Latest on MM2H Malaysia. Rules are relaxed for current MM2H participants. Good news?
Remember all the NEW requirements for MM2H announced earlier? Here are all of them if you have forgotten them. Click to refresh. All MM2H new requirements which are applicable even to current participants of MM2H Yes, it was hotly debated and everyone provided their views. In fact even the MIEA issued a formal statement on it too. Reactivation of MM2H is applauded and here are MIEA’s views
Now, we have latest information for MM2H Malaysia
I think this should be a good news for property news Malaysia. At least we would have fewer MM2H participants who did not qualify for the the new rules selling their properties for a lower price than the market price. Selling it lower does affect other owners owning the same unit too. So, if they are not selling that’s considered good for the property market in general.
Article in theedgemarkets.com The government has relaxed its rules for existing participants of the Malaysia My Second Home (MM2H) programme. Out of the 10 new criteria, existing MM2H participants only need to adhere to two.
These two are the increase in annual fee to RM500, from RM90 previously, and the requirement to stay in the country for a minimum of 90 days each year. This was said by Home Minister Datuk Seri Hamzah Zainudin in the Dewan Rakyat on Tuesday. Hamzah gave his assurance to existing MM2H participants that they will not be bound by the other new conditions.
He added, “However, for all new participants, they have to comply with the new requirements of the MM2H programme to ensure that only those who are genuine, of high quality and can provide positive contribution to the country’s economic growth (are allowed to join the programme).” There are a lot more details. Please read it here: Article in theedgemarkets.com
Staying a minimum of 90 days per year is fair since this is their second home (if not the first)
90 days per year is roughly 3 months out of 12. It’s around 25% of the time within the whole year of 365 days. While I agree that many other new conditions will be hard for many MM2H potential applicants, I do think 90 days is a fair requirement. After all, MM2H does say Malaysia is my second home. So, staying 90 days in my second home every year should be achievable.
Staying 90 days would definitely encourage these MM2H participants to purchase a property too. Without the need to stay, then there’s really no need to buy a property because staying in hotels may be way cheaper. Now imagine staying 90 days in a hotel which may cost easily 90 days x RM300 = RM27,000 per year. That’s certainly an incentive to think about owning a place instead.
Yes, Malaysia is definitely a better place as a second home versus some other country names mentioned
We do not want to be just cheap. There are a lot of cheaper places. No need to talk about expensive, we are definitely not expensive too. However, we really do have everything when we speak about why MM2H Malaysia. We are also liveable, friendly Malaysians, full of diversity and for food, we are really second to none. I have been to close to 20 countries. I can vouch for that. For all the current MM2H participants, I am happy to have you here. Enjoy Malaysia. We can be a great second home or maybe even first home. Cheers.
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