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Fast track for 'My 2nd Home'
apps
06/10/2007 The Star By Choi Tuck
Wo
LONDON: Applications for the Malaysia My Second Home (MM2H) programme will
be fast-tracked for those who had bought properties worth RM1 million and
above in Malaysia.
Tourism Ministry secretary-general Datuk Dr Victor Wee said they must show
proof such as the sale & purchase agreement and other documents when
submitting their applications.
He said although purchase of property was not a prerequisite for the
programme, it showed the applicants' financial capabilities.
If the person has already bought such a property in Malaysia, he would pass
the test, he told Malaysian journalists after speaking at the Malaysia My
Second Home & Medical Tourism seminar on Friday.
Applications are usually processed within four weeks based on four main
criteria financial, medical, health and security background checks.
Dr Wee also urged health insurance companies to extend coverage to those
above 65 years to give the programme a boost.
Britons retire at 65 and that's when they really want to go to Malaysia
under the MM2H scheme, he said.
He said the insurance industry should work out a special package for those
65 years and above or even whole life coverage.
Earlier, Dr Wee said a total of 1,183 applications were approved during the
first nine months of this year.
The top 10 countries were Britain (166), followed by Japan (139), Bangladesh
(122), South Korea (121), China (58), Singapore (40), Sri Lanka and the
United States (38 each) and India and Iran (both 33).
He said most of them chose to live in Kuala Lumpur, Penang, Malacca,
Langkawi and Johor with Sabah gaining popularity recently.
Dr Wee added Malaysia had been ranked seventh in the Fifth Annual Global
Retirement Index survey of 29 countries by International Living magazines
website, a global lifestyle, travel and investment site.
Malaysian High Commissioner to Britain Datuk Abdul Aziz Mohamed noted that
just over 1,000 British nationals had joined the MM2H programme.
This was a sharp contrast to the estimated 700,000 Britons, mostly retirees,
living in Spain or the relatively high number enjoying a similar programme
in Thailand, he said.
Given the long historical association as well as shared traditions and
values, Malaysia should be the destination of choice, he added. |
