Just over a week ago, the government announced new requirements and regulations for Malaysia My Second Home (MM2H) programme. Click here to read. It was not that well received and some expats groups said that they will look for another country to move to. Even Malaysian Institute of Estate Agents (MIEA) issued a press statement on the matter and they have their opinions and suggestions too. Generally, they want MM2H to be friendlier versus the current latest version. Here’s their press statement in full.
Now, we have the statement from Sarawak. The state tourism, arts and culture minister Datuk Karim Rahman Hamzah said that the new requirements and regulations DO NOT apply to Sarawak.
Article in malaymail.com The state tourism, arts and culture minister, Datuk Karim Rahman Hamzah said that Sarawak already have enhanced new regulations and requirements since September 2020. He said, “Currently, among the Sarawak-MM2H criteria are placement of fixed deposits in local banks from RM150,000 for individuals to RM300,000 for couples.”
He added the requirement to invest in property specifically for residential purposes with a total amount of at least RM600,000 applies only to applicants who are between 40-50 years of age.
He said the S-MM2H Programme has its own independent panel to deliberate and decide on applications. As part of Sarawak’s Post Covid-19 Development Strategy (PCDS), he said his ministry will continue to actively diversify beyond leisure tourism by looking at the potential of S-MM2H in bringing quality visitors to Sarawak. Please do refer to the full article here: Article in malaymail.com
New MM2H requirements?
#1 Compulsory fixed deposits in local banks of RM1 million
#2 Offshore monthly income of RM40,000
#3 Applicants for MM2H programme will be required to declare RM1.5 million of liquid assets
#4 Cumulative minimum stay period of 90 days per year
These are the new requirements which is said to be prohibitive and will likely mean Malaysia will lose to all other countries offering similar programmes at a lower or more relaxed requirements. There are definitely some countries being mentioned but generally, they are not in this part of the world. I think we will know very soon as the new requirements for MM2H will start in October 2021.
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