The Ministry of Tourism, Arts, and Culture in Malaysia has recently unveiled a set of more relaxed conditions for the Malaysia My Second Home (MM2H) program. Datuk Seri Tiong King Sing, the Minister in charge, made the announcement, citing the need to simplify the MM2H application process, which had faced criticism for its complexity. These new conditions, referred to as the 'special edition,' are designed to provide greater flexibility and clarity in the application process.
Tiong explained that these relaxed conditions align with the upcoming 50th anniversary of Malaysia's diplomatic relations with China. To promote these changes, various discussions and promotional efforts have taken place during recent visits to China. The Chinese tourism sector also views these updates as timely in light of the significant anniversary.
The new conditions are being implemented on a trial basis for one year, with the possibility of further streamlining criteria and conditions to match current needs. Importantly, the Minister emphasized that applicants from all countries worldwide are welcome to participate in the MM2H program.
For the Platinum tier of applicants, a fixed deposit of RM5 million (approximately USD 1.05 million) is required. After one year, half of this deposit can be withdrawn and utilized for purposes such as purchasing properties valued at a minimum of RM1.5 million, healthcare, and now, domestic tourism. Additionally, participants in this category can withdraw up to 50% of the principal amount for domestic tourism purposes. To maintain their status, Platinum applicants must spend at least 60 days a year in Malaysia, and they also have the opportunity to earn Permanent Resident status after obtaining their MM2H pass.
For the Gold category, applicants must have a fixed deposit of RM2 million. In return, they are granted a 15-year Multiple Entry Visa (MEV). Silver category applicants must have a minimum fixed deposit of RM500,000 and are provided with a 5-year MEV, with the option to renew.
One noteworthy change is the reduction of the minimum age requirement from 35 to 30. Furthermore, the new conditions require only 60 days of residency in Malaysia, down from the previous requirement of 90 days. Participants aged 30 to 49 can fulfill the residency requirements either individually or collectively with their spouse or dependents.
Tiong clarified that these enhancements are a preliminary version, and further details regarding terms and conditions will be announced in stages.
Pros:
Simplified Application Process: The new MM2H conditions aim to simplify the application process, making it more accessible and straightforward for potential participants.
Enhanced Flexibility: The program now offers greater flexibility in terms of investment options, property purchases, and the ability to withdraw funds for domestic tourism.
Attracting Foreign Investment: These changes are likely to attract high-net-worth individuals and foreign investors who wish to establish businesses or collaborate with local entrepreneurs in Malaysia.
Lower Minimum Age: Reducing the minimum age requirement from 35 to 30 opens up the program to a wider age group.
Shorter Residency Requirement: The reduced residency requirement of 60 days makes it more convenient for participants to meet the criteria.
Permanent Resident Status: Platinum category applicants have the opportunity to earn Permanent Resident status, offering long-term benefits.
Cons:
Financial Requirements: The high fixed deposit requirements for the Platinum and Gold categories may still be challenging for some potential participants.
Trial Period: The new conditions are on a year-long trial, which may create uncertainty about potential changes in the future.
Selective Entry: While applicants from all countries are welcome, the financial requirements may limit participation to individuals with significant financial means.
Competition for Properties: The ability to withdraw funds for property purchases may contribute to increased competition in the real estate market.
Visa Duration: The visa duration for Silver category applicants is shorter, which may not be suitable for those seeking more extended stays.
Overall, the revised MM2H program offers several advantages, including simplicity, flexibility, and the potential for attracting foreign investment. However, the financial requirements and the trial period may pose challenges for some applicants.
Tiong explained that these relaxed conditions align with the upcoming 50th anniversary of Malaysia's diplomatic relations with China. To promote these changes, various discussions and promotional efforts have taken place during recent visits to China. The Chinese tourism sector also views these updates as timely in light of the significant anniversary.
The new conditions are being implemented on a trial basis for one year, with the possibility of further streamlining criteria and conditions to match current needs. Importantly, the Minister emphasized that applicants from all countries worldwide are welcome to participate in the MM2H program.
For the Platinum tier of applicants, a fixed deposit of RM5 million (approximately USD 1.05 million) is required. After one year, half of this deposit can be withdrawn and utilized for purposes such as purchasing properties valued at a minimum of RM1.5 million, healthcare, and now, domestic tourism. Additionally, participants in this category can withdraw up to 50% of the principal amount for domestic tourism purposes. To maintain their status, Platinum applicants must spend at least 60 days a year in Malaysia, and they also have the opportunity to earn Permanent Resident status after obtaining their MM2H pass.
For the Gold category, applicants must have a fixed deposit of RM2 million. In return, they are granted a 15-year Multiple Entry Visa (MEV). Silver category applicants must have a minimum fixed deposit of RM500,000 and are provided with a 5-year MEV, with the option to renew.
One noteworthy change is the reduction of the minimum age requirement from 35 to 30. Furthermore, the new conditions require only 60 days of residency in Malaysia, down from the previous requirement of 90 days. Participants aged 30 to 49 can fulfill the residency requirements either individually or collectively with their spouse or dependents.
Tiong clarified that these enhancements are a preliminary version, and further details regarding terms and conditions will be announced in stages.
Pros:
Simplified Application Process: The new MM2H conditions aim to simplify the application process, making it more accessible and straightforward for potential participants.
Enhanced Flexibility: The program now offers greater flexibility in terms of investment options, property purchases, and the ability to withdraw funds for domestic tourism.
Attracting Foreign Investment: These changes are likely to attract high-net-worth individuals and foreign investors who wish to establish businesses or collaborate with local entrepreneurs in Malaysia.
Lower Minimum Age: Reducing the minimum age requirement from 35 to 30 opens up the program to a wider age group.
Shorter Residency Requirement: The reduced residency requirement of 60 days makes it more convenient for participants to meet the criteria.
Permanent Resident Status: Platinum category applicants have the opportunity to earn Permanent Resident status, offering long-term benefits.
Cons:
Financial Requirements: The high fixed deposit requirements for the Platinum and Gold categories may still be challenging for some potential participants.
Trial Period: The new conditions are on a year-long trial, which may create uncertainty about potential changes in the future.
Selective Entry: While applicants from all countries are welcome, the financial requirements may limit participation to individuals with significant financial means.
Competition for Properties: The ability to withdraw funds for property purchases may contribute to increased competition in the real estate market.
Visa Duration: The visa duration for Silver category applicants is shorter, which may not be suitable for those seeking more extended stays.
Overall, the revised MM2H program offers several advantages, including simplicity, flexibility, and the potential for attracting foreign investment. However, the financial requirements and the trial period may pose challenges for some applicants.
Malaysia is awesome, but I feel like they’re targeting only the super-rich now. 
