In a recent development, interest in the Malaysia My Second Home (MM2H) program has seen a significant increase, particularly among Chinese and Taiwanese nationals, after the announcement of updated guidelines [8f37ffb5]. MM2H consultants have reported a surge in interest, with more than 70 potential applicants showing interest in hotspots such as Kuala Lumpur, Penang, and Johor [8f37ffb5]. The removal of the RM40,000 offshore income requirement has made the program more accessible, and property ownership in Malaysia remains cheaper compared to Singapore, making the program competitive compared to similar programs in Thailand [8f37ffb5]. However, some potential applicants have expressed concerns about the mandatory property purchase and the 10-year holding period [8f37ffb5].
The new guidelines have introduced a three-tier category for MM2H applicants, which now require a fixed deposit and a property purchase of at least RM600,000 [8f37ffb5]. It is important to note that existing MM2H holders are not subjected to the new rules [8f37ffb5]. The program's popularity can be attributed to Malaysia's lower cost of living, diverse culture, relaxed lifestyle, and the opportunity to own properties [8f37ffb5]. However, some MM2H consultants have observed that only 30-40% of current MM2H holders actually purchase property in Malaysia, with foreigners from Japan and Western countries preferring to rent [8f37ffb5]. The new guidelines may deter potential applicants who valued the flexibility of the previous program [8f37ffb5].
In light of the increased interest, the Ministry is being urged to provide more details on the application procedure and approval duration [8f37ffb5].