Make MM2H more competitive – ACCCIM

by NUR HANANI AZMAN

The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) has raised some reservations on the need to fine-tune the new requirements for Malaysia My Second Home (MM2H) programme.

According to ACCCIM, this is to make the MM2H more competitive relative to Malaysia’s regional peers.

“We also indicated that the new requirements must not be retrospective; only applicable for new applications,” it said in a statement.

Home Minister Datuk Seri Hamzah Zainudin told Dewan Rakyat yesterday that the revised criteria for the MM2H programme is for security purposes.

“Some of them are disguising as the MM2H participants, but they are actually using it as a ‘transit’ to carry out unwanted activities.

“That is why focus was given to security for the programme. Let us attract those of high quality to spur economic activities,” he said.

The Malaysian Reserve (TMR) reported earlier this year that the number of property purchases by Malaysia My Second Home (MM2H) visa holders would hardly drive up property prices as each state has its own minimum purchase price for foreigners while some states set lower limits for MM2H visa holders.

“There have probably only been around 10,000 purchases since the programme started in 2002.“I cannot see the volumes having much impact on local property prices compared to Malaysian buyers,” TEG Media CEO Andy Davison told TMR.