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MM2H Reactivated- With Changes

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  1. #1

    MM2H Reactivated- With Changes

    https://www.thestar.com.my/news/nati...-home-ministry

    Just read above from another forum.
    shri likes this.

  2. #2

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    Very significant change ... Approx HKD 80K in offshore income required.


    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.
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    The news article says 9 changes .. curious what the others are.

    The official go.my site is not updated...


  4. #4

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    From a malt newspaper..

    The Malaysia My Second Home program was reactivated

    Astro Awani
    Aug 11, 2021 09:16 MYT



    Home Ministry secretary -general Datuk Wan Ahmad Dahlan Abdul Aziz said new applications would be opened next October after the legal process was completed.

    PUTRAJAYA: Malaysia My Second Home (MM2H) will be reactivated after the program was frozen last year following the COVID-19 pandemic.

    Home Ministry secretary -general Datuk Wan Ahmad Dahlan Abdul Aziz said new applications would be opened next October after the legal process was completed.

    "I am pleased to inform that the MM2H program will be reactivated and new applications will be processed and handled by the Malaysian Immigration Department from October 2021 once the legal process is completed.

    "The government also understands the people's concern about the entry of foreigners through MM2H which is feared to increase the dumping of foreigners in Malaysia. Therefore, the government has agreed to introduce and set a ceiling on the number of participants, principals and dependents at a time of not more than one percent of the total. Malaysian citizen, "he said in a press conference on MM2H here on Wednesday.

    His ministry also assured that only qualified participants with no criminal record will be allowed to participate in the program.

    At the same time, to balance the security and economic aspects, the conditions for participation of MM2H have been improved after taking into account the views of ministries and government agencies.

    The conditions are first, presence and residence in Malaysia for at least 90 cumulative days in a year.

    “This is to ensure that MM2H participants truly spend and contribute to the domestic economy whether in the form of rental or purchase of real estate, health services, insurance, education, food and beverage expenses, domestic and others that generate income for locals. , "he said.

    Second, participants must have an overseas income of at least RM40,000 per month compared to the RM10,000 per month condition imposed previously.

    "Compared to the existing income conditions, the new income conditions are more relevant because the government is targeting quality, affordable and high -income participants," he added.

    Third, the ownership of a fixed savings account of at least RM1 million and a maximum withdrawal of 50 per cent is allowed on the principal value for the purpose of property purchase, health and education of children.

    Previously, the condition set for ownership of a fixed savings account was at least RM150,000 for applicants aged 50 and above and RM300,000 for 50 years and below.

    Fourth, the eligible age to apply is divided into two categories of applications, namely 35 to 49 years and 50 years and above.

    “The government will introduce a 35 to 49 year old category for the purpose of selecting participants who are truly stable and have a steady income and career.

    “These conditions were introduced in line with the passage of time and look at the success of MM2H which has given economic spillovers to neighboring countries namely Thailand and the Philippines.

    Fifth, the duration of the MM2H long -term social visit pass is five years and can be extended for five years and beyond as long as participants are interested subject to the application conditions compared to the previous 10 years.

    Sixth, the declaration of liquid assets of at least RM1.5 million and seventh, the pass fee rate from RM90 to RM500 per annum and a processing fee of RM5,000 for the principal and RM2,500 for each dependent.

    "In line with the facility, the government has agreed to the increase in pass fees and processing fees. Previously, processing fees were not charged to MM2H participants.

    "The fee for this process is to improve the quality of service for program participants. For that, the online system developed will provide the best service to participants," he added.

    https://www.google.com/amp/s/www.ast...313503%3famp=1
    Last edited by shri; 11-08-2021 at 06:31 PM.

  5. #5

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    I'll drop this URL here: https://www.freemalaysiatoday.com/ca...me-in-october/
    Dumbfounded by these requirements it is better that I don't comment on it.

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  6. #6

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    I hope the "reactivation" means I can leave the scheme and get my money back without having to visit, although I did manage to extract most of my deposit

    I wouldn't personally be interested under the new rules, but I'm sure they've done their research and expect to get plenty of takers.

    The whole experience with COVID and how people were treated even by their own countries of citizenship will probably give many pause for thought about "2nd home" schemes. It might be more attractive as an "escape plan" for the well-heeled unhappy in their home countries if it offered a path to genuine citizenship, but I read nothing like that in these revamped rules.

    I wish them well with the new scheme.

    shri, TaD_LaLa, Morrison and 1 others like this.

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    No pathway to permanent residency, 5year visas and USD 10K a month income makes it an expensive program.

    Let's see what they do for existing mm2h renewals..

    hongkong7 likes this.

  8. #8

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    Quote Originally Posted by shri:
    Let's see what they do for existing mm2h renewals..
    In today's media statement by the ministry of home affairs it is stated that MM2H participants will have to fulfill the new requirements when their current MM2H visa expires.
    shri likes this.

  9. #9

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    Found a quote that hints at what is in store for renewals..


    Wan Ahmad Dahlan said the implementation of new MM2H policies applies to all new applications and applications of extension for existing participants whose MM2H passes have ended or will end.

    "This means existing participants, if they are still keen on joining the programme, can seek extensions subject to the new conditions.

    "A grace period of a year will be given so that participants can fulfil the new requirements," he said.
    https://www.theedgemarkets.com/artic...ober-%E2%80%94

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