GEORGE TOWN: With more Indian and Chinese nationals applying for the Malaysia My Second Home (MM2H) programme, stakeholders want the government to streamline and expedite the application process to be within two months.
Currently, MM2H applicants have to wait between three and six months for the approval, and once that is secured, successful applicants are given six months to move to Malaysia.
Real estate specialist Leon Lee said both Indians and Chinese continue to be significant contributors to the MM2H programme.
There has also been a rise in applications from Japan, South Korea, and Western nations, he said, adding that it shows Malaysia is a favoured second home for people from around the world.
Lee said he would like to see Budget 2025 outline clearer guidelines and provide for faster processing times.
“Streamlining the application process and ensuring transparent guidelines will make the programme more accessible and boost investor confidence,” he added.
Under the updated MM2H programme, applicants are divided into three tiers: Platinum, Gold and Silver.
The Platinum category requires a fixed deposit of US$1mil (RM4.33mil), the Gold category US$500,000 (RM2.16mil), and the Silver category US$150,000 (RM650,000), along with other conditions.
The Platinum category also calls for a one-off RM200,000 fee, which allows them to work and invest in Malaysia, while the Gold and Silver categories have fees of RM3,000 and RM1,000 respectively.
However, Gold and Silver MM2H visa holders are not allowed to work.
The MM2H visa is valid for 20 years for Platinum holders, 15 years for Gold and five years for Silver. Terms and conditions apply.
Lee said one of the issues about the future of MM2H would be to lower the financial thresholds by revisiting the income and liquid asset requirements to make the programme more attractive to retirees and global citizens.
He said Budget 2025 must also include more promotions for sustainable investments.
“Encouraging MM2H participants to invest in green projects or sustainable real estate can align with Malaysia’s broader goals of environmental sustainability while attracting socially conscious investors.
“Budget 2025 must also enhance healthcare provisions for MM2H holders, which will make Malaysia more attractive to retirees seeking high-quality, affordable healthcare,” he said.
For the time being, MM2H operators play a key role in supporting the programme’s sustainability by streamlining services for applicants, promoting it globally through exhibitions and partnerships and providing feedback to the government for policy improvements, Lee added.
