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PETALING JAYA (Jan 4): The Ministry of Tourism, Arts and Culture (MOTAC) should consider reopening the Malaysia My Second Home (MM2H) program for economic gain, urged Bukit Gasing assemblyman Rajiv Rishyakaran.
“Freezing the program is almost like killing the goose that lays the golden eggs,” Rishayakaran said as he believed that unfreezing the program will not only help boost rental and property market but the overall economy due to influx of foreign currency from rich expatriates.
The MM2H program was frozen temporarily on November 2, 2020, citing reasons of avoiding disappointing applicants while renewing and devising conditions due to the pandemic. Yet, the MM2H program brings no Covid-19 threat as successful applicants have to undergo 10 to 14 quarantine days, Rishyakaran said in a media statement today.
Besides that, records showed that applications and approvals for the program have been halted since the end of 2019, even before the pandemic. According to My Second Home Consultants Association (MM2HCA), 90% of their submitted applications between September and November 2019 were rejected without any reasons.
“We should do everything we can to grow the domestic economy, including reopening MM2H entries, rather than freezing out an economic opportunity,” Rishyakaran said.
Formed in 2002, the MM2H program is one of the world’s most successful investment migration programmes and has since contributed RM40 billion to the economy.
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