The Tourism, Arts and Culture Ministry has unveiled a revamped version of the Malaysia My Second Home (MM2H) programme which now has three tiers – Silver, Gold and Platinum.

Minister Datuk Seri Tiong King Sing (pic) said each tier will have specific eligibility requirements.

The type of entry visa available to applicants will also vary according to the tier for which they qualify.

“The objective is to simplify the often-criticised MM2H application procedures by introducing more flexibility and clarity,” he said in a statement on Friday (Dec 15).

Tiong is on a working trip to China; the announcement comes after bilateral discussions and promotional activities with Chinese platforms during his visit, which focusses on collaborative marketing efforts.

He said the unveiling aligns with the upcoming 50th anniversary of diplomatic relations between Malaysia and China in 2024, positioning MM2H as a special gift to mark this milestone.

Tiong was confident that the revamped programme would attract a wider pool of applicants, fostering global interest in Malaysia as a second home destination.

He said the revamped programme will be run as a trial for one year and remained open to adjustments based on evolving circumstances to ensure that it stayed relevant and effective.

The revised system makes several changes to eligibility criteria.

The minimum age requirement has been lowered to 30 years, opening the door to more people who seek to make Malaysia their second home.

Applications can only be submitted through licensed MM2H agents accredited by the ministry under the Tourism Industry Act 1992 as a way to make the process more streamlined and secure.

Another significant change is an expanded list of eligible dependents.

In addition to spouses, children below 21 and children with disabilities, the programme now covers all children between 21 and 34 years old who are not working in Malaysia or married.

Furthermore, parents and parents-in-law are now eligible to be included as dependents.

Under the Platinum tier, participants must have a fixed deposit (FD) of RM5mil (approximately US$1.05mil). After one year, a maximum withdrawal of 50% is allowed for property purchase (with a minimum value of RM1.5mil and above), healthcare and domestic travel within Malaysia.

The Gold tier sets the FD requirement at RM2mil (approximately US$420,800) with similar withdrawal provisions for property purchases (minimum value of RM750,000 and above), healthcare and domestic travel.

The Silver tier requires RM500,000 (approximately US$105,000) in FD with similar withdrawal provisions.

Irrespective of the chosen tier, all participants must fulfil the minimum stay requirement of residing in Malaysia for a cumulative total of 60 days annually.

The MM2H programme was reactivated on Aug 11, 2021 with revised conditions, after being put on hold for a year because of the Covid-19 pandemic.

Under the 2021 conditions, participants must spend a minimum of 90 cumulative days in the country annually, have an offshore income of at least RM40,000 per month (increased from RM10,000), and maintain a fixed deposit account of at least RM1mil.

A maximum withdrawal of 50% is allowed for property purchase or spending on health and children’s education.

Many, including Johor Ruler Sultan Ibrahim Almarhum Sultan Iskandar and stakeholders, said the revised conditions were too restrictive and unattractive to potential applicants.

Source: TheStar.com.my