PETALING JAYA: Modified conditions to the Malaysia My Second Home (MM2H) programme have been proposed by the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM).

       In a letter addressed to Transport Minister Datuk Seri Dr Wee Ka Siong, ACCCIM president Datuk Low Kian Chuan said while they were pleased that the programme would be reinstated, the new requirements should be reviewed to make MM2H more attractive and competitive.

       “The MM2H comes with enhanced requirements and new income conditions targeting high-income participants with adequate capabilities.

       “While the reactivation of the MM2H is a good move, we are of the view that certain new requirements need to be revisited in order to stay on course of the purpose it was intended for.

       “All existing MM2H pass holders should not be subject to this new rule so that they will not be disqualified and exit the programme,” he said.

       Several suggestions were listed by ACCCIM, including shortening the 90-day cumulative duration of stay to 60 days.

       The chamber also suggested that the new income rate of RM40,000 be reduced to RM20,000.

       “In Thailand, Philippines and Indonesia, there is no requirement of a minimum monthly offshore income,” he said.

       ACCCIM is also suggesting the MM2H programme be administered by the Tourism, Arts and Culture Ministry (Motac).

       “Under Motac’s supervision, a good due diligence process must be conducted to appoint certified and qualified tour agencies (with accredited certification) as the only channel/agent for the administration of MM2H,” he said.

       On Aug 11, it was announced that the MM2H programme has been reactivated with several changes made to the policy.

       The government has also introduced nine new conditions for those intending to apply for the programme, including participants must be in the country for at least 90 cumulative days in a year to ensure they truly contribute to the Malaysian economy.

       Participants are also required to have an offshore income of at least RM40,000 a month, compared to RM10,000 previously and a fixed deposit account with a minimum of RM1mil, where 50% maximum withdrawal from a principal amount is allowed for the purpose of buying property, health and children’s education.