KUCHING, Aug 24 — Sarawak will not be affected by the new requirements and regulations of the MM2H (Malaysia My Second Home) programme as recently announced by the federal government, effective October 2021, Datuk Karim Rahman Hamzah said.
The state tourism, arts and culture minister said his ministry had already enhanced new regulations and requirements for the Sarawak-MM2H Programme last September.
“Currently, among the Sarawak-MM2H criteria are placement of fixed deposits in local banks from RM150,000 for individuals to RM300,000 for couples,” he told reporters.
He added the requirement to invest in property specifically for residential purposes with a total amount of at least RM600,000 applies only to applicants who are between 40-50 years of age.
He said applicants who are above 30 years of age can also be considered if they are accompanying their children to study in Sarawak or seeking long-term medical treatment.
“A minimum stay period of 15 days cumulative per year is required,” Karim said, adding that a 10-year pass will be issued to successful applicants.
He said the S-MM2H Programme has its own independent panel to deliberate and decide on applications.
As part of Sarawak’s Post Covid-19 Development Strategy (PCDS), he said his ministry will continue to actively diversify beyond leisure tourism by looking at the potential of S-MM2H in bringing quality visitors to Sarawak.
On August 11 this year, the federal government announced that the MM2H Programme will resume online in October 2021 with stricter criteria such as an increase of compulsory fixed deposits in local banks from RM150,000 (age over 50) to RM300,000 (age less than 50) to RM1 million and offshore monthly income increased to RM40,000 from RM10,000.
The applicants for MM2H programme will also be required to declare RM 1.5 million insteadof the previous RM500,000 liquid assets, a minimum stay period of 90 days cumulative per year as well as five years pass plus five years on a renewal basis.