KUALA LUMPUR: A special version of Malaysia My Second Home (MM2H) programme to be launched for one year, will be classifying applicants into platinum, gold or silver based on fixed deposit sum.

The special version proposal is said to be rolled out in accordance with demand with adjusted requirements and criteria.

The special MM2H version will be available for one year.

Sin Chew Daily has learned that the fixed deposit requirement for silver is RM500,000, gold RM2 million, and platinum RM5 million.

The number of MM2H applicants dropped by 90% in 2021 following the tightening of entry requirements in response to the coronavirus pandemic.

Since 2021, MM2H applicants have been required to have a minimum of RM1 million in fixed deposit, and RM1.5 million in liquid assets.

Prior to 2021, MM2H applicants only needed to have savings between RM300,000 and RM500,000.

Requirements for MM2H applications were tightened by the Muhyiddin administration in 2021, leading many operators to cry foul especially when other neighbouring countries had relaxed the requirements for foreigners to reside in their respective countries.

The competitive edge of Malaysia was said to have been weakened further.

It is learned that the tourism, arts and culture ministry is currently fine-tuning the MM2H requirements, and an announcement is expected to be made soon.

“The procedures will be more flexible and clear to simplify the application process,” a source said.

It is also learned that MM2H applicants must be at least 30 years old, and apply through an agent or company licensed by the ministry of tourism, arts and culture under Tourism Industry Act 1992.