Many expatriates will shun Malaysia for neighbouring countries if the authorities do not ease the overly strict conditions introduced for new applicants of the Malaysia My Second Home (MM2H) programme.
State Tourism and Creative Economy Committee chairman Yeoh Soon Hin called on the Home Ministry to urgently review and revise the new MM2H conditions so that the programme could make a meaningful contribution in its revival after the Covid-19 pandemic.
“As one of the top tourism destinations in Southeast Asia, Penang is known for its vibrant multicultural scene, savoury street food and strategic geographical location, which have attracted many expatriates.
“The expatriates play a vital role in bringing a multiplier effect for the economic development of Penang and Malaysia as a whole.
“Thus, it is beneficial for the country, if conditions for the new applicants of MM2H are fair, reasonable and effective to encourage potential residents or investors from abroad to stay with us,” he said today.
According to the MM2H Consultant Association (MM2HCA), stricter conditions have caused a 90 percent drop in the number of MM2H applicants after the conditions were introduced in 2021.
MM2HCA president Anthoy Liew reportedly said last week that he believed the market for the MM2H programme had dropped by 90 percent with the new requirements.
The tightened terms included quadrupling of minimum monthly income requirements, tripling in the physical presence requirement, raising of minimum bank deposit requirement and increase in the liquid assets requirement. – NST