Revive MM2H scheme, govt urged

GEORGE TOWN: The government has been urged to quickly reinstate the Malaysia My Second Home (MM2H) programme to give the property sector a much needed boost.

The International Real Estate Federation pointed out that the programme’s multiplier effect will help to revive various other sectors that have been negatively affected by the Covid-19 pandemic.

Its Malaysia chapter president, Michael Geh Thuan Peng, said it could give the food and beverage industry a boost. “Participants in the programme also invest in vehicles and generate revenue for the tourism sector, considering that many travel within Malaysia and around the region.”

Foreigners keen to participate in MM2H must meet several criteria to qualify. They must stay in Malaysia for at least 10 years, place a deposit of RM300,000 to RM500,000 in Malaysia and pass a medical test.

Geh said the property sector will also get a boost from the purchase of homes by participants. “If they wish to purchase property, it must be worth more than RM800,000. Otherwise they can opt to lease one.”

From September to November last year, the rejection rate for fresh applications hit 90%. Malaysia is competing with other countries in the region such as Singapore, Thailand and Indonesia for the “retirement dollar”, and those countries “are just waiting to grab our MM2H applicants”, he said.

Expatriates and long-staying travellers are an asset to the country, especially if they contribute to domestic consumption, he added.

Geh said even during the height of the Covid-19 pandemic and the restrictions put in place to curb its spread, MM2H agents in Hong Kong, Europe and Indonesia received enquiries about purchasing or leasing property in Malaysia.

Since the scheme started in 2002, some 40,000 foreigners have been given the green light to make Malaysia their home.

Participants are granted a social visit pass, allowing multiple entries over a 10-year period and a renewable visa.

According to MM2H Consultants Association president Lim Kok Sai, the country will stand to lose over RM776 million from last year’s rejections.