Follow MyMM2H on......

Facebook Page Twitter


Discontinuation of The Reduction Of Fixed Deposit Placement Based On Property Purchase And MM2H Approval By Government Pension
Kindly be informed that MM2H Centre has discontinued the reduction of Fixed Deposit placement based on property purchase worth RM1 million and above in Malaysia. Also discontinued is the MM2H...
It pays to set up home here Print E-mail
Monday, 26 January 2009 20:00

MALAYSIA My Second Home (MM2H) is being repackaged to attract more big spenders and experts in various fields.

The new policies approved by the cabinet will allow participants in the programme to take on contract jobs and dabble in business and investment. Under the old MM2H, this was not permitted.

The changes, which come into force next month will apply to those above 50 and they will be allowed to work only in critical sectors for 20 hours per week.

Among the sectors MM2H participants can work in are health, biotechnology, science, engineering and the oil and gas industry.

"The cabinet has decided to allow MM2H participants to work in these sectors because Malaysia lacks expertise in these areas," an official told the New Straits Times.

The other guidelines in the programme remain the same, said the official.

The changes will be announced early next month by Tourism Minister Datuk Seri Azalina Othman Said.

The official said the changes are being made at the request of numerous MM2H participants who found that time lay heavy on their hands because they could not work.

"In this way we can also tap their talent and experience to benefit the country," said the official.

Besides taking on contract jobs, MM2H participants will be allowed to do business and invest, a move aimed at stimulating the economy through foreign direct investment.

What this means is that MM2H applicants can run their own business, for example open a restaurant, or invest in various projects. They will, however, be subject to domestic regulations.

It is also understood that the MM2H programme will now be aimed at attracting quality applicants, but how this is to be done remains unclear at the moment.

The MM2H programme was relaunched in 2002, in a revamp of the Silver Hair programme that was set up in 1996.

More than 10,000 people have set up second homes mainly in Kuala Lumpur, Selangor and Penang under the programme.

Among these were British citizens, Nepalese, Japanese, Singaporeans and Bangladeshis.

"Many ambassadors who have served in the country end up applying for the programme when their stint here is over," the official said. 


Source: New Striats Times

Add this page to your favorite Social Bookmarking websites

Currency Converter by Google

Convert   into    

Licensed by

Ministry of Tourism, Malaysia Tourism Malaysia Imegresen Malaysia Malaysia My Second Home

Member of

SME International