The new silver, gold and platinum tiers provide varying entry visas based on tier, and require applicants to have fixed deposits in local banks amounting to RM500,000 for the silver tier, RM2.5 million (gold) and RM5 million (platinum), he was quoted as saying.
The minimum age for an MM2H participant has been revised to 30, and applicants can now also list as dependents their unmarried children aged between 21 and 34 who are not working in Malaysia, as well as their parents, and parents-in-law.
Previously, dependents only included spouses, children under 21, and any children with disabilities.
The silver tier requires applicants to put a RM500,000 fixed deposit, with a maximum withdrawal of 50% allowed after one year to purchase property worth at least RM1.5 million, for medical treatment, or for travel within Malaysia.
All participants must stay in Malaysia for a total of 60 days in a calendar year.
“The objective is to simplify the often-criticised MM2H application procedures by introducing more flexibility and clarity,” Tiong was quoted as saying in a statement.
The minister expressed confidence that the revamped MM2H would attract a wider group of participants and boost Malaysia’s standing as a second home destination for foreigners.
He added the revamped MM2H will be on trial for a year and can still be adjusted according to circumstances.
The MM2H programme was revived in August 2021, with stricter conditions, after being suspended during the Covid-19 pandemic.
The conditions set by the government in 2021 included a higher monthly income threshold, from RM10,000 to RM40,000, and requiring applicants to have at least RM1 million and liquid assets of at least RM1.5 million.
The conditions drew criticism from stakeholders and other quarters, including Johor’s Sultan Ibrahim Sultan Iskandar, who called for an immediate review of the new conditions.
In April, the government agreed to review the programme’s conditions following reports of a 90% drop in applicants because of the new strict requirements.
Nonetheless, home minister Saifuddin Nasution Ismail had defended the stricter requirements, saying they were necessary for security concerns but the tightened conditions still saw some 800 “quality” applicants registering.