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Potential to attract the rich
05/06/2006 The Star
MALAYSIA has the potential to attract high net worth foreigners to its
shores to set up second homes if more concerted efforts are undertaken to
promote the country as their favourite place of abode.
The Malaysia, My Second Home Programme that was launched in 2002 has so far
attracted 8,574 foreign citizens.
The majority of the applicants are from China (1,779), Bangladesh (1,088),
Britain (773), Taiwan (558), Singapore (510), Indonesia (409), India (390),
Japan (356), Pakistan (257), Hong Kong (218), United States (206), South
Korea (148) and Australia (124).
With competition heating up from the other countries, including Singapore,
Thailand, Australia and Indonesia, industry observers said more should be
done to promote the programme.
Meda Inc Bhd chief executive officer Ong Bok Siong said that in order to
make the programme more attractive, simple and hassle-free procedures
coupled with special privileges should be offered to the programme
applicants.
Ong Bok Siong
However, he cautioned against ambiguity in the guidelines, adding that for
the programme to succeed, clear guidelines and their effective
implementation by all the relevant authorities were necessary.
“We must not repeat the history of foreigners being subjected to constant
policies changes as that will affect their confidence in our country. One
perfect example was when foreign property purchasers were imposed a levy of
RM100,000 retrospectively at the height of the regional financial crisis in
1998 and this immediately cut off the life line of foreign ownership in
properties.”
Ong said it was important to attract foreign investments into the country,
and getting the MM2H programme going would be one of the ideal sources of
investment inflow.
“Most of the participants are high management executives, successful
businessmen and retirees. This programme would be the ideal alternative for
this group of people who wish to maximise their enjoyment of life and
understand the rich, diverse cultures of Malaysia,” he added.
Mah Sing Group Bhd president and group chief executive Datuk Leong Hoy Kum
observed: “While it is good and necessary to evolve, guidelines and
regulations that are consistent, realistic and transparent will allow us to
attract quality, high net worth investors to participate in this programme.”
Placing the programme under the purview of the Tourism Ministry instead of
the Immigration Department is a step in the right direction as this is
expected to raise the programme's profile in the international arena.
Ong said the promotion of the programme could be improved further through
road shows and periodical promotions overseas, adding that the one-stop
centre for the MM2H programme at the Putra World Trade Centre was a step in
the right direction.
Syarikat Permodalan Kebangsaan Bhd head of property division Steven Lim said
the Tourism Ministry should place advertisements or advertorials in all the
in-flight magazines of all the major airlines over a one-year period.
Extending the current five-year visa to 10 years for the foreign citizens
participating in the programme would make the MM2H more attractive as it
comes with more perks.
Applicants no longer have to apply as a family or individual but need to
just state if they are above or below 50 years old.
Several other benefits have been added with the new offer, including a
waiver on the need for them to get a sponsor.
All they have to do is place a deposit of RM300,000 and part of that money
can be withdrawn after a year.
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