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Agents on Brink of Bankruptcy After MM2H Suspension

More than 2,000 Malaysia My Second Home (MM2H) applications have been returned to agents, while the programme itself is on hold pending a review.


This means zero business and income for agents, with MM2H Consultants Association president Lim Kok Sai estimating the loss to the country at RM1.5 billion.


Some 1,000 applications were returned between September and November last year, worth around RM776 million in revenue.


From December until June, another 1,000 applications were rejected and returned, Lim told The Malaysian Insight.


Agents could not contact the MM2H centre and officials in charge, he said, adding that has been no further explanation from the government, other than an announcement earlier this month that the programme is on hold.


Tourism, Arts and Culture Minister Nancy Shukri said on July 2 the programme is suspended pending a review of process by her ministry and the Immigration Department.

“NANCY SHUKRI HAS ALSO SAID THAT THE MM2H PROGRAMME SHOULD RESUME BY NEXT YEAR, WHICH MEANS UNTIL THEN AGENTS WILL HAVE NO INCOME AND WILL FACE FINANCIAL PROBLEMS,” LIM SAID.

Agents are now dealing with demands from applicants seeking refunds for their deposits.

Plans to buy properties have also been put on hold, he added.


The MM2H programme, which was launched in 2002, has earned Malaysia RM40 billion by allowing retired foreigners to own homes and live here.


Agents and property developers invested in promoting the programme abroad by holding joint tours in countries like Japan, South Korea and Hong Kong.


“All these efforts are now in vain.”


News of the rejections have also deterred other potential applicants from trying, such as foreign parents who were hoping to have their children study in Malaysia while they apply for a MM2H visa and buy a home to accompany their children.


“Now they no longer plan for their children to study here,” Lim said, adding that the government’s handling of the programme is causing an impact on other sectors of the country.


Nancy, who said the review of MM2H processes would be completed by December, said previously that “there is a lot to improve”.


“It’s not a permanent (freeze) as some people think. It is not meant to be (permanent),” she said.


But this is no answer to agents’ concerns as to what they would do for work and income until the programme restarts, said Lim. – TMI


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Originally published: http://www.thetruenet.com

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