PUTRAJAYA: Nine new conditions have been introduced to the updated Malaysia My Second Home (MM2H) programme, which will accept fresh applications starting October.
The new conditions will ensure participants contribute to the economy by renting or purchasing properties; spending on health services, insurance or education; domestic tourism which can generate income for locals; and household expenditures, said the government.
Applicants must have an offshore income of at least RM40,000 a month – a four-fold increase from RM10,000 monthly previously – as the government is targeting high-income earners for MM2H.
Home Ministry secretary-general Datuk Wan Ahmad Dahlan Abdul Aziz said participants must also have a fixed deposit with a minimum of RM1mil although a withdrawal of up to 50% will be allowed for purchasing properties, or spending on health services or their children’s education.
Prior to this, participants were required to have a fixed deposit of at least RM150,000 if they were above the age of 50 or RM300,000 if they were younger.
“We have also come up with two age categories to ensure those who are given MM2H passes have a stable income and employment,” he said. The two age categories are now 35 to 49, and 50 and above.
Applicants or spouses under the first age category will have to be in Malaysia for at least 90 cumulative days in a year, and, an additional RM50,000 in fixed deposit is required for each dependant – wife, children, parents or in-laws.
The validity of the MM2H pass, including extensions thereafter, is now five years instead of 10.
“Applicants must also prove that they have in their possession liquidable assets worth RM1.5mil instead of the previous amount of RM350,000 for (age) 50 and above or RM500,000 for those below 50.
The fee for the MM2H pass has been increased to RM500 a year from RM90 and a processing fee of RM5,000 will be charged for the principal and RM2,500 for each dependent.
Renewal of passes, change of principal, and change of citizenship of programme participants and dependants will also require participants to undergo security checks.
Wan Ahmad Dahlan said letters of good conduct must be produced as an additional security measure.
Wan Ahmad Dahlan said letters of good conduct must be produced for not just participants but also for their dependents as an additional security measure.