KUALA LUMPUR – Foreigners who applied for the now suspended Malaysia My Second Home (MM2H) programme can still obtain their deposits from the agents they engaged with, said Tourism, Arts and Culture Minister Datuk Seri Nancy Shukri in the Dewan Rakyat today.
Maria Chin Abdullah (PH-Petaling Jaya), in a supplementary question, said some applicants have lost their deposits due to the freeze.
“We have not completely terminated the programme. As I’ve said before, we are studying it again, and we plan to come up with new terms and conditions. Therefore, their applications were returned to them,” said Nancy.
“Their deposits are not lost. The applicants can request their deposits from the agents they engaged with.
“Right now, we are looking at MM2H’s impact on security, real estate and our economy.
“That’s why we need to suspend it for the time being. We realise it has an impact on our economy.”
Applicants below 50 must place a RM300,000 fixed deposit with a local bank, while the amount is RM150,000 for those above 50.
The MM2H programme was suspended on August 4 to allow for a ministry review.
Chin said around 6,000 applicants are affected by the freeze.
Since 2018 till MM2H’s suspension, the programme saw 66,458 applicants.
The top 10 countries whose citizens applied for it are China, Japan, Bangladesh, South Korea, the UK, Hong Kong, Singapore, Taiwan, Iran and India. – The Vibes, November 2, 2020
