Malaysia's government plans to tweak its visa scheme for wealthy foreigners to attract more applicants.
The program called Malaysia My Second Home (MM2H) will undergo a review this year, as the government wants to attract more wealthy foreigners to relocate into the country.
Malaysia attracted much lower numbers of applications in 2023, with fewer than 100 since January, said Anthony Liew, the president of the MM2H Consultants Association, as reported by «Business Times».
Previously, the country approved 49,000 applicants of MM2H since its inception from 2002 to 2019. However, the number of applicants dropped 90 percent in 2021 following stricter conditions imposed by Malaysia government. They include minimum liquid asset requirements of 1.5 million ringgit ($331,821), up from the previous amount of 300,000 to 500,000 ringgit.
«The current higher requirements for MM2H has put many people off, so a review (of the criteria) is definitely a good move,» Liew said.
