However, it noted that there are insufficient stakeholder engagements done on the new conditions set for the programme.
In a report, PAC noted that although the current participants of the MM2H programme would not be affected by the revised conditions, they would have to pay a processing fee of RM5,000.
The committee said more stakeholder engagement sessions should be carried out before new conditions were implemented.
These conditions must be customer-friendly and competitive, compared to those of neighbouring countries.
It also recommended that:
* The government empowers the tourism, arts and culture ministry to promote the MM2H programme to achieve its original target – to stimulate the national economy via the tourism industry and the education, medicine, real estate and automobile sectors;
* The home ministry should improve the information storage application system by including details related to applications for MM2H programme extension, new applications, activities and spending carried out by participants, and asset ownership.
* The home ministry should coordinate with the registrars of lands and mines offices in all states to ensure that complete information on purchases and ownership of properties by MM2H participants are recorded; and
* Amending and replacing a circular from the immigration department to provide an accurate interpretation of the age limit of children allowed as dependents of the participants.
The MM2H programme was previously under the purview of the tourism, arts and culture ministry before it was parked under the home ministry.
The ministry recently proposed new conditions for applicants, including a compulsory fixed deposit of RM1 million in local banks for all applicants, as opposed to RM150,000 for applicants aged 50 and above, and RM300,000 for all others, previously.
New applicants are also required to have a minimum offshore monthly income of RM40,000 compared with RM10,000 previously, aside from declaring RM1.5 million in liquid assets instead of RM500,000 previously.
The ministry said these conditions were to ensure that they were genuine applicants and not a security threat.
The proposed conditions invited criticism from various stakeholders who complained that they would make Malaysia unattractive to foreign investors, as well as potentially lead to an exodus of MM2H participants to other countries in Southeast Asia.
The ministry subsequently relaxed some of the conditions in October.
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