1,905 MM2H applications approved since November 2021, 57 PVIP applications processed

Malaysia's My Second Home (MM2H) programme has approved 1,905 applications — 88% of the 2,164 submitted — between November 2021 and the end of September 2023, according to Tourism Minister Datuk Seri Tiong King Sing.

Over the same period, the Premium Visa Programme (PVIP) processed 57 applications: 28 have been approved, and the remaining 29 have been recommended for approval.

Tiong (GPS-Bintulu) was responding to a question from Yeo Bee Yin (PH-Puchong) in the Dewan Rakyat about application volumes, approvals, and the status of ongoing requirement reviews for both programmes.

Ongoing review of requirements

“To ensure MM2H is attractive and competitive, the Ministry of Tourism, Arts and Culture (Motac) together with the home ministry continues to review the existing requirements of the programme. Whereas for PVIP, it is under the purview of the home ministry and the National Immigration Department,” — Tourism Minister Datuk Seri Tiong King Sing

What each programme currently requires

PVIP's current requirements include:

• RM40,000 in offshore monthly income
• RM1 million local fixed deposit
• RM200,000 participation fee

MM2H's requirements vary between Peninsular and East Malaysia — differing minimum stay periods, fixed deposit amounts, and minimum ages apply — but broadly call for RM40,000 to RM70,000 in offshore monthly income and, for Peninsular Malaysia, RM1.5 million in liquid assets.

Budget 2024 changes on the way

Tabling Budget 2024 on 13 October, Prime Minister Datuk Seri Anwar Ibrahim said the government has agreed to ease MM2H's existing conditions to attract more tourists and foreign investors.

He also flagged new initiatives under the Malaysian Visa Liberalisation Plan, including a Long-Term Social Visit Pass for international graduates to help meet demand for skilled workers, and improvements to Visa-on-Arrival facilities, social visit passes, and Multiple Entry Visa offers aimed at drawing more tourists and investors — particularly from India and China.

Source: The Edge Malaysia