Bukit Bendera MP Wong Hon Wai has called on the government not to freeze the Malaysia My Second Home (MM2H) programme, saying it would affect the economy.
He noted that the decision to review and freeze applications for the MM2H programme would severely affect many industries and could result in an RM776 million loss for the country, reported The Star.
“The review of the MM2H next year will affect not only the national economy but the economy of Penang as well,” The Star quoted Wong as saying.
“Penang has been ranked second in the ‘Top 10 Retirement Places in the World’ list and is the only city in Asia in the list.”
Aside from hampering over 90% of the MM2H applications submitted between September and November 2019, Wong pointed out that the decision to freeze the programme would also affect around 250 MM2H consulting firms. These firms may face the risk of layoffs or shutting down operations.
As such, the minister in charge should carefully consider these issues, he said, adding that the MM2H consulting firms are willing to cooperate with relevant government departments.
“MM2H participants form an important group that drives the economy of Malaysia…They bring foreign investment into our country and help boost the education, insurance, banking and real estate sectors,” he said.
“These foreigners also send their children to international schools in our country.”
Moreover, MM2H participants also made significant contributions to the country’s medical industry. In fact, MM2H generated total revenue of RM40.6 billion since the programme’s launch in 2002.
To date, some 40,000 foreigners have been allowed to reside in Malaysia through the programme.
The government has granted the participants a social visit pass with multiple entries for a period of 10 years as well as a renewable visa.
Early in the month, Tourism, Arts and Culture Minister Datuk Nancy Shukri reportedly said that no new applications for the MM2H programme would be accepted until next year.
Set to be completed by year-end, the review is aimed at upgrading the programme as well as improving its processes, she said.
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