Hamzah: Easing of rules for existing MM2H holders

KUALA LUMPUR: Current Malaysia My Second Home (MM2H) pass holders will only need to comply with two out of 10 new regulations imposed by the government, says Datuk Seri Hamzah Zainudin.

The Home Minister told the Dewan Rakyat that the changes in requirements were not implemented drastically, as initial review was conducted from 2019 involving various related agencies.

He gave his assurance to the existing participants that they will only need to comply with the increase in fee pass from RM90 to RM500 per year, and the requirement to stay in the country for a minimum of 90 days a year.

"However, for new holders, they will need to meet all the new criteria under the MM2H programme to ensure that only those who are genuine and of ‘good quality’, and who can really contribute positively to the nation’s economy are allowed to join the programme,” he said in his winding-up speech for the 12th Malaysia Plan.

The MM2H programme was suspended pending review in 2019, but was reactivated this month.

Under the new requirements, MM2H applicants must have a minimum of RM1mil in a Malaysian fixed deposits (FD), and an increase from RM150,000 for applicants above 50 years old, and RM300,000 for those 50 years old and below.

Applicants must also have an offshore income of at least RM40,000 a month, compared with RM10,000 previously.

From 2002 to 2018, the MM2H programme generated an estimated RM40.6bil for the country.

Hamzah added that the reason for the adjustment and handover involving MM2H operation centres from the Tourism, Arts and Culture Ministry Ministry (Motac) to the Home Ministry was in line with international standards and requirements as practised by other countries such as Australia, Portugal and the United States.

However, for promotional purposes and appointment of agents, it is still under Motac.