The revamped Malaysia My Second Home (MM2H) programme, requiring agents and overseas counterparts to register, is now open for applications, says Datuk Seri Tiong King Sing.

The Tourism, Arts and Culture Minister said the latest version of the MM2H programme has three tiers which prospective applicants could apply for, depending on their financial standing.

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

The Gold tier sets the fixed deposit 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 fixed deposit with similar withdrawal provisions.

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

On the new requirements for agents and overseas counterpart agencies, Tiong said they must register with the ministry to allow them to charge foreigners consulting or service fees.

This decision is part of the ministry’s bid to regulate MM2H programme agents and consultancy firms, he said.

“We want MM2H agents to be responsible for their services and not charge arbitrarily. There have been complaints in the past about agents charging between RM10,000 and RM100,000, with some lacking physical offices.

“Hence, we decided to re-register these agencies.

“Agents will be allowed to charge fees based on different application categories. Those who fail to provide adequate services or violate regulations will face fines and registration cancellation.

“Any agent found charging excessive fees will be fined and will be required to refund the excess to the applicants. Their licence will also be cancelled,” Tiong said at a Tourism Malaysia event on Friday.

Among the new conditions to obtain a business licence to operate an agency under the MM2H programme is a higher capital from RM50,000 to a minimum of RM200,000. The annual licence fee is RM2,500.

The business premises must have a valid address and companies are required to provide a bank guarantee of RM200,000. They must also establish contracts and register representatives for companies, which may include foreign businesses or individuals.

Source: TheStar.com.my