The government has relaxed its rules for existing participants of the Malaysia My Second Home (MM2H) programme, following industry backlash.
These participants will only have to comply with two of the 10 new criteria under the revised programme, reported Free Malaysia Today (FMT).
According to Home Minister Datuk Seri Hamzah Zainudin, existing participants to the MM2H programme will not be bound by the new conditions, except for the hike in fees from RM90 to RM500 per year as well as the requirement to stay within the country for a minimum of 90 days per year.
“The improvements are to ensure that only those who are of ‘good quality’ and who can really contribute to the nation’s economy are allowed to join the programme,” he said as quoted by FMT.
The government suspended the programme in July last year before rolling it out again in August with 10 new criteria.
These included higher compulsory fixed deposits (FD) at local banks at RM1 million, which was previously pegged at RM150,000 to RM300,000, as well as offshore monthly income of RM40,000, compared to RM10,000 previously.
Applicants were also required to possess at least RM1.5 million in liquid assets, up from RM300,000 to RM500,000 previously.
Johor’s Sultan Ibrahim Sultan Iskandar was among those who urged the government to review the new MM2H rules, saying it will dent Malaysia’s revenue and drive away investors.