State records four MM2H applications for property purchases

The state has collected more than RM50,000 in levy for real estate purchases by applicants under the Malaysia My Second Home (MM2H) programme, says Datuk Seri Saarani Mohamad.

The Mentri Besar said based on the state eTanah system, the levy collected was recorded from 2020 until Nov 1 this year.

“From 2020 until November 2023, Perak Land and Mines Director’s office received four applications under MM2H for property purchases,” he said during the question-and-answer session.

Several states including Penang, Melaka and Johor currently impose a levy on foreigners buying real estate under the programme.

Earlier Wong May Ing (PH-Pantai Remis) asked about the status of the programme since its launch in 2010.

MM2H was first introduced by the Federal Government in 2002 as a way to attract foreigners and expats who wished to apply for long-term passes to stay and work in Malaysia, subject to terms and conditions.

Saarani said among the requirements were applicants must have at least RM1mil savings, their income must be RM40,000 a month and have at least RM1.5mil of liquid assets.

On Dec 4, Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing said the government would be announcing a revision of MM2H requirements in mid-December, following a steep drop in applicants.

The ministry targets to attract between 10,000 and 15,000 MM2H applications and approvals next year, with a projected revenue of about RM11.25bil.

The MM2H programme was reactivated on Aug 11, 2021, after it was put on hold for a year because of the Covid-19 pandemic.

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