The Malaysia My Second Home (MM2H) programme has been reactivated with several changes made to the policy.
The decision to bring back the programme was made following a Cabinet decision on July 14 and 30 as part of a strategy under the National Economic Recovery to boost the economy.
Announcing this, Home Ministry secretary-general Datuk Wan Ahmad Dahlan Abdul Aziz said the temporary halt of the programme last year had enabled his ministry as well as the Tourism, Arts and Culture Ministry to review and re-evaluate the MM2H programme.
“New applications can be submitted beginning October, and this process will be overseen by the Immigration Department,” he said on Wednesday (Aug 11).
Wan Ahmad Dahlan said while he was aware of the people’s concern over the entry of foreigners into the country via the programme, the government has agreed to set a ceiling on the number of participants, including the principal and their dependents at one time to be not more than 1% of the number of Malaysian citizens.
There are currently 57,478 holders of the MM2H passes, as well as their dependents.
The government has also introduced nine new conditions for those intending to apply for the programme, including participants must be in the country for at least 90 cumulative days in a year to ensure they truly contribute to the Malaysian economy.
Participants are also required to have an offshore income of at least RM40,000 a month, compared to RM10,000 previously and a fixed deposit account with a minimum of RM1mil, where 50% maximum withdrawal from a principal amount is allowed for the purpose of buying property, health and children’s education.
The age for those eligible to apply has now been placed under two categories, namely for those between the age of 35 and 49, and the other category is for those 50 years and above.
“The government is introducing this category (ages 35 to 49), so that only participants who are financially stable and with permanent employment can apply for the MM2H programme,” said Wan Ahmad Dahlan.