JOHOR ruler Sultan Ibrahim Almarhum Sultan Iskandar today urged the government to revise the “restrictive” conditions of the Malaysia My Second Home (MM2H) programme immediately.

The sultan said the new requirements could dampen the interest of foreigners who are looking to come to Malaysia, and force existing MM2H pass holders to leave the country.

He added that this would only result in massive revenue losses for Malaysia.

“The review was supposed to make things better. But the new criteria are only going to drive investors and tourists away from Malaysia,” he said in a statement.

“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,” he added.

MM2H was launched in 2002 to attract foreign capital, promote tourism, and develop the national economy by encouraging the long-term stay of foreigners in Malaysia with simpler procedures and more advantages such as a visa period of 10 years.

It will be reactivated in October after being suspended for a review since 2019.

The Home Ministry announced a slew of revised conditions on August 11.

These include the participants having to reside in Malaysia for at least 90 days a year, a minimum offshore income of RM40,000 compared to RM10,000 previously, and a minimum of RM1 million in their fixed savings account.

Sultan Ibrahim said Putrajaya should consider reverting to the original MM2H conditions, which were effective in promoting Malaysia as an international retirement destination.

He said the revisions were “very negative” and that it was ridiculous to subject even existing MM2H pass holders to these new conditions.

“When we continue to flip-flop on conditions, how can we promote Malaysia as an investment destination?” he asked.

Sultan Ibrahim said Putrajaya should be more compassionate and lenient to foreigners who are keen to settle here and make Malaysia their retirement home.

“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,” he warned.

A total of 57,478 applications, including those of dependents, have been approved so far.

Between 2002 and 2019, the programme churned out RM11.89 billion in cumulative gross value added income. – August 30, 2021.