KUALA LUMPUR: New participants of the Malaysia My Second Home (MM2H) Programme in all three categories - Platinum, Gold and Silver - are not eligible to apply for permanent resident (PR) status, according to Datuk Seri Tiong King Sing (pic).
In a Facebook post on Saturday (June 15), the Tourism, Arts and Culture Minister announced that the government has agreed to introduce new participation requirements for the MM2H Programme.
"Through this new approach, the ministry is confident that the MM2H Programme will attract prospective participants from the target groups, especially high net-worth individuals and digital nomads, to make Malaysia their top destination.
"The presence of these groups is expected to boost the local economy, especially in the tourism, housing, education and medical industries, making Malaysia a highly competitive global hub," he said.
Introduced in 2002, the MM2H Programme allowed foreigners to purchase property and reside in Malaysia before it was temporarily frozen in August 2020 for the Home Ministry and the tourism ministry to comprehensively review the programme.
Since October 2021, new MM2H applications have been handled by the Immigration Department, covering existing application processing services and logistics.
According to an infographic shared by Tiong in the same post, MM2H applicants are categorised into three tiers - Platinum, Gold and Silver - based on specific criteria and conditions.
The general conditions for all three categories include being open to foreigners from countries with diplomatic relations with Malaysia, being at least 25 years old, all applications must be submitted through the MM2H One-Stop Centre, and staying in Malaysia for at least 90 cumulative days per year.
Detailed criteria and application requirements for the Platinum, Gold and Silver categories are as follows: the Platinum category requires a fixed deposit of US$1 million, the Gold category requires US$500,000, and the Silver category requires US$150,000.
Tiong also said that his ministry has started processing and approving MM2H Tourism Business Operation Licences based on newly streamlined conditions.
Tiong said agents approved for the MM2H Tourism Business Operation Licence with the new requirements can begin submitting new participant applications at the One-Stop Centre, Malaysia My Second Home (OSC MM2H) in Putrajaya.
According to him, the new requirements for the MM2H Tourism Business Operation Licence include raising the company’s paid-up capital from RM50,000 to a minimum of RM200,000, setting the annual licence fee at RM2,500, and having a business premises with a valid address.
"These new requirements are introduced to enhance the credibility and accountability of licensed MM2H business operation companies. Additionally, these licence requirements aim to provide more comprehensive protection for participants in this programme," he said.
He said further details regarding these requirements will be outlined in the MM2H Tourism Business Operation Licence Application Guidelines available on the ministry website.
Any enquiries regarding MM2H licensing can be directed via email to lesenmm2h@motac.gov.my.- Bernama
