By: Aida Aziz
Ipoh: Perak is adopting an integrated approach by empowering relevant departments and agencies to attract more foreign residents to invest, work, study, and retire under the Malaysia My Second Home (MM2H) program.
The Chief Minister, Datuk Seri Saarani Mohamad stated that based on e-Land system records from 2020 to the present, the Perak State Land and Mines Office (PTG) has approved four property acquisition applications from MM2H participants.
This has resulted in a collection of levies amounting to RM50,700 as of November 1, 2023.
“The MM2H program, introduced by the federal government in 2002, aims to attract foreigners to reside in Malaysia for the long term, allowing eligible individuals to consider Malaysia as their second home.
“The program was temporarily closed from September 2020 to September 2021 to allow the government to review program requirements, with a priority given to national security considerations,” he explained.
Saarani mentioned during the 15th State Legislative Assembly (Dewan Undangan Negeri) session at the Perak Darul Ridzuan building that the state government, through Circular No. 12/2022 by the Director of Land and Mines, has established the Foreigner Property Acquisition Policy in Perak, involving seven aspects.
These include setting minimum price levels according to Local Authorities (PBT) zones, property categories and types, quota limits for acquisitions, types of acquisition holdings, foreign property acquisitions, levy payment rates for property acquisitions, minimum price rates for MM2H program properties, and property acquisitions by permanent residents with restrictions on foreigner property acquisitions.
He added that in August 2021, the federal government announced new requirements for the MM2H program, where participants must have a fixed deposit of at least RM1 million, compared to the previous range of RM300,000 to RM500,000.
Additionally, participants must have a monthly income from abroad of at least RM40,000, up from RM10,000, and liquid assets valued at a minimum of RM1.5 million.