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WHY has there been silence from the housing developers’ association, the food and beverage industry and other sectors that benefitted from the presence of Malaysia My Second Home (MM2H) participants against the revised guidelines that might force them to leave in droves? They should voice and lend their support to the community.
The MM2H programme is mired in a situation that could potentially cost the country billions in the outflow of funds and overhang of vacant properties.
In August 2020, the Home Ministry announced that MM2H will be reintroduced with improvements to its policies and application conditions so as to balance security and economic aspects. The reasons cited for the revision was that the program had not been updated or reviewed for almost 20 years and that there was a need to ensure those who are here are capable of helping us economically.
Principally, the improvements cited were:
- Increase in the offshore income requirement from RM10,000 to RM40,000 per month
- Increase in the fixed deposit requirement from the current RM300,000 to RM1 million, where a maximum withdrawal of 50% is allowed for property purchase, healthcare, and education. For every dependent that the principal applicant intends to bring in, an additional RM50,000 per dependent is required in the fixed deposit account
- At least RM1.5 million in liquid assets
- A reduction in the tenure of the renewable multiple-entry visa from 10 to 5 years,
- MM2H holders must stay in Malaysia for at least 90 days per year.
In a news report on September 1, the Home Ministry reportedly said although the program was suspended in September 2018 before being reopened only to be frozen in July 2020 again, this is the first time the programme was being revised, almost 20 years since its implementation in 2002,
To date 57,478 foreigners have been given long-term MM2H passes – comprising 28,249 principals and 29,229 dependents – even though more than 7,000 people enrolled in the programme were believed to not be residing in Malaysia. The country’s economy was stimulated with a cumulative gross value-added income of RM11.89 billion from 2002 to 2019 through visa fees, property purchases, personal vehicle purchases, fixed deposits, and monthly household expenditure from the MM2H program since its inception in 2002.
Based on the reply by the Tourism, Arts and Culture Minister to Parliament in November 2020, where she said the country recorded over RM2.7 billion in revenue through the programme in 2018, RM2.5 billion in 2019 and RM214 million in 2020, it appears that almost 50% of the cumulative gross value-added income of RM11.89 billion was spent by the participants of the MM2H in the three years preceding the closure of the country’s borders.
The increase spending appears to be in tandem with and coincides with the increase in number of participants for the MM2H programme.