KUCHING, Nov 16 ― The latest data from Malaysia My Second Home (MM2H) programme, particularly for Sarawak, shows that other nationalities still find Malaysia one of the most appealing destinations in Southeast Asia, said Juwai IQI co-founder and Group chief executive officer Kashif Ansari.
In a statement, he said that since the late-2021 reforms to the federal MM2H programme, it has received 2,164 applications, out of which 1,905 or about 88 per cent were approved.
“The authorities in Sarawak had already approved 406 applications by the end of July 2023, which suggests for the full year of 2023 the total could be about 700. If you compare Sarawak’s 700 estimated approvals in 2023 to the number of approvals issued in 2021, which was 27, the growth seems dramatic.
“Going from 27 to 700 per year is equivalent to 3,200 per cent growth. These numbers show there is still sufficient international demand to make the national MM2H a success,” he said.
Juwai IQI is Asia’s global real estate technology group that powers property transactions and ownership locally and globally.
Kashif pointed out that Sarawak MM2H programme’s requirements differ from those of the federal.
He said in Sarawak, the minimum bank deposit is RM150,000 (US$32,000), while the current federal programme requires a minimum deposit of RM1,000,000 (US$212,000).
“The Sarawak programme also has lower residency and annual income requirements than the new federal programme. For example, you must spend 30 days a year in Sarawak under its terms, which compares to 90 days for the federal MM2H.
“And you must have a minimum annual income of RM84,000 (US$18,000) for Sarawak MM2H. The federal MM2H programme requires a minimum annual income of RM408,000 (US$103,000),” he said.
Kashif also said Juwai IQI projects that the number of applicants for federal MM2H and Sarawak MM2H will remain steady in 2024.
According to him, the success of federal MM2H and Sarawak MM2H underscores Malaysia’s enduring appeal with expatriates and retirees.
“MM2H fosters increased spending and employment and enhances Malaysia’s reputation as a long-term tourism destination.
“Despite competition from neighbouring countries, Malaysia’s unique blend of lifestyle, cultural richness, and financial advantages will attract numerous international residents in 2024,” he said. ― Borneo Post