Majority of MM2H applicants are Chinese nationals
KUALA LUMPUR: Chinese nationals comprised the most number of people who signed up for the Malaysia My Second Home (MM2H) programme since it was introduced seven years ago.
A total of 13,977 applications from 107 countries were received over the past seven years.
"The highest number of participants was from China followed by Bangladesh, United Kingdom, Singapore, Taiwan, India, Iran and Indonesia," said Tourism Minister Datuk Seri Dr Ng Yen Yen in reply to a question by Senator Sharifah Azizah Datuk Syed Zain in Dewan Negara on Dec 17, 2009.
From 2004 until November this year, MM2H participants purchased 811 houses worth a total of RM846.79 million with most of them choosing to stay in Kuala Lumpur, Selangor, Penang, Johor and Perak.
Under the programme, foreigners were only eligible to buy properties priced RM500,000 and above, she said. – Bernama
RPGT has little immediate impact on MM2H
| By E.Jacqui Chan of theedgeproperty.com | ||
| Thursday, 26 November 2009 11:54 | ||
KUALA LUMPUR: It is business as usual for promoters of the Malaysia My Second Home (MM2H) programme, post the government’s announcement recently that a 5% Real Property Gains Tax (RPGT) will be levied from Jan 1, 2010, irrespective of when the property was acquired.
Director of International Placement House (MM2H) Sdn Bhd Joseph Fernandez told theedgeproperty.com he has not received any feedback from clients on the RPGT. “I think for foreigners, this is a small bite; it is the locals who will be more affected.” However, he noted, the RPGT could fan foreigners’ perception of a flip flop in Malaysia’s policies.
Poloair Consultancy (MM2H) Sdn Bhd executive director Adrian Wang concurred and said some of his clients were “quite annoyed with the constant change of policies as it confuses them”.
Metro Homes (MM2H) Sdn Bhd director See Kok Loong said he has not seen any significant negative impact on the programme but cautioned that Malaysia could lose out in the long run to countries such as Singapore, where no such tax existed. “But there is not much we can do but learn to adapt since the government has already said they will proceed with the tax,” added See.
Ck-Ten (MM2H) Sdn Bhd director and committee member of MM2H Agents Association John Ching said while there was dissatisfaction voiced by some programme applicants, there was no major complaint received and since there was no bubble in the Malaysian property market, the RPGT would not trigger any crash.
Ching said the MM2H Agents Association would be meeting with the Tourism Minister soon and a discussion on the impact of the RPGT on MM2H is on the agenda.More than 1,000 approvals for MM2H from January to September
By Siti Radziah Hamzah of theedgeproperty.com
KUALA LUMPUR: A total of 1,133 applications for the Malaysia My Second Home (MM2H) programme have been approved in the first nine months of the year, according to sources from the Ministry of Tourism.
“During the period, we also have a good representational mix of participants with the top 10 markets being the UK (199), Iran (179), Japan (135), China (82), Pakistan (79), Bangladesh (72), Singapore (41), South Korea (38), the US (37) and Australia (36),” the sources said on Oct 20.
Generally, 68% of the MM2H participants are aged 50 years and above and 84% come with families while almost 40% have liquid assets valued at RM500,000 and above, they said.
“On average, they (MM2H participants) spend in the region of about RM1.2 billion a year in Malaysia, assuming a nine-month stay in Malaysia with an average expenditure of RM10,000 a month,” they added.
The sources said the number of applicants received and approved has been quite steady, in the region of 1,500 between 2007 and 2008.
However, the number of applications received between January and September this year has fallen by 5.7% to 1,283 compared with 1,360 in the same period last year due to the recent global economic downturn.
MM2H is a programme promoted by the government to allow foreigners who fulfill certain criteria to stay in Malaysia for as long as possible via multiple entry social pass visits. The social pass visit is initially for a period of 10 years and is renewable.
Tourism Ministry to enhance MM2H promotion
PUTRAJAYA: The Malaysian Tourism Ministry is looking at ways to strengthen promotions for the Malaysia My Second Home (MM2H) programme next year, said its minister Datuk Seri Ng Yen Yen.
Ng said the ministry is looking a various promotional possibilities that include working with non-governmental organizations in foreign countries such as medical and sports associations to help to attract foreigners.
“It is all about awareness. MM2H is moving slowly. We have people applying but not as many numbers as we would like. Our staff will be going to Japan and London next to promote the MM2H,” she told a media conference on Oct 30.
“I’m looking forward to some budget allocation for MM2H promotion. There’s never any budget to promote MM2H,” she said. Some RM899 million has been allocated under Budget 2010 to enhance the tourism sector. As many as 12,500 MM2H applications has been approved to date.
Ng said the Ministry is also developing new tourism products including an initiative to redevelop Malaysian parks and gardens to attract both foreign and domestic tourists.
Renowned garden designers from the Monet Garden in Paris, Jane Huntley and Gilbert Vahe as well as Jekka McVicar from the United Kingdom were here on a 10-day study tour of Malaysia’s herbal and botanical gardens.
They will provide feedback on ways to upgrade and improve these parks and gardens including the Lake Gardens in Kuala Lumpur, Fraser’s Hill and the Melaka Botanical Gardens.
MM2H participants to form association
Wednesday, May 5, 2010
By E. Jacqui Chan of theedgeproperty.com
KUALA LUMPUR: A group of Malaysia My Second Home (MM2H) participants are coming together to form an association tentatively named MM2H (Homers) Association.
“The objective of the association is to protect the homers and give them a collective voice. Sometimes, it is difficult to get an answer or resolution to a problem from the authorities when you write in as an individual. This will be an association they can lean on and they will be working closely with the MM2H Agents Association,” said an adviser to the group. The MM2H Agents Association was formed in 2006, and currently has 80 members.
Thus far, participants from countries such as Japan, South Korea, China, India and the UK have expressed their interest to join as members, with a few from Canada and Australia as well.
“We expect strong membership once the association is approved by the Registrar of Societies (RoS),” said the adviser.
A meeting will be held at the end of May to finalise details of its application to be submitted to the RoS for approval.
The MM2H programme was introduced in 2002 to replace the Silver Hair Programme, which was first implemented in 1996. To date, MM2H has attracted over 13,000 participants from around the world.
Based on statistic provided by the Tourism Ministry, the highest number of MM2H participants in 2009 came from Iran with 212, followed by Japan with 169 participants and the UK with 162 participants.
Accumulatively, from 2002 to 2008, participants from China formed the largest group with 2,298 participants, while Bangladesh is second with 1,732 participants and the UK third with 1,495 participants.
Jeremy Yeong is MM2H Agenst Association president for 2010/2011
Friday, May 7, 2010
By E Jacqui Chan of theedgeproperty.com
KUALA LUMPUR: The Malaysia My Second Home (MM2H) Agents Association has elected Jeremy Yeong as its new president for the 2010/2011 term.
Yeong who was elected late April 2010, was the association’s first vice president since its inception in 2006. He takes over the position from immediate past president, Kirby Lim who had served for two terms.
A founding member of the association, Yeong set up his agency Silver Genesis Worldwide in 2001 when the MM2H programme was introduced to replace the Silver Hair programme.
The MM2H Agents Association currently has over 80 members.
The MM2H has attracted over 13,000 participants from around the world. Statistic provided by the Tourism Ministry showed the highest number of MM2H participants in 2009 came from Iran with 212, followed by Japan with 169 participants and the UK with 162 participants.
Accumulatively, from 2002 to 2008, participants from China formed the largest group with 2,298 participants, while Bangladesh is second with 1,732 participants and the UK third with 1,495 participants.
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