MM2H: Revamped requirements only for new applicants, but industry dialogue needed to solve core problem

PETALING JAYA (Sept 25): The latest announcement on Malaysia My Second Home (MM2H) has given an assurance to existing MM2H visa holders that the new rules will not affect their status, but industry stakeholders requested for more clarity and a review of the stringent rules.

The International Real Estate Federation (FIABCI) Malaysian Chapter president Datuk Seri Koe Peng Kang commended the latest announcement made by Home Minister Hamzah Zainudin on Sept 24, that the new rules of MM2H will only apply to new applicants, as this could resolve the “crisis of confidence” of MM2H programme.

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“This is a good move to offer assurance to existing MM2H visa holders, especially those who have been staying here or started businesses in Malaysia for years. Next stage, we hope the government will initiate a dialogue with industry stakeholders to review the new rules,” Koe told EdgeProp.my.

It is crucial for the stakeholders to understand the government’s fear factors and also to let the authorities know the consequences to the country if such stringent new rules are implemented.

Most importantly, we need a solution to ensure the country’s safety and retain Malaysia's attractiveness to foreigners, he stressed.

Malaysian My Second Home Consultants Association (MM2HCA) president Anthony Liew concurred with Koe, adding that the reviewed policies on new applicants have set high entry requirements to foreigners, and this might dampen their interest on MM2H and choose other countries as their second home destination.

Although the latest announcement by the Home Minister could give an assurance to existing MM2H visa holders, industry stakeholders required the full details of the reviewed policies for future operations. “More clarity is needed. So far, we still do not have the details,” he said.

The latest announcement by the Home Minister didn’t surprise Gary Crestejo, the chairman of “Hongkongers in Malaysia” Facebook group, as he is looking forward to clearer and stable policies for the MM2H programme.

“The government said something similar previously. But yes, a temporary relief for existing holders,” he said, adding that lack of confidence is a major issue for new applicants and existing MM2H visa holders.

“Many still anticipated that the government might change the policies again, thus, existing MM2H visa holders might withhold their investments in Malaysia,” he noted. 

Gary, Liew and Koe are the panellists for the first episode of EdgeProp Malaysia’s Virtual Property Expo 2021 (VPEX 2021) webinar which was held on Sept 21, 2021.

In the session titled “Too little, too late”, moderated by EdgeProp Malaysia editor-in-chief and managing director Au Foong Yee, the panellists shared their thoughts on the revamped MM2H policies.

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