The Malaysia My Second Home (MM2H) is a good programme because it gives applicants a chance to live in one of the best places in the world. Well, one of the most affordable places in the world for retirees.
To Malaysia, it means that more “investments” are coming into the country. It’s a win-win situation.
So where do these applicants come from and what’s happening next for the MM2H programme?
An article in edgeprop.my states that the MM2H programme began in 2002 and as at end-2017, it had attracted a total of 38,932 participants from as many as 130 countries.
In 2017, the number of applicants approved nearly doubled from 3,347 in 2016 versus 6,195 in 2017. Take a look at the image for the Top 7 participating countries.
Many of the applicants are from advanced economies and there are definitely Singaporeans among them too.
This is what the deputy secretary general (tourism) of the Ministry of Tourism, Arts and Culture Malaysia (MoTaC), Datuk Haslina Abdul Hamid has in mind for the MM2H programme.
She said it was a good time to review some aspects of the programme, such as its financial requirements so it could attract better quality applicants. This in turn would better ensure that the Malaysian economy benefitted.
Currently, the programme requires applicants aged below 50 years old to show proof of liquid assets worth a minimum of RM500,000 and an offshore income of RM10,000 per month.
For applicants aged 50 and above, they will need to show proof of RM350,000 in liquid assets and an offshore income of RM10,000 per month to be eligible under the programme.
Malaysia is not just an affordable country but a friendly one as well. PLUS, that property that the MM2H participant buys will most likely increase in price too.
The logic is simple. Just compare it to the prices of property at the homes of MM2H applicants. If we (our properties) are already more expensive, then we definitely cannot attract them to come here.
This article first appeared in kopiandproperty.com
Charles Tan blogs at property investment site kopiandproperty. He dislikes property speculators and disagrees that renting is better than buying. He thinks it’s either property or poverty. He is presently the CEO of an auction house auctioning assets beyond just properties.