In times of uncertainty, is the MM2H a safe bet?
Recent protests in Hong Kong have created a sudden spike in interest among Hongkongers in the Malaysia My Second Home programme.
In the past weeks, there has been a surge of interest in new property developments around Malaysia and we at Movetomalaysia have also seen a huge spike in searches and enquiries pertaining to the MM2H.
More than 5000 Hongkongers recently attended a programme organised to promote property investment and residency in Malaysia.
However is the MM2H really an option to look at when things in your home country go awry?
The MM2H is a long term visa programme that awards foreigners with qualifying income a 10 year visa that can be renewed further as long as the applicant meets the original conditions.
Although you sometimes here the term 'residency by investment' associated with MM2H, it technically is not such a programme, as it is not compulsory for applicants to invest into property or local businesses to qualify for the programme. Proof of income and liquid assets is only needed to show the applicant has enough resources to live comfortably in Malaysia without seeking employment or government assistance. Malaysia benefits from the spending power of the 40,000 strong MM2Hers currently living in the country.
However the MM2H programme should not be confused with a permanent residency. There is no route to permanent residency in the country through the MM2H. Therefore there is no 'real' security for a foreigner looking to move away from their home country which may be experiencing a crisis such as what we are experiencing at the moment in Hong Kong.
But with second citizenship programmes getting more and more difficult to obtain, the low requirement MM2H programme which offers an indefinite living visa to those who can meet the financial requirement is of growing interest to more and more Hongkongers desperately seeking some sort of living security.
It is understandable why Malaysia is of great interest to Hong Kong. A strong community of local Chinese, a stable political climate, a growing economy, excellent schools, and a very low cost of living are some of the main reasons.
With no required capital investment, we expect more Hongkongers to take up the MM2H programme just to safeguard against any further political destabilisation in the country.
Foreigners can retire or reside in Malaysia under the Malaysia My Second Home programme! Find out more about the MM2H programme by registering your details with us here and we will send you an info pack!.