KUALA LUMPUR: The Tourism, Arts and Culture Ministry today announced new, more relaxed conditions for the Malaysia My Second Home (MM2H) programme.
Its minister Datuk Seri Tiong King Sing said the new conditions were meant to simplify the MM2H application process, which had previously been criticised as burdensome.
The new 'special edition', he said, has more flexible and clearer application regulations.
Tiong said the relaxed conditions also coincided with the imminent 50th anniversary of Malaysia's diplomatic ties with China next year.
He said various discussions and promotional efforts were done during recent visit to China. The Chinese tourism sector, he added, also believed that the move was timely given the anniversary between two countries.
The new conditions, he said, were on a year-long trial period, with the criteria and conditions possibly streamlined later in accordance with current needs.
"However, we welcome applicants from all countries worldwide," he said in a statement.
For the Platinum tier, applicants must have a fixed deposit of RM5 million (USD1.05 million). They can withdraw half of the amount after a year to purchase properties priced at RM1.5 million minimum.
The amount can also be used for healthcare and domestic tourism, the latter being a new addition to the conditions.
Also, participants could now withdraw a maximum of 50 per cent of the principal amount after a year for domestic tourism purposes.
Platinum applicants must reside for at least 60 days a year in Malaysia.
Those in the Platinum category can also earn Permanent Resident status after obtaining their MM2H pass.
Those in the Gold category, meanwhile, must have RM2 million in fixed deposit, while those in the Silver category must have RM500,000 minimum.
Gold category holders will have a 15-year Multiple Entry Visa (MEV), while Silver category holders have a 5-year MEV, with an option to renew.
It is understood that the minimum age requirement for the new MM2H conditions have been reduced from 35 to 30.
The new conditions also require only 60 days of residency in Malaysia compared to 90 days previously.
Participants aged 30 to 49 can fulfil residency requirements either individually or collectively with their spouse or dependents.
Tiong said the new enhancements are a "preliminary version" and that the terms and conditions would be announced soon in stages.
MM2H was first introduced in 2002 to draw expatriates to retire or live in Malaysia for an extended period, in sync with the 'Cuti-cuti Malaysia' concept.
Eligible participants are given a social visit pass with a multiple-entry visa issued by the Immigration Department, valid for ten years and renewable thereafter.
A rebrand in 2009 saw it expand its target market to high-net-worth individuals looking to invest in Malaysia by establishing businesses or collaborating with local entrepreneurs.