Tuesday, August 4, 2020
 
Columnist
Martin Hennecke

Malaysia freezes second home scheme
 
06/07/2020
 
Malaysia has frozen its Malaysia My Second Home program until December this year, while Malaysia My Second Home Agents Association president Lim Kok Sai says applications from Hong Kong are not expected to surge following the implementation of the new national security law. Lim says the Malaysian government had rejected a staggering 90 percent of MM2H applicants without giving reasons, which is much higher than the previous 10 percent rejection rate and also the highest in the past 14 years. The scheme, which has brought 40 billion ringgit (HK$76 billion) in revenues for Malaysia, requires applicants to have a minimum deposit of 500,000 ringgit and a monthly income higher than 10,000 ringgit. Even if the applicant successfully obtains the 10-year residency, they will not acquire Malaysian nationality.
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