KUCHING: Sarawak is emerging as the preferred location for the Malaysia My Second Home (MM2H) programme, experiencing a remarkable 25-fold surge in approved applications this year, compared to just 27 in 2021.
According to co-founder and Juwai IQI CEO Kashif Ansari, Sarawak has already approved 406 applications as of July, with an anticipated total of around 700 approvals by year-end.
In a news report by the New Straits Times, Kashif emphasised Sarawak’s appeal, stating, “These numbers show there is still sufficient international demand to make the national MM2H a success.”
He predicted that Sarawak’s growth in 2023 will outpace that of other Malaysian states, attributing it to more favourable programme requirements.
Highlighting the distinctions, Kashif noted that Sarawak’s MM2H programme demands a lower minimum bank deposit of RM150,000 (USD32,000), compared to the federal programme’s RM1mil (USD212,000).
The residency and income prerequisites in Sarawak are also more lenient, requiring 30 days per year and a minimum annual income of RM84,000 (USD18,000), respectively.
Kashif underscored the economic benefits of the MM2H programme.
“The programme attracts high-spending tourists and residents who contribute to the economy by spending on accommodation, dining, shopping, and other services,” he added.
He pointed out that retirees, drawn to Malaysian culture and lifestyle, form the majority of participants, benefiting popular vacation and second home markets in Sarawak.
Furthermore, he highlighted the programme’s role in promoting Malaysia as a luxury and long-term tourism destination.
He emphasised its contribution to attracting affluent, long-term visitors, offering economic diversification at a time when total tourist numbers remain below pre-pandemic levels.
