PUTRAJAYA must revise its rigid requirements for the Malaysia My Second Home (MM2H) programme as it is a major contributor to the country’s economy, Johor ruler Sultan Ibrahim Sultan Iskandar said today.

The suggestion was brought up in the ruler’s meeting with Prime Minister Ismail Sabri Yaakob today at Istana Pasir Pelangi, Johor Baru.

Also in attendance was Johor Menteri Besar Hasni Mohammad.

“The new requirements need to be relooked into while the old requirements should be kept with certain amendments so that it can give a positive impact to the economy,” the ruler said in a Facebook post.

Singapore, Johor’s neighbour across the causeway, is a major contributor to the state’s economy by way of the MM2H programme, Sultan Ibrahim added.

“Johor is one of the main go-to destinations for investors and the state is an important contributor to Malaysia’s economy.”

The sultan and Ismail also discussed other matters in relation to Johor’s development.

This is Ismail’s first official meeting with the ruler since he was sworn in as the ninth prime minister on August 21.

Between 2002 and 2018, the MM2H programme generated RM40.6 billion for the country.

The programme has been suspended pending review since 2019, but will be reactivated in October.

Under the new requirements, MM2H applicants must have a minimum of RM1 million in a Malaysian fixed deposit (FD) account – 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.

They must also show proof of an additional RM1.5 million in liquid assets and spend at least 90 days a year in Malaysia. – September 25, 2021.