KUALA LUMPUR (Dec 22): The comprehensive revision and transformative changes of the Malaysia My Second Home (MM2H) programme have the potential to spur and invigorate real estate opportunities in Malaysia while enhancing its global connections, said the International Real Estate Federation (Fiabci) Malaysia.
Its president, Datuk Firdaus Musa (pictured), lauded the revised MM2H programme, noting that it has extended its invitation to individuals aged 30 and above, departing from the previous age limit of 35.
“MM2H programme’s expansion to include individuals aged 30 and above, coupled with the exclusive processing through licensed MM2H agents, is viewed as a commendable move towards a more inclusive and efficient application process,” he said in a statement.
Fiabci Malaysia said the introduction of three distinct categories — Platinum, Gold and Silver — provides options catering to diverse financial capacities and preferences for individual applications.
However, while the association acknowledged the positive aspects of these changes, it is concerned with the high financial requirements where a fixed deposit is required, especially in the Platinum category (RM5 million or US$1.05 million).
Fiabci Malaysia said the requirements might be challenging for some applicants and potentially limit the programme’s inclusivity.
It said that the introduction of permanent resident eligibility for Platinum pass holders added an extra commitment layer, which could make some potential participants hesitant to apply and might face some local opposition to granting them permanent residence status.
“While reducing the minimum age is commendable, there are concerns about how the changes might affect the overall mix of participants and the programme’s overall appeal,” it said.
Fiabci Malaysia said it is important to find a balance that attracts good-quality global citizens while ensuring the sustainability and easy accessibility of the programme.
“The real estate sector plays a crucial role in the success of the MM2H programme as it ties to the MM2H concept.
“We appreciate the government’s efforts, especially the Ministry of Tourism, Arts and Culture and look forward to having collaborative discussions to refine the programme further, making it a win-win for both the property sector and the nation,” it said.
As the MM2H programme evolves, Fiabci Malaysia said it remained committed to providing valuable insights and support, contributing to the programme’s success and enhancing Malaysia’s status as an attractive destination for global citizens.
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Source: EdgeProp.my
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