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Malaysia attracts foreign property buyers

The Malaysian Ministry of Tourism, Arts and Culture has announced the relaxation of conditions for the Malaysia My Second Home (MM2H) programme.
Malaysia attracts foreign property buyers ảnh 1Malaysia attracts foreign property buyers with new tiers under MM2H programme (Photo: thestar.com.my)

Kuala Lumpur (VNA) – The MalaysianMinistry of Tourism, Arts and Culture has announced the relaxation ofconditions for the Malaysia My Second Home (MM2H) programme.

Accordingly, it willsimplify the MM2H registration process, which has been criticised as toocomplicated.

Tourism, Arts and Culture Minister Tiong King Singsaid the objective is to introduce more flexible and clear requirements, adding the revamped MM2H will be on trial for a year and can still be adjustedaccording to circumstances.

The minister expressed confidence that the revampedMM2H will attract a wider group of participants and boost Malaysia’s standingas a second home destination for foreigners.

Accordingly, three tiers have been introduced for thenew MM2H programme, including platinum, gold and silver.

Under the Platinum tier, participants must have a fixed deposit(FD) of 5 million MYR (1.05 million USD). After one year, amaximum withdrawal of 50% is allowed for property purchase, healthcare anddomestic travel within Malaysia.

The Gold tier sets the FDrequirement at 2 million MYR with similar withdrawal provisions for propertypurchases (minimum value of 750,000 MYR and above), healthcare and domestictravel.

The Silver tier requires 500,000MYR in FD with similar withdrawal provisions.

Irrespective of the chosentier, all participants must fulfil the minimum stay requirement of residing inMalaysia for a cumulative total of 60 days annually.

Theminimum age requirement of the revamped MM2H has also been been lowered to 30years, together with an expanded list of eligible dependents.

For individuals aged 30 to49, their residence in the country must be fulfilled by theirprincipal, partners, or their dependents, respectively.

The MM2H programme, endorsed by theMalaysian Government, was introduced in 2002 to attract foreigners to makeMalaysia as their second or holiday home.

Theprogramme is open to all foreigners, irrespective of their age. Participantswho meet the programme's requirements are given a Social Visit Pass withmultiple-entry visa from the Malaysian Immigration Department, valid for 10years and renewable thereafter./.

VNA
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