Malaysia attracts foreign property buyers

Malaysia attracts foreign property buyers with new tiers under MM2H programme (source: thestar.com.my)

Kuala Lumpur – The Malaysian Ministry of Tourism, Arts and Culture has announced the relaxation of conditions for the Malaysia My Second Home (MM2H) programme.

Accordingly, it will simplify the MM2H registration process, which has been criticised as too complicated.

Tourism, Arts and Culture Minister Tiong King Sing said the objective is to introduce more flexible and clear requirements, adding the revamped MM2H will be on trial for a year and can still be adjusted according to circumstances.

The minister expressed confidence that the revamped MM2H will attract a wider group of participants and boost Malaysia’s standing as a second home destination for foreigners.

Accordingly, three tiers have been introduced for the new MM2H programme, including platinum, gold and silver.

Under the Platinum tier, participants must have a fixed deposit (FD) of 5 million MYR (1.05 million USD). After one year, a maximum withdrawal of 50% is allowed for property purchase, healthcare and domestic travel within Malaysia.

The Gold tier sets the FD requirement at 2 million MYR with similar withdrawal provisions for property purchases (minimum value of 750,000 MYR and above), healthcare and domestic travel.

The Silver tier requires 500,000 MYR in FD with similar withdrawal provisions.

Irrespective of the chosen tier, all participants must fulfil the minimum stay requirement of residing in Malaysia for a cumulative total of 60 days annually.

The minimum age requirement of the revamped MM2H has also been been lowered to 30 years, together with an expanded list of eligible dependents.

For inpiduals aged 30 to 49, their residence in the country must be fulfilled by their principal, partners, or their dependents, respectively.

The MM2H programme, endorsed by the Malaysian Government, was introduced in 2002 to attract foreigners to make Malaysia as their second or holiday home.

The programme is open to all foreigners, irrespective of their age. Participants who meet the programme's requirements are given a Social Visit Pass with multiple-entry visa from the Malaysian Immigration Department, valid for 10 years and renewable thereafter.

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