JOHOR BARU: Sultan Ibrahim Ibni Almarhum Sultan Iskandar (pic) is urging the government to immediately revise the conditions under the new Malaysia My Second Home (MM2H), which are too restrictive.

       The Johor Ruler said the government should reconsider the new requirements as it would dampen foreigners’ interest in coming to Malaysia and force existing MM2H pass holders to leave the country.

       “This means massive revenue loss for Malaysia.

       “The review was supposed to make things better but the new criteria is only going to drive investors and tourists away from Malaysia,” said His Majesty in a statement posted on Sultan Ibrahim’s official Facebook yesterday.

       “This is very disappointing, especially for us in Johor as we have a long history with Singapore and her people. The new requirements will turn them away from investing in Johor,” noted His Majesty.

       Sultan Ibrahim said the government should also consider reverting to the original MM2H conditions as it had been effective in promoting Malaysia as an international retirement destination.

       Since its inception in 2002, some 57,478 foreigners had been granted MM2H long-term passes.

       However, the programme was halted in September 2018 for a review, with new rules announced recently.

       Under the new regulations, those intending to apply for the programme must prove liquid assets worth between RM500,000 and RM1.5mil depending on their age.

       They must also have a monthly offshore income of at least RM40,000 compared to RM10,000 previously. Additionally, they must stay a minimum of 90 days in the country per year.

       The MM2H visas are also now valid for only five years, instead of 10 previously.

       Long-term MM2H visa holders are said to have invested nearly RM12bil in the economy since 2002.

       They reportedly spend around RM10,000 a month, with many having purchased high-end properties in the country.

       Various groups including the Malaysia My Second Home Consultants Association have also expressed concern with the new conditions saying that they were too stringent and may be out of reach for many applicants.

       Sultan Ibrahim said the government should be more compassionate and lenient towards foreigners keen to settle and make Malaysia their retirement home.

       “When you keep shifting the goalposts, foreigners will lose confidence in Malaysia.

       “This is not the right time to raise fees.

       “Let us help put Malaysia back on the world map as the best place to live for high net-worth foreigners.

       “Drastic changes like this will tarnish our image and will make us a laughing stock of the world,” added His Majesty.