By DayakDaily Team
KUCHING, June 15: Operators of the Malaysia My Second Home (MM2H) programme must now have a minimum paid-up capital of RM200,000 under new conditions issued by the Ministry of Tourism, Arts and Culture (Motac).
In a statement today, Motac Minister Dato Seri Tiong King Sing announced that the new conditions include an operator license fee set at RM2,500 per year.
“The business premises must have a valid address, and the company must provide a bank guarantee amounting to RM200,000. This includes the creation of contracts and the registration of company representatives consisting of businesses and private individuals abroad, among other requirements.
“These new conditions aim to enhance the credibility and accountability of licensed MM2H operators. Additionally, these licensing conditions are designed to provide more comprehensive protection for participants in this program,” he said.
He added that further details on the guidelines for applying for an MM2H license can be obtained from the Motac website.
Furthermore, Tiong stated that agents who have been approved for an MM2H license under the new conditions can start submitting applications for new participants at the Malaysia One Stop Center My Second Home (OSC MM2H) in Putrajaya.
“Motac would also like to emphasize that all new MM2H participants under the above categories are not eligible to apply for permanent resident status (PR),” he added. — DayakDaily
