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PETALING JAYA: In a recent update, the Ministry of Tourism, Arts and Culture announced a new structure for the Malaysia My Second Home (MM2H) program. Now featuring three distinct levels – Silver, Gold, and Platinum – the program is tailored to meet various eligibility criteria.
Datuk Seri Tiong King Sing, the Minister, explained that the type of visa applicants receive will depend on the tier they qualify for.
The aim is to simplify and clarify the MM2H application process, which has faced criticism for its complexity,” said Datuk Seri Tiong King Sing in a statement issued on Friday (Dec 15).
Currently on a working visit to China, Tiong’s announcement follows his involvement in bilateral talks and promotional engagements with Chinese entities. These activities are part of a collaborative marketing initiative.
He emphasized that this new development coincides with the 50th anniversary of Malaysia-China diplomatic ties in 2024, presenting the revamped MM2H as a celebratory gesture for this significant occasion.
Tiong expressed optimism that the updated MM2H program will appeal to a broader range of applicants, boosting Malaysia’s profile as a desirable destination for those seeking a second home.
He mentioned that this restructured program is for a one-year trial period, during which it may experience further modifications in response to changing situations. This approach aims to maintain the program’s relevance and effectiveness.
The revamped MM2H program introduces several key changes in its eligibility criteria.
Firstly, they reduced age threshold to 30 years, broadening the scope for individuals aspiring to establish Malaysia as their secondary residence.
Secondly, all applications must now apply through MM2H agents officially recognized under the Tourism Industry Act 1992, ensuring a more efficient and secure application process.
A notable expansion has been made in the category of eligible dependents. The program, which previously included spouses, children under 21, and children with disabilities, now extends to non-working, unmarried children aged between 21 and 34. Additionally, parents and parents-in-law can now apply as dependents under the scheme.
The MM2H program’s Platinum tier demands a fixed deposit (FD) of RM5 million (around US$1.05 million). Participants can withdraw up to 50% of this amount after a year for specific purposes. This includes buying property (valued at RM1.5 million or more), healthcare expenses, and domestic travel within Malaysia.
For the Gold tier, the FD requirement is RM2 million (about US$420,800), with similar withdrawal options for property (minimum value of RM750,000), healthcare, and travel.
The Silver tier calls for a lower FD of RM500,000 (approximately US$105,000), also with comparable withdrawal allowances.
Participants must spend a total of 60 days in Malaysia annually. So, they meet the minimum stay condition, regardless of the tier chosen.
After a year-long suspension due to the Covid-19 pandemic, the MM2H program resumed on August 11, 2021, with updated requirements.
Under the revised 2021 guidelines, participants have to spend at least 90 days cumulatively in Malaysia each year. Additionally, they must demonstrate an offshore income of a minimum of RM40,000 monthly, a substantial increase from the previous RM10,000 requirement. Moreover, maintaining a fixed deposit account with at least RM1 million is mandatory.
Participants can withdraw up to 50% of this deposit for property investments, healthcare expenses, or funding their children’s education.
However, figures like Johor Ruler Sultan Ibrahim Almarhum Sultan Iskandar and other stakeholders have criticized these revised conditions as overly stringent, potentially deterring prospective applicants.
