PETALING JAYA: Johor ruler Sultan Ibrahim Ibni Almarhum Sultan Iskandar is urging the government to review the new conditions set for the Malaysia My Second Home (MM2H) programme.
"The review was supposed to make things better. But, the new criteria are only going to drive investors and tourists away from Malaysia.
"This is very disappointing, especially for us in Johor as we have a long history with Singapore and her people. The new requirements will turn them away from investing in Johor," His Majesty said on his official Instagram page.
The Johor Ruler added that the government should revert to the programme's old conditions, since it has a proven track record of promoting the country as a retirement destination.
“When you keep shifting the goalposts, foreigners will lose confidence in Malaysia. This is not the right time to raise fees.
“Let us help put Malaysia back on the world map as the best place to live for high net-worth foreigners. Drastic changes like this will tarnish our image and will make us a laughing stock of the world,” His Majesty said.
On Aug 11, it was announced that the MM2H programme has been reactivated, with several changes made to the policy.
The government has also introduced nine new conditions for those intending to apply for the programme, including that participants must be in the country for at least 90 cumulative days in a year to ensure they truly contribute to the Malaysian economy.
Participants are also required to have an offshore income of at least RM40,000 a month, compared to RM10,000 previously and a fixed deposit account with a minimum of RM1mil, where 50% maximum withdrawal from a principal amount is allowed for the purpose of buying property, health and children’s education.
The age for those eligible to apply has now been placed under two categories, namely for those between the age of 35 and 49, and the other category is for those 50 years and above.