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VPEX 2021 webinar EP 1: Urgent need to solve crisis of confidence of MM2H visa holders and applicants

PETALING JAYA (Sept 21): Fiabci Malaysia president Datuk Seri Koe Peng Kang has urged the government to engage Malaysia My Second Home (MM2H) stakeholders to solve a “crisis of confidence” over the programme as soon as possible.

In today’s EdgeProp Malaysia’s FB LIVE Webinar Series Episode 1 entitled “Too Little, too Late?”, Koe shared that Fiabci and the MM2H Consultant Association (MM2HCA) have been trying to engage with the government over the recent revamped MM2H application terms and conditions.

The webinar is the first episode of seminars organised in conjunction with Virtual Property Expo (VPEX 2021) organised by EdgeProp Malaysia starting from Sept 17, 2021 to Oct 15, 2021. The webinar was moderated by the editor-in-chief and managing director of EdgeProp Malaysia, Au Foong Yee.

“The government needs to have a dialogue with us [stakeholders] and tell us what is their fear factor so that we can solve the problem and move forward. Ever since the new terms were announced, our reputation and the confidence of both the existing MM2H participants and potential applicants have been affected -- we need to calm them down.

“We do not understand why the government doesn’t want to talk to us. The new terms were announced briefly with very little details, which has created the crisis of confidence,” Koe said.

He added that for the past whole month, FIABCI together with MM2HCA had been trying to engage with the government but failed, but both parties have not given up on getting more details about the terms.

Anthony Liew, the president of MM2HCA, who was also one of the panelists of the webinar held today at 8.30pm, said the new terms were very general and no further information was given since the original announcement on Aug 21, 2021.

“There is no guideline or information on whether the new terms will be applied on the existing MM2H holders, which has made many of them upset and lose confidence in the country. The new terms are kicking in on Jan 1, 2022, and we are running out of time. However, we don’t even have the details to answer the existing holders, applicants that are in the process of applying, as well as the potential applicants,” Liew noted.

Another panelist, the chairman of “Hongkongers in Malaysia” Facebook group Gary Crestejo, said the drastic change of terms and conditions of applying for MM2H has already created a negative image for Malaysia.

“Take Hong Kong for example. Most of the potential applicants are looking for stability and a peace of mind when considering moving to Malaysia via the MM2H visa. With the drastic change of terms and conditions, it had already created some negative image to the country. Even though the government has decided to review the terms and conditions now, I believe the programme has already lost many potential applicants,” said Crestejo, who is also a MM2H visa holder.

He was of the opinion that one of the purposes of stricter terms is to attract the high-net-worth foreigners, hence the raising of monthly income and fixed deposit in a Malaysia bank.

“It seems to me that the government wants high-income and cash-rich applicants to put their money in Malaysia’s banks, but no strategy on how to make them spend or invest in Malaysia. They (MM2H holders) have money in the bank but that doesn’t mean they will spend it. The government needs to be clear on what is the purpose of raising the bar and talk to the stakeholders for the best solution,” he concluded.

The full report of VPEX 2021 webinar will be published in EdgeProp.my E-weekly Sept 24, 2021. You can access back issues here.

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