GEORGE TOWN – Penang has called on the Home Ministry to ease the conditions which the previous government had imposed on the Malaysia My Second Home (MM2H) scheme.
State exco for tourism Yeoh Soon Hin said the ministry should review and revise the new MM2H conditions so that the scheme keeps pace with the changing needs of the economy, and makes a meaningful contribution to the revival of the country’s economy after the Covid-19 pandemic.
In a statement, Yeoh said as one of the top tourism destinations in Southeast Asia, Penang is known for its vibrant multicultural scene, recommended street food and strategic geographical location, which have captivated many expatriates.
“The expatriates play a vital role in bringing a multiplier effect for the economic development of Penang and Malaysia as a whole.
“Thus, it is beneficial for the country if conditions for new applicants of MM2H are fair, reasonable, and effective to encourage potential residents or investors from abroad to stay with us,” he said.
According to the MM2H Consultant Association, stricter conditions have caused a 90% drop in the number of MM2H applicants after the conditions were introduced back in 2021, and these unnecessary barriers have hindered attracting long-term foreign residents since.
“If such conditions persist, I believe many expatriates will no longer choose Malaysia and will seek our neighbouring countries, where it is easier for them to meet the eligibility requirements to settle,” stated Yeoh. – The Vibes, April 17, 2023
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