The new requirements and regulations for Malaysia My Second Home (MM2H) programme, which was announced by the Federal Government earlier, will not affect Sarawak, according to state Tourism, Arts and Culture Minister Datuk Abdul Karim Rahman Hamzah.
This comes as the Sarawak-MM2H Programme has a separate independent panel that deliberate and decide on applications, said Karim.
Moreover, the rules and regulations of Sarawak’s MM2H Programme have already been enhanced in September 2020, he added.
“Currently, among the Sarawak-MM2H criteria are placement of fixed deposits in local banks from RM150,000 for individuals to RM300,000 for couples,” said Karim as quoted by Malay Mail.
Find Out All You Need To Know About The Latest MM2H Programme Here!
Karim explained that the requirement to invest in Sarawak property, particularly for residential purposes, worth at least RM600,000 applies only to applicants aged between 40 and 50.
Applicants above 30 years old can also be considered to the programme if they have children who intend to study in Sarawak or seeking long-term medical treatment.
“A minimum stay period of 15 days cumulative per year is required,” said Karim as quoted by Malay Mail. He added that successful applicants will be issued a 10-year pass.
He revealed that his ministry, as part of the Post COVID-19 Development Strategy (PCDS), will also continue to diversify beyond leisure tourism by exploring the potential of the Sarawak-MM2H programme in bringing quality visitors to the state.
On 11 August, the Federal Government said the MM2H programme will resume in October with stricter criteria such as higher compulsory fixed deposits in local banks at RM1 million.
This requirement is previously pegged at RM150,000 for applicants aged over 50 and RM300,000 for those below 50 years old.
The requirement on offshore monthly income was also raised from RM10,000 to RM40,000.
MM2H applicants are also required to declare RM1.5 million in liquid assets, up from RM500,000 previously, a minimum stay of 90 days cumulative per year and five years pass plus five years on renewal basis.
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