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KUALA LUMPUR – Malaysia risks losing RM48 billion in revenue should existing Malaysia My Second Home (MM2H) participants leave the country due to dissatisfaction over new requirements under the programme, said Datuk Seri Mohamed Nazri Abdul Aziz (Padang Rengas-BN).
Debating the 12th Malaysia Plan (12MP), the former tourism minister said today the new rules would force existing MM2H pass holders to leave the country.
“Under the new rules, why must it require the participants to stay a minimum of 90 days in the country per year? If they enjoy staying in our country, what is wrong with that?
“Malaysia isn’t the only country that people want to retire in. There’s Indonesia and Thailand, too.
“If existing participants are not satisfied with the new rules and decide to sell their belongings and properties, we will lose RM48 billion, which will be taken out of Malaysia and into another country.
“If existing participants are not satisfied with the new rules and if they sell their properties and leave, we’ll lose RM48 billion,” he said in the Dewan Rakyat.
On August 11, Home Ministry secretary-general Datuk Wan Ahmad Dahlan Abdul Aziz announced that the programme will be reactivated with improvements to policies and application conditions so as to balance its security and economic aspects.
Wan Ahmad said that applicants must reside in Malaysia for at least 90 days a year to ensure they spend and contribute to the national economy by way of property rentals or purchases, healthcare services, insurance, education, food and drink, and domestic tourism.
He said participants must also have an offshore income of at least RM40,000 a month, up from RM10,000 previously.
Applicants also need to have a fixed savings account containing RM1 million. Previously, the condition was set at RM150,000 for those above 50 and RM300,000 for those below 50.
Participants must make an asset declaration and prove that they own liquid assets with a value of at least RM1.5 million, compared with the previous RM350,000 and RM500,000, respectively, according to each category.
He said MM2H is now divided into two categories: those between 35 and 49, and 50 and above.
In addition, Nazri said purview of the programme should be returned to the Tourism and Culture Ministry (Motac) rather than the Home Ministry.
This is because previously, the Immigration Department had rejected applications without any reasons when the programme was under the Motac.
“This happened when the MM2H unit under Motac had vetted through the applications and approved them.
“If we had this problem when MM2H was under Motac, what more now, when the programme is placed under the Immigration Department.
“I think more applications will be turned down by the department.”
The Umno veteran said that the Immigration Department should not think that every foreigner who wants to stay in Malaysia has intention of committing an offence that can threaten the nation.
“Of 57,478 people enrolled in MM2H, not even one person has been suspected or charged over being a threat to the country.
“I urge for MM2H to be returned to Motac and for the Home Ministry to only reject applicants when there is factual evidence that they’re a threat to the nation.”
The programme has contributed more than RM37 billion to the economy since it was established in 2002 up until 2019, with an estimated contribution of about RM4 billion every year. – The Vibes, September 28, 2021
