Conditions eased for foreigners with 'Malaysia My 2nd Home'

MALAYSIA: Home minister Hamzah Zainudin announced that the government has made the "Malaysia My Second Home" (MM2H) programme easier to comply with by allowing program holders to meet only two of the 10 new requirements.

The MM2H programme is Malaysia’s privilege for foreigners who meet the criteria for a prolonged stay through a renewable 10-year multiple-entry social visit pass.

Under the terms, existing MM2H programme holders would only need to pay the increase in fees, from RM 90 (USD 22) to RM 500 (USD 120). Additionally, the minimum number of days to stay in Malaysia is now pegged at 90 days per year.

He said that the new rules are meant “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.”

The other new requirements include increased compulsory fixed deposits in local banks worth RM 1 million (USD 240,000), from previous limits ranging from RM 150,000 (USD36,000) to RM 300,000 (USD 72,000). The required offshore monthly income should be RM 40,000 (USD 10,000) from previous pay rate of RM 10,000 (USD2,400).

Additional new conditions also require applicants to have a minimum of RM 1.5 million (USD 360,000) in liquid assets. The previous requirement was only between RM 300,000 (USD 72,000) and RM 500,000 (USD 120,000).

The new policies took effect on August 10.

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