KUCHING: The Ministry of Tourism, Arts, and Culture (Motac) has increased the minimum paid-up capital requirement for Malaysia My Second Home (MM2H) programme operators to RM200,000.
Minister Datuk Seri Tiong King Sing said the new requirement was designed to enhance the credibility and accountability of licensed MM2H operators and provide greater protection to participants.
“Among the updated requirements for MM2H tourism business operators are an increase in paid-up capital from RM50,000 to a minimum of RM200,000, with an annual license fee of RM2,500,” Tiong said on Facebook on Saturday.
“Additionally, operators must have a valid business premises address, provide a bank guarantee of RM200,000, and establish contracts and register representatives from businesses or individuals outside the country,” he added.
These measures were aimed to attract high-net-worth participants.
“Through this latest approach, Motac is confident that the MM2H programme will attract interest from potential participants, especially high-net-worth individuals and digital nomads, in making Malaysia their preferred destination,” he said.
Approved MM2H Business Operation License agents can now start submitting applications for new participants at the Malaysia My Second Home One-Stop Centre (OSC MM2H) in Putrajaya.
