EXISTING Malaysia My Second Home (MM2H) pass holders will only need to comply with two out of the 10 new regulations imposed by the government, Home Minister Hamzah Zainudin said.

He said existing participants need only comply with the increase in fee from RM90 to RM500 and the requirement to stay in the country for a minimum of 90 days in a year.

“The improvements are to ensure that only those who are of ‘good quality’ and who can really contribute to the nation’s economy are allowed to join the programme,” he told the Dewan Rakyat as he replied to points raised by lawmakers during the 12^th Malaysia Plan debate.

The MM2H programme was suspended pending review in 2019, but was reactivated this month.

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.

From 2002 to 2018, the MM2H programme generated RM40.6 billion for the country.

Expatriate groups had slammed the new rules, saying they were impossible for programme participants and would-be applicants, many of whom are retirees who no longer have jobs or whose liquidated assets would be used to support their living here.

Johor ruler Sultan Ibrahim Sultan Iskandar also urged the government to revise the “restrictive” conditions.

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. – October 5, 2021.