MM2H earns nearly RM840mil post-revamp, says minister

Its minister, Tiong King Sing, said the RM839.9 million comprises RM597.5 million in fixed deposits, RM237.2 million in property investments, and RM5.2 million in participation fees.

He said that from October 2024 to June 30 this year alone, a total of 3,019 applications have been received under the new MM2H programme.

“These comprise 48 applications under Platinum, 137 under Gold, 2,434 under Silver, and 400 under the Special Economic Zone/Special Financial Zone (SEZ/SFZ) category,” he said in a written parliamentary reply.

“Of these, 1,294 applicants have successfully obtained their MM2H endorsement passes, comprising 19 under Platinum, 61 under Gold, 1,020 under Silver, and 194 under the SEZ/SFZ category.”

Tiong said the economic spillover from the latest MM2H iteration has also benefitted other sectors such as education, healthcare, and insurance.

“These figures not only reflect Malaysia’s appeal as a preferred destination but also signal strong investor confidence in the country’s economic stability and long-term prospects,” he said.

He was responding to Bakhtiar Wan Chik (PH-Balik Pulau), who had asked for updates on the MM2H programme and the extent to which the revised eligibility criteria have succeeded in raising national revenue and contributing to economic growth.

In March, real estate technology agency IQI said the revamped MM2H programme has led to RM455.8 million in fixed deposits being 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.

Under the new rules, MM2H holders are required to purchase and own a house with a minimum house purchase value of RM600,000 for Silver, RM1 million for Gold, and RM2 million for Platinum.

For applications under the SEZ/SFZ category, the minimum purchase price depends on the respective state requirements.