Malaysia Visa Program Resumes Soon - My Second Home
Visa Malaysia

The Malaysia visa program My Second Home resumes soon

12 April 2021
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The Malaysian authorities are expected to bring back the Malaysia My Second Home (MM2H) program. The program is likely to be reintroduced in the next few weeks, as the government intends to revive the economy affected by the pandemic.

The MM2H program is for foreigners who would like to move to Malaysia for a long time. However, the Malaysian government had to temporarily halt this project due to the outbreak of COVID-19.

Recently, Nancy Shukri, Minister of Tourism of Malaysia, made the announcement that the reformed MM2H program is about to be approved by the Cabinet of Malaysia. The government official was positive about the changes to the program made by an international evaluation company. This was disclosed by a government spokeswoman to Sinar Harian, a Malaysian newspaper.

According to the company’s report, MM2H will soon be submitted to the Cabinet of Malaysia for approval, after which the program will become valid again. Security is a key issue for the program, Nancy Shukri said, so officials from the Malaysian Ministry of Home Affairs and Immigration were involved in the MM2H reassessment.

What changes to MM2H should we expect?

The Minister of Tourism shared on her official Facebook page that Malaysia has invited the international firm KPMG to do an analysis of MM2H. The firm has made some adjustments, proposing to split the single course into two. KPMG representatives recommend creating one project for retirees and a second, expanded one, based on residency.

Minister Shukri adds that the changes would transform the MM2H program and positively impact the state’s economy. KPMG’s suggestions include working with the target market, marketing strategies, popularizing the project, and effective management principles. In addition, employees of the international firm insist on the inclusion of two updated courses: the Retirement Program (RP) and Residence by Investment (RBI).

Previously, before the pandemic, MM2H offered foreign citizens visas that were valid for 10 years and could be renewed. Applicants had to meet the lowest threshold of financial assets. The requirement for those over 50 years old is a confirmed deposit account in a bank of Malaysia with a minimum amount of USD 40000. Immigrants over the age of 21 required to have USD 80,000 or more.

The main advantage of the program for foreigners was that there was no requirement to purchase or rent a home. Holders of the entry permit had the right to stay in Malaysia for an unlimited period. The program is suitable not only for the elderly who want to live in a safe and comfortable country, but also for young people who prefer a remote work.

Given the global situation with COVID-19, we can assume that the reformed MM2H program will be of greater interest to specialists employed remotely.

The consequences of the MM2H interruption

The unexpected COVID-19 outbreak forced the Malaysian authorities to stop the MM2H program. The first postponement occurred on March 18, 2020 and lasted almost a month and a half. On August 30 same year, the government was forced to pause the program again. This time, they decided to postpone the project until it could be reviewed.

Because of the MM2H program termination, some foreigners are forced to stay abroad. Malaysian authorities had been helpful to immigrants, allowing holders of valid visas to visit the country for a short period of time, regardless of the postponement of the program. However, there are those who are dissatisfied with this decision, as their status in a foreign country is still uncertain.

The My Second Home Consultants Association of Malaysia (MM2HCA), consisting of 250 member firms, made this calculation: 90% of the industry had to end their operations due to the order of the authorities to temporarily stop the program.

Source: UGlobal

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