Tourism, arts and culture minister Tiong King Sing said this when announcing new requirements for the MM2H programme, Bernama reported.
“The tourism, arts and culture ministry is confident the MM2H programme will attract prospective participants from the target groups, especially high-net-worth individuals and digital nomads, to make Malaysia their top destination.
“The presence of these groups is expected to boost the local economy, especially in the tourism, housing, education and medical industries, making Malaysia a highly competitive global hub,” he said in a Facebook post
Introduced in 2002, the MM2H programme allowed foreigners to purchase property and reside in Malaysia. It was temporarily frozen in August 2020 for the home ministry and the tourism, arts and culture ministry to undertake a comprehensive review.
Since October 2021, new MM2H applications have been handled by the immigration department, covering existing application processing services and logistics.
According to an infographic shared by Tiong in the same post, MM2H applicants are categorised into three tiers – Platinum, Gold and Silver – based on specific criteria and conditions.
The general conditions for all three categories include being open to foreigners from countries with diplomatic relations with Malaysia and being at least 25 years old.
All applications must be submitted through the MM2H One-Stop Centre and applicants must stay in Malaysia for at least 90 days per year, cumulatively.
The Platinum category requires a fixed deposit of US$1 million, the Gold category requires US$500,000, and the Silver category requires US$150,000.
Tiong also said his ministry has started processing and approving MM2H tourism business operation licences based on newly streamlined conditions.
He said agents approved for the MM2H tourism business operation licence, with the new requirements, can begin submitting new participant applications at the One-Stop Centre, Malaysia My Second Home (OSC MM2H) in Putrajaya.
According to him, the new requirements for this MM2H licence included raising the company’s paid-up capital from RM50,000 to a minimum of RM200,000, setting the annual licence fee at RM2,500 and having business premises with a valid address.
“These new requirements are introduced to enhance the credibility and accountability of licensed MM2H business operation companies.
“Additionally, these licence requirements aim to provide more comprehensive protection for participants in this programme,” he said.
He said further details regarding these requirements will be outlined in the MM2H tourism business operation licence application guidelines available on the ministry’s website.
Any enquiries regarding MM2H licensing may be directed via email to [email protected].