KUALA LUMPUR: The relaxation of requirements for the Malaysia My Second Home (MM2H) programme will not result in an influx of foreigners in the country.
Putra Business School economic analyst Associate Prof Dr Ahmed Razman Abdul Latiff clarified that the MM2H programme is not a straightforward avenue for residing in the country.
Contrary to the claims, Razman said each applicant is subject to a thorough approval process before he or she can obtain the MM2H pass, ensuring stringent standards.
"Even the reduction in the age limit is not solely about age, but takes into account the demographics of applicants.
"The aim is to attract individuals who are not only within the productive age range, but also capable and possess substantial assets.
"The adjustment is also designed to encourage a diverse pool of applicants who can contribute meaningfully to the country," he told the New Straits Times.
Razman emphasised that the reduction in the age limit aims to ensure a balance in demographics, focusing on capable individuals rather than solely targeting the wealthy.
He underlined the importance of MM2H participants contributing to the country's growth rather than solely investing in assets and spending money.
"If there is an opportunity for them to contribute to the country and simultaneously boost the economy, that would be more beneficial," he said.
He highlighted the potential positive impact of attracting young millionaire applicants who have gained wealth through high-tech business ventures.
Echoing these sentiments, Institute for Democracy and Economic Affairs (Ideas) senior fellow Carmelo Ferlito praised the enhanced MM2H programme, seeing it as a positive shift in welcoming foreigners, particularly those with valuable skills.
"The new requirements represent a positive move towards showing that the country is open to welcoming foreigners, especially those with valuable skills.
"In the past year, there has been a negative narrative about foreigners, but these new rules signal a shift. Indeed, the requirements are now more selective, filtering the kind of applicants who can apply," said Ferlito.
Sharing his insights into the eligibility criteria for participants seeking permanent resident (PR) status, he expressed the view that a faster process would be beneficial.
He highlighted the significance of expatriates who have dedicated many years to the country, contributing significantly in terms of knowledge, spending, and tax payments.
"Some people, like expatriates who have been in the country for many years, have contributed a lot in terms of knowledge, spending money, and paying taxes.
"Allowing them a faster path to becoming permanent residents is a way of acknowledging their long-term contribution and preventing them from leaving the country feeling frustrated after dedicating their careers here," Ferlito commented.
Previously, concerns have been raised regarding the perceived "easy" path to permanent resident (PR) status for MM2H long-term residence pass holders.
Masjid Tanah MP, Mas Ermieyati Samsudi, questioned the process, emphasising the need for a careful assessment of each applicant.
Meanwhile, The Expat Group's chief executive officer, Andy Davison, who also manages MM2H applications, said the scrutiny given to the PR approval process is expected to be more rigorous compared to the standard MM2H approval.
He said while the announcement lacks clarity on the timeline for PR issuance, it is anticipated to be a multi-year process, challenging the notion of a swift transition.
"Whether individuals can easily obtain permanent resident (PR) status after obtaining the MM2H long-term residence pass depends on how closely the PR approval process is examined.
"The assumption is that the process will be more thorough than the standard MM2H approval, not happening quickly. The announcement doesn't specify how soon PR will be issued," he said.
