MM2H news: Sabah’s revising their SMM2H to attract high-value foreigners
Let’s not talk about MM2H for today. There was a news about a revision to the revised MM2H (which was not liked by many people) and the news stated that this revision should be announced but it’s October and we do not have any news yet. While waiting however, we have this news from the Sabah government who informed that they will soon be tabling a revised version of the Sabah Malaysia My Second Home (SMM2H) programme.
News in FreeMalaysiaToday.com Sabah chief minister Hajiji Noor said that Sabah MM2H programme had been fine-tuned to make Sabah even more attractive to high-value foreigners.
He said, “The influx of talent and expertise will benefit us, especially for our SMM2H programme that will be tabled at the state legislative assembly soon. We hope to see more high-value talents, including from South Korea, moving to Sabah.”
Hajiji also shared that there Sabah is now home to 2,000 Koreans who are mostly residing in Kota Kinabalu.
He Also said that Sabah’s programme would not follow the new requirements set out under the federal MM2H programme. Full article here: News in FreeMalaysiaToday.com
What’s the latest MM2H requirements?
Effetcive 1st October 2021. Compulsory fixed deposit in local banks was raised to RM1 million (from RM150,000) for applicants aged 50 and above, and to RM300,000 for applicants aged below 50.
Applicants are also required to have a minimum offshore monthly income of RM40,000 (previously RM10,000), declared liquid assets of RM1.5 million (previously RM500,000), and a minimum stay period of 90 days in total every year. The five-year pass can be renewed for another five years.
MM2H is a good programme, just make sure it helps the economy
If the foreigners can get one easily but they are not here to spend their money and enjoy their lifestyle aspirations here, then this is not a foreigner whom I would prefer yeah. If the requirements are just too strict and no one can ever get one, then I also don’t like yeah. So, it’s a fine balance because the ones whom we attract should be due to them loving the lifestyle here, loving the sights, sounds and food here etc. However, they should already be having sufficient money to retire and not just come here and start a business etc. I know, some would argue they start business here, they also employ people mah. Sorry… if that’s the purpose, just do business like usual. It has nothing to do with MM2H yeah…
Let’s wait for the revision by the federal government soon then.
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