KUALA LUMPUR (July 13): The Malaysia My Second Home (MM2H) programme has contributed RM4.9 billion to Malaysia’s real estate sector over the past few years since 2012.

The programme has been well received and the tangible benefits and total receipts the programme has contributed to Malaysia’s economy from 2012 until now, amount to RM12.8 billion, with property purchases among the largest contributors, said Minister of Tourism and Culture Datuk Seri Mohamed Nazri Abdul Aziz.

Besides the RM4.9 billion in property purchases, MM2H has also raked in RM52 million in visa fee collection, RM4.9 billion in fixed deposits and RM148 million in automobile purchases, said Nazri in his keynote address at the signing ceremony between the ministry and Bank of China (Malaysia) Bhd on the renewal of the Memorandum of Understanding (MoU) to promote tthe MM2H programme, today.

Nazri and Bank of China chief executive officer Wang Hong Wei witnessed the signing of the renewal of the MoU by the ministry’s deputy secretary-general Nor Yahati Awang and Bank of China general manager Han Jui Kwang.

“The Bank of China and the ministry’s partnership in the MM2H programme since 2012 has been fruitful. By renewing this MoU, it opens up our ability to promote the programme through Bank of China’s extensive network in China,” said Nazri.

He added that more than a million MM2H applications have been received while the number of approved applicants amounted to 33,300 people from 126 nations over the past six years.

“We can do better but to achieve 33,300 approved applicants is commentable. After all, we want quality, not quantity. We are very careful in filtering the right person — we can’t take things for granted,” said Nazri to reporters at a press conference following the signing ceremony.

China remains the top participating country with almost 8,714 approved participants, followed by Japan (4,225), Bangladesh (3,546), the UK (2,412), Iran (1,336), Singapore (1,295), Taiwan (1,208), Korea (1,266), Pakistan (973) and India (890).

“In our effort to reaffirm this collaboration with Bank of China, the ministry is renewing the MoU for the third time since 2012,” said Nazri.

“Malaysia has been ranked the sixth best retirement destination in the world in 2017 by International Living’s 26th Annual Global Retirement Index.

Besides that, The Japan Longstay Foundation has for 11 consecutive years acknowledged Malaysia as the most preferred long-stay destination among the Japanese since 2006, for a record 11 consecutive years.

“These are the best testaments that Malaysia can offer to everyone. It is our hope to attract more quality candidates to join the programme and in turn experience the spillover effect on the country,” Nazri said.

He had earlier officiated the annual MM2H National Workshop where the MM2H Centre updated MM2H licensed agents on matters pertaining to the programme as well as issues and challenges in promoting the programme.

The MM2H Programme allows foreigners who fulfil certain criteria to stay in Malaysia for as long as possible, on a multiple-entry social visit pass.