MalayMail-Sept 11
Malaysia’s revamped Malaysia My Second Home (MM2H) visa scheme has led to a notable increase in interest from China’s wealthy youth, according to a South China Morning Post (SCMP) report. Eugene Lim of K-Konsult Taxation, which advises on the MM2H program, highlighted a significant surge in inquiries, particularly through TikTok and Douyin. Lim revealed that over 1,000 inquiries have been received via these popular platforms. “ A lot of younger people are planning to move and we are already handling quite a few requests for information. But applications are not yet open since licensing is not yet sorted out,” he was quoted saying by SCMP. The MM2H scheme, which now offers a five-year visa for a minimum investment of around US$300,000, saw its requirements simplified in June.
The new system as reported by SCMP, categorises requirements into three tiers — platinum, gold, and silver — and eliminates the need to prove minimum overseas income and liquid assets of at least RM1.5 millio (US$317,000). The silver tier, which requires a US$150,000 fixed deposit and a residential property worth at least RM600,000 (US$126,600), is particularly attractive. “Once the licensing is settled and applications open up, we can expect demand to go up by one or two times,” Lim reportedly said at the World Chinese Entrepreneurs Convention (WCEC) in Kuala Lumpur. According to SCMP, Chinese nationals account for a significant portion of MM2H participants, with 24,765 pass holders out of over 56,000 active participants. In addition to MM2H, there is growing interest from Chinese investors in industrial land in Malaysia. Sidney Cheo of Seri Pajam Development was quoted saying, “About 50 per cent of our inquiries this month were from China. Demand exceeds supply.”
Prime Minister Datuk Seri Anwar Ibrahim’s efforts to attract Chinese investment, including visits to China and hosting Premier Li Qiang, reflect Malaysia’s strategy to harness China’s economic strength. Concerns remain about the potential impact of Chinese investments on local businesses. Ang Kian You, whose Johor factory has survived post-pandemic challenges, expressed caution. Read more at: https://www.malaymail.com/news/malaysia/2024/09/11/wealthy-chinese-youth-flock-to-malaysias-mm2h-scheme-after-requirement-changes/150012
