Sabah-MM2H scheme officially starts
Published on: Monday, July 01, 2024
By: Jonathan Nicholas
Christina (right) talks to stake- holders after the Sabah-Malaysia My Second Home (Sabah-MM2H) launch.
Kota Kinabalu: Some 3,000 high rise units in Sabah priced at RM600,000 and above are now open to Sabah-Malaysia My Second Home (Sabah-MM2H) applicants which was officially launched Sunday.
The State Ministry of Tourism, Culture and Environment (Kepkas) headed by Datuk Christina Liew now oversees the programme in Sabah.
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Liew said the Sabah-MM2H programme has also received approval from the Federal Government and the Ministry of Tourism, Arts, and Culture (Motac, with an expected approval timeline of around eight to ten weeks.
Liew said the Sabah MM2H programme is applicable only within the state, emphasising that participants are prohibited from using the permit to work in Malaysia.
“But it doesn’t mean there is no room for improvement. Along the way if we feel some adjustments are needed we will do it.
“This program means opening up Sabah’s doors to our foreign friends from all over the world to come and invest, retire or just live here.
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“If there are technical issues then it will not affect the policies because these are State Government policies.
“We should have launched it on the first of June but its ok, we take one month to readjust,” she said during the launch on Sunday at Shangri-La Tanjung Aru.
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Among the stakeholders in attendance were Shareda and Sabah Law Society members.
Other criteria are that applicants must be 30 years from countries with diplomatic relations to Malaysia and a RM150,000 fixed deposit for individuals and RM300,000 for families.
“No foreigners are to buy landed or affordable units, those are reserved only for locals. They can opt for penthouses. On subsale houses, we are to make decision through a meeting next week.
“I will not tolerate agents subletting the homes either. There will be consistent checks on this as we have a committee. This can also be reported directly to us,” she said in response to worries of AirBnB monopolies.
Christina is optimistic that the 3,000 available units that fit the criteria in Sabah would be off the market within 18 months.
On whether Sabah had enough high rises for the programme to be sustainable, she said a few development plans have been approved and are pending construction.
She also assured the programme won’t ramp up property prices in Sabah.
“There is a five-year period where the participant cannot sell their house. They are not allowed to raise the price either.
“If they do decide to sell after the period then they have to buy another following the same criteria or would be disqualified from the programme.
“The program is important to promote development of properties. It’s a trend when we start moving then the whole event of transactions will create spinoffs,” she said.
Asked if the Sabah has the adequate infrastructure to handle such influx, she said, the State Government is working overtime to meet this, especially water.
“Seriously, where else are you going to find a locality like Sabah so strategic in Southeast Asia only a few hours away? Otherwise why there are so many tourists coming in? We are in a very good state.
“They (program participants) have the chance to stay here for 10 years and are only required to physically be here only 30 days a year on top owning a house in a beautiful state.
“Bring your children, go to school here. Sabah offers one of the best schools,” she said.
Meanwhile, in an earlier forum she reminded state authorized agents to not to kill the golden goose with overpricing.
“It’s an open market, but the maximum advisable fee is RM15,000. You go higher, you lose one and the rest of your clients. The Sabah government takes a onetime RM3,000 processing fee,” she said.
The MM2H program met a pause in 2021 due to the pandemic.
Just as things were looking up this year, its coordinator, The Ministry of Tourism, Arts and Culture (Motac) announced an indefinite hold through a circular released in May.
This moved Sabah and Sarawak to exercise autonomy as both the Bornean regions were eager to get the ball rolling after much preparation.
Authorized agents stuck in limbo after already halfway processing applications were among those rattled.
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