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Malaysian government releases new rules for housing programme

The Malaysia My Second Home was rolled out again in August with 10 new requirements  

Some other new requirements include higher compulsory fixed deposits (FD) in local banks worth MYR1 million. reinaimaging/Shutterstock

As reported on Free Malaysia Today, the Malaysian government has relaxed the new rules for the Malaysia My Second Home (MM2H) programme, with two of the 10 new requirements only need to be fulfilled by enrolled candidates.  

Hamzah Zainudin, home minister, said the only new conditions existing MM2H programme holders need to be tied to are the fee increase from MYR90 (USD21.53) to MYR500(USD119.59) a year, and the condition to stay in the country for at least 90 days each year.  

“The improvements are to ensure that only those who are of ‘good quality’ and who can really contribute to the nation’s economy are allowed to join the programme,” he said.  

In July 2020, the programme was suspended but was then rolled out once again this August along with 10 new requirements. 

Some other new requirements include higher compulsory fixed deposits (FD) in local banks worth MYR1 million and offshore monthly income of MYR40,000. 

More: Malaysia homeownership slows down with $4.3 billion yet to be sold

Another condition is that applications have to have at least MYR1.5 million in liquid assets, from MYR300,000 and MYR500,000 previously.  

Nevertheless, many call on the new MM2H conditions, saying it would dent the country’s revenue and intimidate investors.  

The Property Report editors wrote this article. For more information, email: [email protected].

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