MM2H News: Why is MM2H losing competitiveness versus Indonesia and Vietnam
Announced in Budget 2024 on MM2H
Prime Minister Datuk Seri Anwar Ibrahim shared this during Budget 2024 announcement. “Government to relax the conditions of Malaysia My Second Home (MM2H) application to increase the arrival of foreign tourists and investors to Malaysia.” Here are the details of the current set of MM2H requirements: MM2H Current Requirements. Yea, many have said that the requirements are too high and in fact so high that applicants may prefer to go to other more ‘expensive’ countries instead. No comments on that. Let’s look at what Glomac Managing Director Fateh Iskandar said just a few days ago.
Article in themalaysianreserve.com Glomac managing director Fateh Iskandar says that the Malaysia My Second Home (MM2H) programme has diminished in competitiveness compared to neighbouring countries including Indonesia and Vietnam.
He said, “These countries have attracted many new foreign homebuyers into their market.”
He highlighted that 90% of the policies introduced in these countries are based on Malaysia’s own silver-haired programme, which was formulated in 1996.
“We’ve since lost our edge because we’ve made it (the conditions) so tight until potential foreign buyers have overlooked us after 2018 until now,” he said. Please do read here for the full article as he also shared many other things too: Article in themalaysianreserve.com
Indonesia and Vietnam are two good choices but Malaysia is friendlier yeah
If I am a foreigner, I will be able to enjoy my retirement better here in Malaysia yeah. As a start, English is super widely spoken (even if people kept saying that these days the English standard has dropped).
Secondly, it’s far easier to travel between different states in Malaysia if needed yeah. Take a proper coach, take the train, rent a typical car and drive and the roads are also considered good by any standard. Fly to most cities in Malaysia if truly needed too. Whether it’s KL, KK, Penang, Kuching or even Langkawi, Ipoh, Sandakan and more, flights are common these days.
Third, “The law of Malaysia is mainly based on the common law legal system that means that English law forms part of the laws of Malaysia.” Source: lawteacher.net In fact any property owner whether foreigner or a Malaysian enjoys the same level of protection yeah. We do not have any specific property related legislation applicable only to foreigners buying Malaysian property yeah.
I will definitely prefer that we continue to make MM2H competitive and to attract more good applicants who really wants to enjoy a good lifestyle here in Malaysia. Welcome!
Happy reading!Property News Malaysia? Sign up for daily investment news updates (FREE since Nov 2013 and FOREVER).
Alternatively, Follow me on Telegram here.
Please LIKE kopiandproperty.com FB page to get daily updates about the property market beyond kopiandproperty.com articles.