens while ensuring the sustainability and easy accessibility of the programme.

The association hoped to have discussions to refine the programme further, “making it a win-win for both the property sector and the nation”. - FMT