Malaysia's MM2H Program Generates US$102 Million After Revamp

Malaysia’s My Second Home (MM2H) program has rebounded strongly following its mid-2024 revamp, generating RM455.8 million (US$102 million) in just six months.

The revised program, which introduced tiered application categories, has helped attract new participants after years of declining interest due to previous stringent requirements.

Program Approvals and Economic Impact

Speaking in Parliament, Minister Tiong revealed that between June and December 2024, the MM2H program approved 782 applications, comprising 319 principal applicants and 463 dependents. This brings the total approvals since the program's inception in 2002 to 58,468.

The economic contributions during this period include RM233.8 million from fixed deposits and RM222 million from property investments.

Revamped Program Tiers

The updated MM2H program offers several tiers with varying requirements:

• Silver Tier: Requires a US$150,000 fixed deposit, property purchase of at least RM600,000, and a monthly offshore income of RM10,000. This tier saw the highest uptake with 260 principal approvals.

• Gold Tier: Entails a US$500,000 deposit, RM1 million property purchase, and RM40,000 monthly offshore income, with nine principal approvals.

• Platinum Tier: Requires a US$1 million deposit, RM2 million property purchase, and RM100,000 monthly offshore income, with seven principal approvals.

• Special Economic and Financial Zones: Offers reduced requirements, including a RM500,000 fixed deposit and no mandatory offshore income, resulting in 43 approvals.

Program Evolution and Future Outlook

The MM2H program underwent significant changes in 2021, introducing stricter requirements that led to a decline in applications. The June 2024 revision aimed to make the program more accessible by implementing tiered categories, successfully revitalizing interest.

Despite these economic benefits, the government emphasizes that MM2H does not provide a pathway to permanent residency.

The recent performance indicates a positive trend, with the program attracting a diverse group of participants and contributing substantially to Malaysia's economy.