PETALING JAYA: The decision to tighten conditions for the Malaysia My Second Home (MM2H) programme was based on the government’s desire to improve the quality of the applicants, prioritising it over quantity.
Under the new programme, the compulsory fixed deposit in local banks has been raised to RM1 million from RM150,000 for applicants aged 50 and above, and to RM300,000 for applicants aged below 50.
New applicants are also required to have a minimum offshore monthly income of RM40,000 (previously RM10,000), declared liquid assets of RM1.5 million (previously RM500,000), and a minimum stay period of 90 days every year. The five-year pass can be renewed for another five years.
Responding to a question from Wong Hon Wai (PH-Bukit Bendera), home minister Hamzah Zainudin explained that the new restrictions were to ensure that people could not meet the standard too easily.
“Our reason for the new conditions is so that each applicant who wants to stay in the country is a quality individual who can contribute to the national economy,” he said.
Previously, he said, the bar had been much easier to clear, which had led to some abuse of the privilege.
In response, Muhammad Bakhtiar Wan Chik (PH-Balik Pulau) cited a statement from the Sultan of Johor, Sultan Ibrahim Sultan Islandar, who said increasing the requirements would dent national revenue, frighten off investors and impact the country’s image.
He said the new requirements amounted to “shifting the goalposts”.
Hamzah said the new, more stringent regulations were a matter of national security. He also said the government would assess existing MM2H visa holders accordingly.
“We are reviewing existing visa holders on a case-by-case basis with a view to protecting national security,” he said.
“We are looking for those who use the MM2H programme in name only but are not actually residing here, using the country instead as a transit point for undesirable activities.”
He also said there would be discussions soon about aligning MM2H rules in Sarawak with the rest of the country.
The Sarawak government has decided to maintain the requirements for its MM2H programme for now.