By Abdul Rashid Hasnol
TOURISM, Arts and Culture Minister Datuk Seri Nancy Shukri has raised hopes that the Malaysia My Second Home (MM2H) programme – which was put on hold since we closed our borders due to the COVID-19 pandemic – will be revived.
She was quoted in the media as saying that a review of the MM2H programme is now complete and awaiting Cabinet approval.
For months, the suspension of this programme to make Malaysia a home for foreign retirees, had left many industry players languishing. With the COVID-19 vaccination at advanced stages in many developed countries, it is time to roll out the red carpet again for these golden folks. Due to their age, many would have gotten their vaccination already.
There are many reasons why we should welcome these retirees with open arms. For one, successful applicants above the age of 50 are required to deposit RM150,000 in a local bank, while those below the age, the quantum is RM300,000.
These monies can be put to good use in an economy already badly battered by the pandemic. On top of that, these participants can help snap up property, a sector that has been in the doldrums since the coronavirus hit our shores last year.
And then, there’s the retail spending these foreigners can help bump up, whether in restaurants, shopping malls or entertainment outlets, all of which can do with more businesses after over a year of awful slump. There’s nothing like the spending power of consumers from countries with a stronger currency than the ringgit, to help jumpstart the local economy.
It was reported that some 90% of the MM2H agents have folded since the programme was suspended. Reviving the programme will provide a glimmer of hope for not just the agents but also indirect benefactors, such as retailers or the property sector.
Since its inception in 2002, the Government has approved some 40,000 foreigners to reside in Malaysia where participants are granted a social visit pass with multiple entries over a 10-year period and a renewable visa.
Besides the economic spillover, there’s also other intangible benefits too from reviving this programme. The presence of more foreigners, especially those from more developed countries can enhance cross-cultural understanding.
Too often, Malaysia ends up in the international media for all the wrong reasons. But with sizable foreigners residing here, they would be able to understand better the cultural nuances in this plural society and help tamper any biased backlash from the foreign press.
Malaysians too can learn from the presence of these foreign retirees and be more exposed to global cultures, right here in our backyard. And if we can’t let our people out of the country yet due to COVID-19, we should at least let the MM2H participants in. – March 30, 2021
Abdul Rashid Hasnol is a FocusM contributor.
The views expressed are solely of the author and do not necessarily reflect those of Focus Malaysia.
