Latest / IMI Podcasts / Malaysia’s Revamped MM2H Approves 782 Applicants, Brings in Over US$100M in 6 Months

Transcript

Malaysia’s Revamped MM2H Approves 782 Applicants, Brings in Over US$100M in 6 Months · IMI Podcasts

• 0:00
  SPEAKER_00: The Malaysia My Second Home, also known as MM2H program, has seen a significant boost in investment in 2024, generating 455.8 million Malaysian ringgit through fixed deposits and real estate purchases under its new MM2H policies, tourism, arts, and culture.
• 0:22
  SPEAKER_00: Minister Datuk Seri Tiong King Singh disclosed in Parliament that the program has recorded 782 approvals under the new guidelines, which the government unveiled last June.
• 0:35
  SPEAKER_00: As of December 31, 2024, the total number of MM2H approvals since program inception had reached 58,468.
• 0:47
  SPEAKER_00: Since June 2024, the government has approved 319 principles and 463 dependents.
• 0:56
  SPEAKER_00: The silver category, which requires that applicants place a$150,000 fixed deposit, purchase property worth at least$600,000 Malaysian ringgit, and show a monthly offshore income of$10,000 Malaysian ringgit, attracted the highest number of approvals, granting residency to 260 principal applicants.
• 1:18
  SPEAKER_00: The gold category, which mandates$500,000 deposit, a property purchase of$1,000 Malaysian ringgit, and a monthly offshore income of 40,000 Malaysian ringgit, was the second most popular, registering nine principal applicant approvals.
• 1:35
  SPEAKER_00: The platinum category, requiring a$1 million deposit, a$2 million Malaysian ringgit property purchase, and an offshore income of 100,000 Malaysian ringgit per month, registered seven main applicant approvals.
• 1:50
  SPEAKER_00: The government also granted 43 approvals under the new Special Economic Zone, or SEZ, and Special Financial Zone, referred to as SFZ categories, which offer relaxed conditions such as a reduced fixed deposit requirement of 500,000 Malaysian ringgit and no mandatory offshore income.
• 2:11
  SPEAKER_00: The MM2H program, which allows eligible foreigners to reside in Malaysia while contributing to the economy through investments, has been in operation since 2002.
• 2:23
  SPEAKER_00: Since its inception, it has been a key driver of foreign direct investment, particularly in real estate and financial services.
• 2:30
  SPEAKER_00: Under the new guidelines, the government has gained 234 million Malaysian ringgit from fixed savings accounts and 222 million Malaysian ringgit from property investments in 2024 alone.
• 2:46
  SPEAKER_00: In Parliament, Minister Tiong clarified that the government had granted a total of 57,686 approvals under the older MM2H rules, comprising 28,209 principles and 29,477 dependents.
• 3:07
  SPEAKER_00: The MM2H program underwent a major overhaul in 2021, introducing stricter requirements such as higher financial thresholds for applicants.
• 3:18
  SPEAKER_00: These changes led to a significant decline in applications and widespread criticism from stakeholders, including industry leaders and lawmakers.
• 3:28
  SPEAKER_00: Many argued that the revised conditions deterred potential applicants, harming Malaysia's competitiveness as a destination for expatriates.
• 3:37
  SPEAKER_00: In June 2024, the government eased the requirements and introduced the tiered passive investment categories of silver, gold, and platinum to provide more flexibility.
• 3:48
  SPEAKER_00: It also added the more affordable SEZ and SFZ categories to attract foreigners interested in making active business investments in Malaysia.
• 3:58
  SPEAKER_00: Despite the program's economic benefits, the government has firmly stated that the MM2H program does not serve as a pathway to permanent residency.
• 4:10
  SPEAKER_00: This restriction aims to ensure that participants contribute meaningfully to Malaysia's economy without creating long-term demographic concerns.com.
• 4:29
  SPEAKER_00: Subscribe for free to the IMI newsletter for breaking news and updates from the investment migration industry, and upgrade your membership to IMI Pro to get access to our exclusive professional community, citizenship catalog, investment migration company Rolodex, private briefings, and more members only content.