Rais had sarcastically congratulated Chinese nationals for “becoming permanent residents” under the MM2H programme in a Facebook post last Thursday.
The association’s president, Anthony Liew, said that MM2H participants do not obtain permanent residency under the programme.
“They are simply MM2H pass holders, and many do not actually reside in Malaysia,” Liew told FMT.
Rais, in his social media post, was responding to a news report stating that over 22,000 MM2H applications had been approved since 2015, with Chinese nationals comprising the largest group of applicants.
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.
Launched in 2002, the programme has remained in place under seven prime ministers, including during Rais’s tenure in government.
Liew said that MM2H participants residing in Malaysia must go through a renewal process.
He added that some participants continue to run businesses in their home countries while sending their children to school in Malaysia.
“Such remarks are irresponsible and could create misunderstandings, giving the programme a negative image,” he said.
On Saturday, tourism, arts and culture minister Tiong King Sing voiced concern that misleading narratives surrounding the MM2H programme could spark tensions. He also stressed that the MM2H programme is open to applicants from around the world.
On Tuesday, real estate technology agency IQI said the revamped MM2H programme had led to RM455.8 million in fixed deposits placed in local banks since June 2024.
Citing official data, IQI said this followed 782 approvals under the latest iteration of MM2H, introduced in mid-2024.
IQI group CEO Kashif Ansari said 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.