PUTRAJAYA has approved new regulations for the Malaysia My Second Home (MM2H) programme, with details to be announced soon, Tourism, Arts and Culture Minister Tiong King Sing said.
He said the new regulations have received Cabinet approval and advised companies or agents in the MM2H programme to provide the best service to uphold the country’s good name.
“They have been approved. If possible, we will announce them today,” he told reporters.
It was previously reported that the MM2H programme has seen a 90% drop in the number of applicants because of tougher conditions imposed.
Reports said those looking for adopted homes were opting for neighbouring countries, no thanks to the strict conditions imposed by the previous administration in 2021.
The new conditions imposed required applicants to have permanent savings of at least RM1 million and liquid assets of at least RM1.5 million.
Previously, they only needed savings of between RM300,000 and RM500,000.
They must now also show an offshore income of at least RM40,000 a month.
The MM2H programme, which promotes Malaysia as an international retirement destination, was frozen in 2020 and resumed in 2021 with stricter conditions. – June 14, 2024.
