Saturday, 17 Aug 2024
KUALA LUMPUR: The revamped rules of the Malaysia My Second Home (MM2H) residency visa scheme has increased the interest of foreigners in owning properties in Malaysia, says Datuk Seri Tiong King Sing.
“We have received reports that developers are getting enquiries from abroad about how to purchase houses that align with the prices we have set under the programme,” said the Tourism, Arts and Culture Minister in a special interview.
In June, the Tourism, Arts and Culture Ministry (Motac) announced the revamped MM2H, which introduced the Platinum, Gold and Silver categories, to boost the high-end segment of the local property market.
It had relaxed some provisions compared with the 2021 version with reduced requirements for fixed deposits, offshore income and liquid assets.
However, it has drawn some criticism that the programme may not be attractive compared with similar programmes offered by neighbouring countries.
Tiong said these were just some points of views but contrasting research indicated there was still a strong desire to buy property in Malaysia.
“The Platinum category requires a fixed deposit of US$1mil; the Gold category requires US$500,000; and the Silver category requires US$150,000.