Improvements to MM2H programme: nearly RM1 billion collected
07 Jun 2023 05:08pm
Home Minister Datuk Seri Saifuddin Nasution Ismail during the question and answer session in Dewan Rakyat - FILEPIC
KUALA LUMPUR - The government’s move to tighten the conditions for the Malaysia Second Home (MM2H) programme last year has not only curbed spying activities, but also increased the country’s monetary value compared to the previous five years, the Dewan Rakyat was told today.
Home Minister Datuk Seri Saifuddin Nasution Ismail said that despite a decline in the number of applications and approvals, the financial value recorded for the one year period was nearly RM1 million, which is equivalent to the value recorded in five years from 2015 to 2019.
"...in 2019, prior to the COVID-19 pandemic, there were 3,900 applicants, but with the new conditions, the number of applications is approximately 2,000, which is a 50 per cent decrease.
"However, because we have tightened the application requirements such as a RM1 million in fixed deposit, there are currently 375 applications that have been approved, which means that there is RM375 million in the country’s money market.
"Apart from that, we have given another 800 applications pre-approval, which requires them to complete one or two more documents including a health screening and once approved, there will be RM800 million in our banking system,” he said during the question and answer session - BERNAMA
