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88% applications for MM2H programme were approved between November 2021 and end-September this year

KUALA LUMPUR (Oct 18): Eighty eight percent (1,905 of the 2,164) of applications for the Malaysia My Second Home (MM2H) programme were approved between November 2021 and the end of September this year, says Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing (pictured).
Tiong revealed these figures while responding to Yeo Bee Yin (PH-Puchong) in Parliament yesterday about the number of applications and approvals under MM2H and Premium Visa Programme (PVIP), reported The Star.
PVIP IS an exclusive residence permit for wealthy investors. It is a “Residency Through Investment” concept that allows foreigners to invest and reside in Malaysia for 20 years.
Tiong said 57 applications for PVIP were processed, with 28 being approved, and the remaining 29 applications were recommended for approval.
“PVIP is under the purview of the Home Ministry and the Immigration Department,” he explained.
In August 2021, the government announced new conditions for the MM2H programme such as the requirement for applicants to have permanent savings of at least RM1 million and a declaration of liquid assets of at least RM1.5 million.
MM2H applicants would also need an offshore income of at least RM40,000 a month, up from the RM10,000 per month required previously.
However, in Budget 2024, Putrajaya plans to “relax” the current conditions for MM2H applications. This is meant to boost the arrival of foreign tourists and investors into Malaysia.
“To make the MM2H programme more interesting and competitive, the Tourism, Arts and Culture Ministry, together with the Home Ministry, is always revising the terms and conditions of this programme,” said Tiong.
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Source: EdgeProp.my

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