NEW participants of the Malaysia My Second Home (MM2H) programme are not eligible to apply for permanent resident (PR) status, Tourism, arts and culture minister Tiong King Sing said.
He said this includes all three categories, which are Platinum, Gold and Silver applicants.
Tiong said 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.
He said that Motac has also started to process and approve the business licence for operators of the MM2H with new guidelines.
"Motac is confident that the MM2H programme will attract prospective participants, 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,” Tiong posted on Facebook.
Tiong said that Motac has started to issue business licenses (2nd Edition) that have been optimized in line with current developments.
"These new conditions are introduced with the aim of increasing the credibility and accountability of licensed MM2H operating business companies.
"In addition, the conditions of this license aim to protect the participants who participate in this program more comprehensively."
He said that among the conditions are the company's paid-up capital is increased from RM50,000.00 to a minimum of RM200,000.00.
"The license fee is set at RM2,500 per year and the business premises must have a valid address.
"The company must also provide a bank guarantee amounting to RM200,000."
Any enquiries regarding MM2H licensing can be directed via email to [email protected].– June 15, 2024.
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