KUALA LUMPUR (June 15): The Tourism, Arts and Culture Ministry (MOTAC) yesterday officially revealed the latest conditions for the Malaysia My Second Home (MM2H) programme.
Among them are that the ministry will not continue with the original agents while agents with expired licences must reapply according to the new regulations and conditions.
It is also no longer providing the option of applications for permanent residence (PR) for some participants. Before this latest announcement, participants under the top “Platinum” category was eligible to obtain PR.
In December, MOTAC divided applicants into three categories of the top tier “Platinum” followed by “Gold” and “Silver”.So, now participants in all categories of the MM2H program are not eligible to apply for PR.
Also of note is that “Platinum” participants are required to maintain RM5 million in a local fixed deposit account.
“We have no intention of making things difficult for anyone. Instead, we hope to establish a more complete mechanism to protect the interests of all parties, thereby ensuring the continued successful implementation of this programme and bringing positive benefits to the national economy,” Minister Datuk Seri Tiong King Sing (pictured) said in a statement that was reported by The Star yesterday.
Platinum participants can, after a year, make a maximum withdrawal of 50% for property purchase (with a minimum value of RM1.5 million), healthcare, and travel within Malaysia.
“Gold” participants need an FD account of RM2 million with similar withdrawal provisions for property purchases (minimum value of RM750,000), healthcare, and domestic travel.
The “Silver” folk require RM500,000 in an FD account with similar withdrawal provisions.
The same report also stated that participants from all three tiers must still fulfil the minimum stay requirement (a cumulative total of 60 days a year) of residing in Malaysia.
Engagement in business, investment activities, or employment in Malaysia is allowed only to participants in the “Platinum” category. Those in the “Gold” and “Silver” segments are not permitted to engage in such activities.
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Source: EdgeProp.my
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