Citing official data, real estate technology agency IQI said this followed 782 approvals under the latest iteration of MM2H, introduced in mid-2024.
IQI group CEO Kashif Ansari said the current pace would lead to nearly RM1 billion in fixed deposits being placed in Malaysian financial institutions annually.
“The RM455.8 million in investments that these visa holders brought into Malaysia just over the past six months is deployed in two ways. First, the money circulates through the economy through fixed deposits in local financial institutions, funding loans and development.
“MM2H also channels new investments into real estate purchases, usually for luxury homes for the visa recipients and their families.
“That supports the construction of new homes and drives millions of
dollars in related purchases as they furnish and fit out their new homes,” he said in a press release.
The majority of the 53,000 current MM2H pass holders are from China (24,765), followed by Australia (9,265), South Korea (4,940), Japan (4,733), Bangladesh (3,604), and the UK (2,234).
There are fewer than 1,000 pass holders from the US, Singapore, Taiwan, and India.
Kashif said applicants from China made up less than one-third of pass holders who obtained their visas last year, demonstrating how MM2H appealed to people from various nations worldwide.
He suggested that the government look into making it easier for MM2H pass holders to work or start businesses in Malaysia, adding that tax incentives would encourage them to help spur the local economy.
“With MM2H now driving almost RM1 billion per year in investment, it’s clear that the programme is a success. In the years to come, it could be even more so,” said the IQI co-founder.
MM2H is a programme for wealthy foreigners who may obtain long-stay visas of up to 15 years in return for financial and property investments ranging from US$150,000 to US$2 million.
It was introduced in 2002, allowing foreigners to buy property and live in Malaysia for an extended period, but was temporarily frozen in August 2020 for a review by the home affairs and tourism, arts and culture ministries.
It was revamped in 2021 with tighter conditions, drawing calls for a further review from consultants and even Sultan Ibrahim Sultan Iskandar. It was revamped once again after Tiong King Sing took over as minister, with the introduction of three tiers and updated financing rules.