KOTA KINABALU: Sabah should have its own set of guidelines for the Malaysia My Second Home (MM2H) programme or risk losing millions in investments, says the Sabah Housing and Real Estate Developers Association (Shareda).

       President Datuk Chua Soon Ping said the state government should not follow the new terms set by the Federal government which, among others, includes a large increase in monthly income and fixed deposits to be paid by interested foreigners.

       He said Sabah should emulate Sarawak in setting their own requirements, known as Sarawak-MM2H (S-MM2H), as the revised criteria could be a factor to drive foreign investors away.

       “It would be a disappointment if Sabah does not take an active approach to the MM2H programme, as many foreigners think of Sabah as a highly liveable place with its clean air, nature and lower cost of living.

       “We have what it takes to attract quality foreign migrants,” he said in proposing for the state to come out with its own version of MM2H named Sabah-MM2H (SB-MM2H).

       Chua said now was the time for Sabah to woo more foreign investments to support local economic growth, adding that a localised MM2H programme could effectively help boost tourism, property sales, business, cash inflow into the state and domestic spending.

       He also said the new terms set by the Federal government could lead to an exodus of expatriates and foreigners who have already been in Sabah for a long time.

       “The new MM2H terms contradict the spirit of the MM2H programme, which is to promote Malaysia and attract foreigners.

       “The Sabah government must take a firm stand and not follow these new terms that are set to be implemented in October,” he said.

       Chua pointed out that the new terms were unfair and included having the minimum monthly income increased to RM40,000 (a 300% increase), minimum fixed deposit increased to RM1mil (600% increase) and minimum liquidity requirement increased to RM1.5mil (400% increase).

       In response to this, the Sarawak government had, on Aug 24, decided to come out with its own Sarawak-MM2H programme.

       It has its own independent panel to deliberate and decide on the applications.

       Some of the terms include a placement of fixed deposits in local banks from RM150,00 to RM300,000 for couples and property investment for residential purposes of at least RM600,000 for applicants between 40 and 50 years old.

       Applicants aged above 30 are also considered if they are accompanying their children to study in Sarawak or seeking long-term medical treatment there, said Chua.