MM2HMalaysia My Second Home (residency scheme)
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MM2H participants who are no longer in the programme or have breached any of its terms and who have been found to have flouted traffic laws will have their licences revoked.
"The [Malaysian] government wanted to capitalise on the fact that there are people who like to retire to sunnier climates when they get older," said Andy Davison, the owner of Borneo Vision, a company that advises and assists foreigners with MM2H services.
In comparison, the MM2H scheme is a veritable bargain.
Prior to launching the MM2H program in 2002, government of Malaysia enacted Silver Hair program (1996-2001) to enable foreigners to purchase home and stay in Malaysia on a long-stay visa with specify financial and medical criterion qualifications (Lee et al., 2010).
One reason could be that most of the foreign investors in Malaysian residential properties are involved in Malaysia My Second Home (MM2H) program and they just want to have a dwelling for living rather than considering the investment issues.
In the past four years, 513 Pakistani principle applicants have successfully subscribed to MM2H, joining some 18,000 foreigners from 120 countries in the programme.
"The government has approved 2,387 MM2H applications in 2011, and last year it had targeted 3,000 approvals," Razak said while giving his keynote speech at an MM2H seminar here Sunday that was attended by representatives of travel agencies, airlines, businesses and the media.
In 2018 alone, the MM2H programme received 5,011 applications.
MM2H has approximately 18,000 foreigners from 120 countries; Pakistan has accounted for 513 successful applicants over the past four years.
'We can give MM2H applicants more points to ease their applications when they purchase properties here to encourage them to invest into our properties and live here,' he said.
MM2H refers to the Malaysia My Second Home programme set up by the federal government to lure financially secure foreigners here as their preferred retirement home.
MM2H is an initiative that allows foreigners to stay in Malaysia for as long as possible on a multiple-entry social visit pass, provided they meet certain criteria.