KUALA LUMPUR, MALAYSIA: The revamped Malaysia My Second Home (MM2H) visa scheme has become a magnet for China’s affluent young adults, reported the South China Morning Post. The surge in interest is evident through the over 1,000 inquiries received on TikTok and Douyin, highlighting a growing trend among the younger demographic.
MM2H programme
Eugene Lim of K-Konsult Taxation, a firm advising on the MM2H programme, noted the significant increase in inquiries, indicating a strong desire among the youth to relocate. However, he mentioned that applications are currently on hold pending the resolution of licensing issues.
The MM2H scheme, offering a five-year visa for a minimum investment of US$300,000, has simplified its requirements since June. The new system categorizes applicants into three tiers: platinum, gold, and silver, with the silver tier proving particularly appealing due to its lower investment threshold.
Chinese nationals are a significant group within the MM2H programme, with over 24,765 pass holders out of the total 56,000 active participants. This interest extends beyond the MM2H programme, with a notable rise in Chinese investment in industrial land in Malaysia.
Demand outstripping supply
Sidney Cheo of Seri Pajam Development reported that half of their inquiries this month were from China, indicating a demand that outstrips supply. Prime Minister Datuk Seri Anwar Ibrahim’s efforts to attract Chinese investment, including visits to China and hosting Premier Li Qiang, underscore Malaysia’s strategic approach to leveraging China’s economic prowess.
While there are concerns about the impact of Chinese investments on local businesses, such as the decline in local factories due to Chinese imports, there is also a pragmatic recognition of the economic shifts at play.
Ang Kian You, a factory owner in Johor, emphasized the need for Malaysia to strategically navigate these changes, highlighting the country’s resilience and adaptability in the face of global economic dynamics.