Malaysia’s long-term visa options, such as the “Malaysia My Second Home” (MM2H) programme, were also cited as a plus point for foreigners looking to retire in the country.
IQI co-founder and group chief executive officer Kashif Ansari said the latest official data reveals that the June 2024 revisions to the MM2H visa programme have already generated RM455.
Minister of Tourism, Arts and Culture Datuk Seri Tiong King Sin said this when commenting on a statement by former minister of information, communications and culture Tan Sri Dr Rais Yatim on Facebook on Friday regarding the MM2H programme, which was alleged to have made 22,000 Chinese nationals permanent residents in Malaysia.
“Approvals under the previous policy stand at 57,686, comprising 28,209 principals and 29,477 dependents.
Current demand for properties is primarily driven by local buyers, E&O managing director Kok Tuck Cheong told reporters after the release of the group's results for the second quarter ended Sept 30, 2024 (2QFY2025).
An additional category, called the Special Economic Zone (SEZ) and Special Financial Zone (SFZ), has also been introduced, with further eased requirements.
The latest development came about after a meeting in Kuala Lumpur between Sabah Tourism, Culture and Environment Minister Datuk Christina Liew and federal Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing that "resolved their misunderstandings".
There are 57,608 active MM2H visa holders, comprising 28,312 principal visa holders, and 29,296 dependents as of May 31.
“The conditions were set unilaterally by the state’s tourism, culture, and environment ministry without consulting the federal ministry,” Tourism, Arts and Culture Ministry said in a statement.
HLIB said that in the Klang Valley, most developers with exposure in this area are expected to benefit as many properties are priced above RM600,000.
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