Figures just in reveal how successful the Malaysia My Second Home programme is.Â
The Malaysia My Second Home (MM2H) programme has contributed to the country coming sixth place in the International Livingâ€™s 26th Annual Global Retirement Index for 2017. Aside from this placing, it has also generated considerable revenue for different segments across the country.
MM2H has generated MYR 4.9 billion for the country since 2012. This figure is for real estate alone. The scheme has also injected MYR 12.8 billion to the economy as a whole. This is in addition to MYR 52 million in visa fees, MYR 4.9 billion in fixed deposits and MYR 148 in automobile purchases. Figures not be taken lightly.
The MM2H scheme permits foreigner retirees to own property in return for a ten year visa. One reason that makes Malaysia the ideal place to invest in property. Response to the programme has been overwhelming. Over one million applications have been received in a six year period. However Malaysia have only approved 33,300 applicants. The country want to ensure that they only allow credible applicants rather than just opening the floodgates.
These figures are according to the Minister of Tourism and Culture. The announcement comes when the ministry and central Bank of Malaysia, Bank of China, have renewed terms for MM2H. The purpose is to expand the scheme’s reach across China in order to lure more participants in.
China makes up the highest number of approved retirees from the successful applicants that span 126 countries. Next is Japan which regards Malaysia as being the place most liked for long stay destinations by their residents. A accolade that has remained consistent over the last 11 years. Bangladesh follows next and then the UK, Iran, Singapore, Taiwan, Korea, Pakistan and India.