KUALA LUMPUR: Industry players, while welcoming the new Malaysia My Second Home (MM2H) conditions, are adopting a wait-and-see approach over potential additional requirements.
They expressed concern over a possible return of the monthly income requirement for applicants, which some believe played a role in the programme's waning popularity.
Ch'ng Toh Ghee, who is managing director of MM2H agency Alter Domus, believed that expats from western countries would be drawn to the Silver category, which has a fixed deposit condition of RM500,000.
Those contemplating a move to Malaysia, he said, would also find the Platinum category's offer of a Permanent Resident status particularly enticing.
However, he said the programme should do away with the monthly income requirement, which was introduced in the 2021 MM2H revamp.
"The new MM2H programme would only achieve its optimum effect by removing the draconian RM40,000 monthly income requirement," he said.
He said should the minimum income requirement be introduced later, it should be reduced to RM10,000 for the Silver category, and be waived for Gold and Platinum participants given the already stringent eligibility criteria.
However, Ch'ng said the 60-day residency requirement might still prove difficult for some.
"Those who wish to participate in MM2H as a long-stay tourist visa might find it difficult to meet the stipulated requirements."
MM2H Consultant Association (MM2HCA) president Anthony Liew, meanwhile, expressed concern over the lack of information for participants aged 50 and above.
"Participants aged 30 to 49 could fulfil residency requirements individually or collectively with their spouse or dependents.
"What about those aged 50 and above?" he asked.
He also questioned the lack of information on whether participants can use 50 per cent of the fixed deposit a year later for education purposes, as before.
"The new conditions only specified property purchases, medical and domestic tourism."
He was nevertheless satisfied over eliminating the 'one-size-fits-all' approach and anticipated a surge in applications.
"With the introduction of the Silver category and the lowered age requirement from 35 to 30, young adults who previously fell short of the requirements can now join the programme," he said.
Andy Davison, Chief Executive Officer of The Expat Group, which also manages MM2H applications, was pleasantly surprised by the option to obtain PR status after years of resistance.
However, he said the 60-day residency requirement would potentially alienate those with holiday homes as they would not meet the condition.
KGV International Property Consultants Head of Corporate and Investment Services Tan Wee Tiam said the PR eligibility was a welcome surprise.
"It is a known fact that obtaining PR status in Malaysia is difficult. This move will attract many high network applicants, and this augurs well for the country."
