MM2H review should avoid future undiplomatic incidents

The Malaysia My Second Home programme (MM2H) has always been a great programme since its inception in 2002, not only for foreign property buyers who want to settle down in this country, but for Malaysia itself which has raked billions in foreign exchange into the country.

MM2H, however, was suspended in March last year following the outbreak of the Covid-19 pandemic. This was to allow the ministry in charge, the Tourism, Arts and Culture Ministry (Motac) and other related ministries and agencies, to comprehensively review and re-evaluate MM2H in line with the government’s decision not to allow foreigners to enter Malaysia following the outbreak.

The closed borders actually have given Malaysia an excellent opportunity to carry out this in-depth review, with expectedly, resultant benefits for the people and the economy in the long run.

However, MM2H was recently shoved into the limelight following the diplomatic “divorce” between North Korea and Malaysia where Pyongyang had accused Malaysia of extraditing a North Korean national, reportedly a participant of MM2H, to the United States.

Ties between both countries had been in abeyance over the assassination of the half-brother of North Korean leader Kim Jong-un, at the Kuala Lumpur International Airport in February 2017.

The study of MM2H being carried out by the government, via the relevant ministries and agencies, therefore, has come rightly at the best possible time amid this difficult, challenging period and dark undiplomatic episodes, to determine its evolution, impact, weaknesses and recommendations in moving forward.

Although this temporary suspension means massive revenue loss for Malaysia, the programme needs to be reinvigorated so that it could further contribute towards the national economy. MM2H’s target market is one vital point that needs to be studied seriously to avoid the occurrences of unwanted, undiplomatic incidents such as the recent KL-Pyongyang row.

The ministries involved in undertaking the review such as the Home Ministry, the Immigration Department and the Royal Malaysia Police, must be able to see all these through, revitalise, restore and revive this programme for the good of not only foreign buyers, but at the same time, continue to uphold sovereignty and security of Malaysia on the whole.

Motac’s statement that the review would be based on the criteria, conditions, incentives as well as comparative study to equivalent MM2H programmes such as Citizenship by Investment (CBI) or Residence by Investment (RBI), should go down well with foreigners who are really interested to participate in this programme.

Whatever the outcomes of the review, they must synergise with all the existing requirements as laid down by the government, with emphasis on adherence to the rules and law of this country.

It was reported that MM2H had brought RM40.6bil into Malaysia, with more than RM600mil coming in just from MM2H property purchases in 2018.

At a time when our economy so desperately needs it, the suspension and review of the programme during this difficult, challenging time only reflects the Perikatan Nasional-led government’s firm commitment and seriousness to take care of the well-being, lives and livelihoods of just everyone in this country, including foreigners who intend to make Malaysia their second home.

The fact that foreigners who often have a choice of where to spend their retirement years but purposefully choose Malaysia, reflects serious endorsement of what Malaysia has to offer – certain future, peace and stability.

Hashimah Mohd Hashim , Kuala Lumpur.