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).
Its president Datuk Chua Soon Ping urged the state government to emulate the Sarawak model instead of the new terms set by the Federal Government which, among others, include a steep rise in monthly income and fixed deposits to be paid by interested foreigners.
He said Sarawak’s MM2H programme, Sarawak-MM2H (S-MM2H), had its own requirements as the revised criteria is seen as a factor that may drive foreign investors away.
He said it would be disappointing if Sabah did not take an active approach to MM2H as many foreigners viewed the state as a highly liveable place with clean air, beautiful natural surroundings and a lower cost of living.
“We have what it takes to attract quality foreign migrants,” Chua said in a statement.
He also proposed that the state come out with its own version of MM2H named Sabah-MM2H (SB-MM2H).
“Now is the time for Sabah to woo more foreign investments to support the local economy. A localised MM2H programme could boost tourism, property sales and business, bringing in cash and improving domestic spending,” he said.
He said the new terms set by the Federal Government could also lead to an exodus of expatriates and foreigners who had been in Sabah for a long time.
“The new MM2H terms contradict the spirit of the programme, which is to promote Malaysia and attract foreigners. The new terms appear to ‘penalise’ foreigners,” Chua said.
He described the new terms as “unfair”, including having the minimum monthly income increased to RM40,000 (300% increase), a minimum fixed deposit increase to RM1mil (600% increase) and a minimum liquidity requirement increase to RM1.5mil (400% increase).
The yearly visa fee increase to RM500 (600% increase) and the duration of the MM2H visa being reduced to five years was not right either, he added.