In a statement today, the ministry said its MM2H Centre would also carry on assisting existing MM2H participants until Sept 15, after which all matters regarding the programme would be transferred to the immigration department.

“The ministry will, however, continue to play a role in promoting the programme through Tourism Malaysia, to introduce Malaysia as a destination for long-term stay for retirees and high-income individuals,” it said.

“The ministry fully supports the MM2H programme’s continuation so that it may boost the nation’s economy and promote Malaysia in the international arena.”

Successful applicants, who numbered nearly 39,000 as of last year, brought in RM40.6 billion throughout the 19 years of the programme, mostly from property purchases and compulsory fixed deposits in local banks.

Established in 2002, the programme issued successful applicants a 10-year visa without any conditions on the number of days they needed to stay here every year.

After being frozen last year for “review and further improvements”, the home ministry announced on Aug 11 that the country’s long-term visa programme for foreigners would be back online in October but with 10 major changes.

The maximum period of the visa has now been reduced to five years and with a duration of stay of at least 90 days (cumulative) in a year.

Among the other changes are an increase in applicants’ compulsory FDs in local banks from between RM150,000 and RM300,000 to RM1 million, and an offshore monthly income up from RM10,000 to RM40,000.

Applicants would also need to have at least RM1.5 million in liquid assets, compared with between RM300,000 and RM500,000 previously.

According to MM2H consultants, the increase in financial conditions would deter potential applicants.