‘Dumping ground’ for foreigners: MP’s remarks on relaxed MM2H rules refuted
Published on: Thursday, December 21, 2023
By:
FMT, Dineskumar Ragu
Economist Abdul Razak Ahmad says foreigners could help add value to the national economy, noting that MM2H participants have more spending power than most Malaysians in the M40 income strata. (Facebook pic)
Kuala Lumpur: An economist and the consultants’ association involved have played down concerns that the relaxation of requirements for the Malaysia My Second Home (MM2H) programme will lead to a “dumping” of foreigners in the country.
MM2H Consultants Association president Anthony Liew said the RM5 million deposit required for the platinum category application for permanent residency ensured that not everyone would get in.
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“Not many people have RM5 million in cash to put into Malaysia. Other countries’ PR conditions require that they (foreigners) put in US$1 million to US$5 million, or buy properties to be eligible for PR or citizenship.
“I believe this (the MM2H deposit rule) is similar to that. So I do not think that it is (right) to say that this (relaxation of requirements) creates an easier path,” he told FMT.
Liew was responding to remarks by Masjid Tanah MP Mas Ermieyati Samsudin, who had questioned the “easy” path to permanent resident status for those who obtain MM2H long-term residence passes, and the lowered age eligibility for MM2H applicants.
Meanwhile, Bait Al-Amanah founding director Abdul Razak Ahmad said relaxing the MM2H programme did not mean that any foreigner could freely enter the country.
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He pointed out that the programme’s more relaxed criteria in the past did not result in any notable influx of unskilled applicants to Malaysia.
“Moving to another country is a significant undertaking, and even with relaxed MM2H requirements, it remains substantially costly for many foreigners.
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“Those willing and able to apply are likely skilled and talented individuals, (thus) broadening the pool of applicable skilled foreigners,” he told FMT, adding that Mas Ermieyati’s “dumping ground” narrative reeked of xenophobia.
Mas Ermieyati also said the recent MM2H requirement revision allowing those 30 years and above to apply could lead to foreigners competing with Malaysians for jobs. The former deputy tourism minister criticised the “lax” application and approval process, which she said could lead to a “dumping of foreigners”.
Liew refuted the MP’s argument that skilled foreigners would compete with local talent for jobs, noting that MM2H participants were not allowed to work in Malaysia in the first place.
“They can invest in Malaysia, and they can be shareholders in (local) companies, where they have to employ locals. They will generate work opportunities for locals. They are not competing with locals (for jobs).
“Those who turn to the permanent residency programme are the ‘big bosses’, not the ‘small peanuts’. They will create more job opportunities for Malaysia,” he added.
Razak also said that foreigners could help add value to the national economy, noting that MM2H participants had more spending power than most Malaysians in the M40 income strata, and could thus stimulate the economy.
“The relaxed MM2H requirements may also attract more foreigners to invest in Malaysia, given the programme’s perks such as streamlined business registration,” he said.
On Dec 15, tourism, culture and arts minister Tiong King Sing said new silver, gold and platinum tiers had been introduced under the MM2H programme providing varying entry visas based on tiers, and requiring applicants to have fixed deposits in local banks amounting to RM500,000 for the silver tier, RM2.5 million for gold, and RM5 million for platinum.
The minimum age for an MM2H participant was revised to 30, and applicants can now also list as dependents their unmarried children aged between 21 and 34 who are not working in Malaysia, as well as their parents and parents-in-law.
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