,Following a flurry of criticism, Home Minister Datuk Seri Hamzah Zainudin (pic) told StarBiz that the government is prepared to re-examine the new criteria imposed on the MM2H. This came amid the warning from experts that the country would turn less appealing to foreigners if the revised conditions are not immediately reversed.
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PETALING JAYA: Any changes to the Malaysia My Second Home (MM2H) programme must be gradual to avoid causing a shock among potential applicants and existing participants.
Following a flurry of criticism, Home Minister Datuk Seri Hamzah Zainudin told StarBiz that the government is prepared to re-examine the new criteria imposed on the MM2H.
This came amid the warning from experts that the country would turn less appealing to foreigners if the revised conditions are not immediately reversed.
Zerin Properties Sdn Bhd group chief executive officer Previndran Singhe (pic below) cautioned that 60% to 70% of the MM2H permit holders may leave Malaysia for other regional countries, under the revised MM2H conditions.Zerin Propertie Previndran Singhe
While he welcomed the revival of the MM2H programme, which was temporarily suspended in August 2020, Previndran described the new conditions of MM2H as “atrocious”.
“MM2H is a retirement programme for foreigners and it must be welcoming. But the new conditions have gotten stricter.
“For example, the MM2H permit holders are now required to have a monthly offshore income of at least RM40,000 compared to RM10,000 previously.
“Even if the government wants to increase the income limit, it should have been very gradual instead of such a huge jump,” he told StarBiz.
MM2H is a visa scheme that allows foreigners who fulfill certain criteria to buy property and reside in Malaysia on a long-term basis.
Previndran called for the government to reinstate the earlier conditions, and once again put the Tourism, Arts and Culture Ministry (Motac) in charge of the MM2H programme.
About three weeks earlier, the government said the new MM2H will be reactivated in October, to be managed by the Immigration Department.
Previndran said the earlier MM2H conditions should continue to apply for the existing permit holders.
He admitted that the MM2H programme may have been abused by some permit holders but it is unfair to penalise all interested foreigners with stricter conditions.
“Instead, the government can evaluate applicants on a case-by-case basis,” he said.Center for Market Education (CME) chief executive officer Dr Carmelo Ferlito insisted that the revised MM2H conditions are a step backward.