MM2H participants essential for growth

GEORGE TOWN: More Malaysia My Second Home (MM2H) participants are needed to boost the nation’s fragile economy which has been impacted by the Covid-19 pandemic.

Real Estate and Housing Developers Association (Rehda) Penang chairman Tan Hun Beng said the recently announced requirements could have a negative effect on the economy.

He said those who find it difficult to fulfil the new criteria may sell their property if they can’t renew their permit.

“There are over 50,000 MM2H participants in the country contributing about RM12bil to the Malaysian economy,” said Tan during a press conference by state local government, housing, town and country planning committee chairman Jagdeep Singh Deo in Komtar here on Friday.

Jagdeep said it is also unfair to increase the fixed deposit requirment from RM150,000 to RM1mil.

“Liquid assets have to total RM1.5mil compared to RM500,000 previously. This requirement for new applicants – and current participants – does not make sense as it would push them to leave the country.”

The government, said Jagdeep, should enter into dialogue with the participants rather than make a hasty decision about the requirements.