MM2H Should Be Enhanced
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I love MM2H and I think MM2H should be encouraged. The programme can definitely be enhanced to keep making it ever better while at the same time attractive.
Every time someone tells me about some countries they love to retire in, I always ask them what are their reasons to choose that country. They will provide many reasons but I think there’s one reason which everyone would love to have. That’s liveability. I mean, by then it’s already retirement time. There’s no need to think about education for the kids, jobs availability and even the political scene! So, focus is on Liveability.
Definition for liveability? 1. suitable for living in; habitable; comfortable: to make a house livable. 2. worth living; endurable: something to make life more livable.
How’s Malaysia as an attractive destination for lots of reasons?
Malaysia has always attracted lots of tourists for medical tourism. In 2018, 1.2 million visitors came here to get medical attention. They spend over RM1.2 billion here and this definitely created a lot of multiplier effects too.
Malaysia has always attracted lots of international students needing to pursue their tertiary education. Whether it’s the many established private universities or even foreign branch campuses from the UK, Australia, Singapore, China and India, we have sufficient choices for tertiary courses. By the way, we are within the top 10 international student destination too. Basic idea is that you can get a degree of many different nations but paying in RM.
MM2H programme thus far?
In fact, MM2H programme has attracted over 42,000 approved applicants to date. MM2H programme started in 2002. Briefly, if these applicants were all millionaires when their wealth is converted into RM, then we have attracted a potential wealth (because they will spend it here in Malaysia) of RM42 billion… I know, they are not going to spend ALL their money just within Malaysia. Do not wish to debate on that but I think everyone sees the potential which they have on the local economy.
Let’s listen to opinion from someone prominent about why MM2H should be encouraged.
"According to the International Real Estate Federation (FIABCI) Malaysia Chapter, a prolonged delay and silence on the MM2H programme will affect the image of Malaysia as an ideal destination for retirement.
He said, “The government should take this opportunity to expedite and finalise an enhanced MM2H programme by engaging with all parties concerned. These include state authorities, to lower the threshold price of residential properties, and make the MM2H programme part of the post-Covid economic recovery plan.”
Hartamas Real Estate (M) Sdn Bhd managing director Eric Lim said reviewing the MM2H programme is necessary if foreign buyers are to be attracted to purchase high-end properties in Kuala Lumpur, Johor Bahru and Penang. He said, “Despite being less than 2% of the property market share, the majority of city centre properties priced above RM1 million are bought by foreign buyers.” Do read the full article with more comments here: Article in freemalaysiatoday.com
Breathing space to enhance the MM2H
Perhaps it is a blessing in disguise. We have time to really strengthen and reintroduce the MM2H programme. Just remember to have enough industry consultations so that the programme is enhanced and could be competitive versus many similar programmes from other countries. it’s clear that MM2H should be encouraged and not discouraged or stopped indefinitely.
Feel free to engage kopiandproperty.com too. We will be happy to spend some time as this is for the benefit of the country. Plus… we are NOT from the property developer, NOT from any real estate agency and NOT running any courses selling luxury properties. I think this is an advantage aside from engaging the property developers, real estate agencies and prominent property experts.
This article was contributed by writer, Charles Tan from Kopiandproperty.com