New MM2H participants not eligible for PR status, says tourism minister
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New participants of the Malaysia My Second Home (MM2H) programme in all three categories — Platinum, Gold and Silver — are not eligible to apply for permanent resident (PR) status, according to Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing. The government has agreed to introduce new participation requirements for the MM2H programme to attract high net-worth individuals and digital nomads. The MM2H programme, introduced in 2002, allows foreigners to purchase property and reside in Malaysia. New MM2H applications have been handled by the Immigration Department since October 2021. MM2H applicants are categorised into three tiers — Platinum, Gold and Silver — with specific criteria and conditions. The Platinum category requires a fixed deposit of US$1 million, the Gold category requires US$500,000, and the Silver category requires US$150,000. Motac has started processing and approving MM2H Tourism Business Operation Licences based on newly streamlined conditions. The new requirements for the MM2H Tourism Business Operation Licence include raising the company’s paid-up capital to a minimum of RM200,000, setting the annual licence fee at RM2,500, and having a business premises with a valid address.

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https://theedgemalaysia.com/node/715627