JOHOR Ruler Sultan Ibrahim Sultan Iskandar today said that the new ‘Malaysia My Second Home’ (MM2H) conditions announced recently are too restrictive and should be revised immediately.
He said the Government should reconsider the new requirements as it will dampen foreigners’ interest in coming to Malaysia and force existing MM2H pass holders to flee the country.
“This means massive revenue loss for Malaysia,” he warned.
“The review was supposed to make things better. But the new criteria are only going to drive investors and tourists away from Malaysia,” His Majesty said today (30 Aug).
“This is very disappointing, especially for us in Johor as we have a long history with Singapore and her people. The new requirements will turn them away from investing in Johor,” noted His Majesty on his official Facebook page today.
Sultan Ibrahim said the Government should also consider reverting to the original MM2H conditions as it has been effective in promoting Malaysia as an international retirement destination.
Since its inception in 2002, only 57,478 foreigners have been granted MM2H long-term passes. However, the programme was halted in Sept 2018 for a review, with new rules announced just last week.
Under the sweeping new regulations, foreigners must prove liquid assets worth between RM500,000 and RM1.5 mil depending on their age. They must also have a monthly offshore income of at least RM40,000.
Additionally, they must stay a minimum of 90 days in the country per year.
The MM2H visas are also now valid for only five years, instead of 10 previously.
“The revisions are very negative,” noted His Majesty, adding that it was ridiculous to subject even existing MM2H pass holders to these new conditions.
“When we continue to flip-flop on conditions, how can we promote Malaysia as an investment destination?” he asked.
Tuanku Sultan Johor said the Government should be more compassionate and lenient to foreigners keen to settle and make Malaysia their retirement home.
“When you keep shifting the goalposts, foreigners will lose confidence in Malaysia. This is not the right time to raise fees.
“Let us help put Malaysia back on the world map as the best place to live for high net-worth foreigners. Drastic changes like this will tarnish our image and will make us a laughingstock of the world,” he warned.
Long-term MM2H visa holders are said to have invested nearly RM12 bil in the economy since 2002. They reportedly spend around RM10,000 a month, with many having purchased high-end properties here. – Aug 30, 2021