To entice more long-term residents, the government has revamped its program. The updated initiative eases financial requirements but introduces a new property ownership rule.
This overhaul marks the major changes since 2021, when the Perikatan Nasional government last revised the long-term residency scheme.
The current unity administration has announced a revamped MM2H program aimed at boosting the economy and offering new visa holders an enhanced package.
What’s new?
The government is relaxing the requirements:
Rolling out three MM2H categories, where previously there was only one;
Removing the onerous monthly income and liquid asset requirements;
Lowering the minimum fixed deposit to US$150,000 (RM705,000) for a five-year visa
Improved visa scheme: Visa holders must buy property at a set minimum value and keep it for at least 10 years.
How does this boost the economy?
Improving onerous financial criteria
Still targeting High-Net-Worth Individuals (HNWI) without sacrificing a wider pool of applicants
Still targeting more affluent foreigners with looser financial requirements
Mandatory property purchases to reduce property overhang
Malaysia remains an attractive destination for long-term residency and retirement:
One of the lowest costs of living level in Southeast Asia
Robust medical
Educational and business infrastructure
Affordable connectivity via international airports
Credit Source: https://www.freemalaysiatoday.com/category/nation/2024/07/05/mm2h-better-than-before-but-still-some-way-to-go/