MM2H Programme to be Reactivated in October

The Malaysia My Second Home (MM2H) programme will be reactivated with improvements to policies and application conditions to balance the security and economic aspects.

Home Ministry secretary-general Datuk Wan Ahmad Dahlan Abdul Aziz said new applications for the programme will be processed and managed by the Immigration Department beginning October after all legal processes are completed.

Wan Ahmad Dahlan said among the improvements to the MM2H programme is the setting of a ceiling on the number of participants, namely the principals and dependants, at any one time, with not more than 1% of the total Malaysian population. These are some of the key requirements: -

• Applicants must reside in Malaysia for a cumulative of at least 90 days in a year to ensure they really spend and contribute to the country's economy, in the form of property rentals or purchases, healthcare services, insurance, education, food and drinks as well as domestic tourism.
• Participants must have an offshore income of at least RM40,000 a month compared with RM10,000 previously. The new income conditions are more relevant as the government is targeting high-income participants with adequate capabilities. This includes expenses spent on children's education in international schools for instance, and a suitable lifestyle matching their living standards.
• Applicants need to have a fixed savings account of RM1 million, compared with previous conditions of at least RM150,000 for applicants above 50 years old and RM300,000 for those 50 years old and below.
• Participants also need to make an asset declaration and prove that they own liquid assets of at least RM1.5 million compared with previous conditions that set the value of liquid assets at RM350,000 and RM500,000 according to respective categories, he added.
• The duration of the MM2H programme long-term social visit pass is now set to five years and can be extended for another five and so on as long as participants are subject to the compliance of the application conditions, compared with 10 years previously.
• The rate of the pass fee is increased to RM500 a year from RM90 previously, while an RM5,000 processing fee will be charged for the principal and RM2,500 for each dependent.
• For renewal of passes, change of principals, change in nationality, participants, and dependents must undergo and pass security vetting, and submit a Letter of Good Conduct for participants and dependents. 

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Source: https://www.theedgemarkets.com/