Malaysia relaxed the conditions to attract foreigners
The government has decided to ease conditions to attract foreign applicants to Malaysia’s My Second Home. On March 14, the country’s Deputy Prime Minister Datuk Seri Dr. Ahmad Zahid Hamidi announced the decision to ease the conditions of My Second Home in a statement. However, he also said that the amendment of the conditions will not compromise the national security.
Two days before the statement, the matter was decided in a meeting of the Cabinet Committee on Tourism and Culture chaired by the Deputy Prime Minister.
Among the main conditions for foreign nationals to apply for My Second Home that will be revised is the amount of fixed deposit that applicants must have, which will vary according to the three tiers of silver, gold and platinum.
The department concerned will also work with the immigration department to facilitate the application process, where after filling all the forms, the application will be verified within three working days to ensure they are eligible as per security.
Under the revised conditions, applicants cannot resell their property before 10 years and their visa must be renewed every five years. Government will facilitate the applicants to choose the school of their choice for their children. What the government is doing is improving the existing system without compromising national security.
Apart from this, the conditions will be eased in the case of those applying for Forest City (Property) under the same rules. Deputy Prime Minister Ahmad Zahid expressed hope that the Ministry of Tourism, Arts and Culture and the Ministry of Home Affairs would immediately take necessary steps to attract more My Second Home applicants, Ahmad Zahid added.
On March 12, Tourism, Arts and Culture Minister Datuk Seri Tiong King Singh told Parliament that more foreign nationals are expected to join the My Second Home programme. Because the government has looked at relaxing some of the requirements.
Last year’s budget is in line with the 2024 announcement where Putrajaya (Government) wants to make the program more attractive and competitive. To maintain national security, applicants must submit a certificate of good conduct for themselves and their dependents, issued and verified by authorities in their country of birth or current residence, Tiong added.
Tiong said as of Jan 31 this year, there were 56,066 active My Second Home pass holders. Out of which there are 27,759 participant pass holders and 28,307 dependents.
Of these, China tops the list with a total of 24,765 holders. It is followed by South Korea 4,940, Japan 4,733, Bangladesh 3,604, UK 2,234, Taiwan 1,611, USA 1,340. Singapore 1,282, India 1,223 and Australia 1,069.
According to ministry sources, the My Second Home program was launched by the Malaysian government in 2002. which allows foreigners to buy property and reside in Malaysia for an extended period of time.
The Malaysia My Second Home (MM2H) program received 5,610 applications in 2018 and 3,929 applications in 2019. However, this program was temporarily discontinued in August 2020. After this, around 1,468 applications were approved from October 2021 onwards.