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The Malaysian government is set to further ease the Malaysia My Second Home (MM2H) program's qualification requirements to attract more foreign investors and tourists. This initiative was announced by Tourism Minister Datuk Seri Tiong King Sing in response to the program's decreased applications and criticism following stricter rules introduced in 2021.
These rules, which included a quadrupled income requirement, led to an 85% drop in applications and many MM2H agencies going bankrupt. Although the government relaxed the terms in December of the previous year, the adjustments have not significantly revived interest in the program.
The proposed changes, awaiting Cabinet approval, include modifications to age eligibility, financial ability, minimum residency period, pass period, and the ease of residential property ownership. The government aims to make the program more competitive globally, with stringent applicant vetting for security reasons remaining intact.
As of January 31st, 2024, there are 56,066 active MM2H pass holders in Malaysia, indicating a growth from the 50,108 participants approved between 2002 and 2019. The composition of MM2H participants is diverse, with the largest numbers coming from China, South Korea, Japan, and other countries, highlighting the program's global appeal.
The initiative to relax MM2H rules is part of Malaysia's effort to strengthen its position in the competitive residency-by-investment market, especially against similar schemes in Southeast Asia and a cheaper version of MM2H offered by Sarawak.
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