The Malaysia My Second Home (MM2H) visa program has proven to be a major economic driver, generating nearly RM1 billion annually in investments.
According to IQI’s co-founder and Group CEO, Kashif Ansari, recent official statistics show that the updated MM2H visa, introduced in June 2024, has already contributed RM455.8 million in new investments and approved 782 new visa applications.
“At the current pace, that would work out to nearly RM1 billion per annum,” he shared in a statement on Wednesday.
He further explained that the RM455.8 million in investments made by MM2H visa holders over the past six months is being utilized primarily in two key areas.
“First, the money circulates through the economy through fixed deposits in local financial institutions, funding loans and development.
“MM2H also channels new investment into real estate purchases, usually for luxury homes for the visa recipient and their family,” explained Kashif.
The investments are significantly aiding the construction of new homes and driving substantial spending on home furnishings and fittings.
Additionally, Kashif pointed out that each main visa holder typically brings in 1.5 dependents on average.
In the last six months alone, 319 principal applicants and 463 dependents received MM2H visas.
While Chinese nationals continue to be the largest group of MM2H applicants, they represented less than a third of all new visa approvals in 2024.
The second-largest group of applicants for the MM2H program in 2024 came from Australia.
The other top nations for MM2H applicants, after China and Australia, are South Korea, Japan, Bangladesh, and the United Kingdom.”
IQI’s co-founder and Group CEO, Kashif Ansari
In 2024, the Malaysian government implemented significant changes to the Malaysia My Second Home (MM2H) program.
The new reforms introduced a three-tiered structure, offering longer residency options for visa holders who made a larger financial investment.
One notable change was the requirement for MM2H participants to purchase and retain a home in Malaysia for a minimum of 10 years.
Additionally, the government reduced the age requirement and eliminated the minimum income threshold, aiming to attract younger, working-age applicants to the program.
Juwai IQI was featured in New Straits Times.
Juwai IQI is the world-renowned property company that provides insights on property, locally and globally
Click below to get more expert property insights from our blog!
