MM2H and who can qualify for it. Johor Ruler has his views too.
Recent article about MM2H was this: MM2H reactivation, issues and concerns from Malaysian Institute of Estate Agents (MIEA). Basically, there are suggestions on how to enhance it further for the benefit of the economy and subsequently the property markets too. The reason is because MIEA represents agents and they serve many of these MM2H participants when they are buying a property.
Then, we also have this view from a state government which basically says that I have my own set of rules and it’s a different one. Read it here: MM2H new rules do not apply to Sarawak. Now, we have the views from Johor Ruler Sultan Ibrahim Sultan Iskandar.
Article in freemalaysiatoday.com Johor Ruler Sultan Ibrahim Sultan Iskandar stressed today in a Facebook post that the government should be more compassionate and lenient towards foreigners keen on settling down in Malaysia, he said foreigners would lose confidence in Malaysia if the government keeps “shifting the goalposts.“ This is not the right time to raise fees.”
He warned, “When we continue to flip-flop on conditions, how can we promote Malaysia as an investment destination?”
“Drastic changes like this will tarnish our image and will make us a laughing stock of the world.”
He also said that it was “ridiculous” to subject even existing MM2H pass holders to the new conditions, and predicted that they would now leave the country. Please do read the full article here: Article in freemalaysiatoday.com
Let’s look at who can qualify just from our neighbour, okay?
Let’s go down to basics. Let’s look at the qualifying income criteria for the new MM2H programme. It’s US$10,000. (S$13,447 or RM41,600) Using this, now we compare this to the median income of our richest neighbour in ASEAN; Singapore. In 2020, the median household income in Singapore was $9,189 (US$6833).
By median definition, 50% of Singapore households would be earning less than the median, while another 50% would be earning more than the median. It is thus safe to conclude that perhaps only the top 20% of households in Singapore could apply and get approval for the MM2H programme, if they indeed chosen to do so.
In case, we did not know, Singapore’s median household income is within the top tier in the world. 🙂 So, yes, I have also made my point today. I personally believe MM2H programme is not just to get the people to come and stay but it will also get that top of mind thought for visitors thinking of countries to visit.
Beyond MM2H yeah. It’s attention too.
Thus, it’s not just to attract the MM2H applicants but also to attract attention to our country too. More visitors are definitely welcomed yeah. Even if they do not buy a property they will need accommodation. This is good contribution to economic multiplier yeah. Let’s see if there are changes on the way.
Love news like this and more? Sign up for daily investment news updates. Alternatively, Follow me on Telegram here.
Please LIKE kopiandproperty.com FB page to get daily updates about the property market beyond kopiandproperty.com articles. Else, follow me on Twitter here.
Sign up for KopiWeekly. (only once per week of property, finance, investment news and more)
Next suggested article: MM2H should be encouraged, enhanced
