MM2H Requirements “May Get More Stringent” Again Next Year: Investment Migration People in the News This Week

 

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Investment migration people in the news this week included:

• Anthony Liew of MM2H Consultants Association
• Andy Davison of The Expat Group
• Vincent Fong of the MM2H Club
• Sam Choong of UsKhaw Cheow Poh & Associates
• Ch’ng Toh Gee of Alter Domus
• Paulo Silva of Savills
• Varun Singh of XIPHIAS Immigration 

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South China Morning Post – Malaysia reboots flagging ‘second home’ golden visa scheme with eye on Chinese expats

“It definitely will revive their interest,” said Anthony Liew, president of the MM2H Consultants Association.

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Liew, whose clients are predominantly from mainland China, said fewer than 400 families a year made the cut after the 2021 revision to the entry rules, compared to 5,610 families in 2018.

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“On the face of it, this seems like an improvement, but we will know more when it is actually launched and all the details are known,” said Andy Davison, the chief executive of Kuala Lumpur-based The Expat Group.

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Vincent Fong, founder of the MM2H Club, a consulting agency for the scheme in Hong Kong, said, “The ministry’s feedback is that everything should be ironed out in January, I believe that the first quarter of 2024 is a good estimate of when this programme can be launched.”

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“As with all golden visa programmes, the requirements may get more stringent over time. It is very likely after the one-year special edition is over, the requirements will tighten again.”

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Al Jazeera – Malaysia’s MM2H visa shake-up prompts cautious welcome – and questions

“The new rules open up the visa programme to a lot more people although a few things are still to be clarified,” Andy Davison, the CEO of expat-focused publisher TEG Media, told Al Jazeera.

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“High on the list is the required monthly income which is the biggest single obstacle for most people wanting to apply for the existing MM2H visa.”

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“I agree with what the Minister has said that the new criteria are indeed simpler and clearer,” Sam Choong, a Penang-based lawyer who deals with immigration matters, told Al Jazeera.

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“Hopefully, the previous high onerous proof of monthly income will not come back in the implementation stage as a form of unwritten practice to screen applicants for their financial standing when applications are considered.”

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“Not everyone wants to play golf all day. My clients bring with them a wealth of knowledge. A skill transfer/mentorship to a Malaysian as a precondition for the foreign visa holder to work could result in a mutually beneficial situation. Also, a definition of what constitutes work would be useful,” he said.

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Channel News Asia – Malaysia eases rules for retirement residency visa but piecemeal announcement has wealthy foreigners holding off

Mr Ch’ng Toh Gee, managing director of Alter Domus – a licensed agency which handles MM2H applications – told CNA that since the announcement was made he has received “thousands of enquiries” and “hundreds of potential applications”.

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“In the new MM2H requirements, there is no mention of minimum income, no mention of (liquid) assets, no mention of how to submit a document and where to submit and how long to get approval,” said Mr Ch’ng.

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Mr Andy Davison – founder and chief executive of The Expat Group (TEG) – a media organisation based in Kuala Lumpur that is also licensed to process MM2H applications, told CNA that on the surface, the new MM2H requirements “seem to be an improvement” as it widened the scope of foreigners who qualified.

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“So I assume there’ll be the same rigorous process of approval that exists right now. And Malaysia is not a country which likes giving out PR so I would imagine there will be pretty thorough background checks before they ever give it,” said Mr Davison. 

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The Portugal News – End of NHR and Golden Visa having little impact

“Despite these changes, we have seen an increase in the number of requests for information from our foreign clients”, said Paulo Silva, from Savills in Portugal, admitting that “there are simply not enough houses to meet demand, even with the slowdown in sales”.

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The Economic Times – Top Golden Visa programs for investors to consider in 2024

Varun Singh of XIPHIAS Immigration pens an op-ed to The Economic Times discussing what he perceives to be the top Golden Visas of 2024

The fact that Golden Visas can be acquired without requiring a substantial financial commitment is among the best-kept secrets. But in order to take advantage of this chance, there are requirements that must be fulfilled. It is imperative to raise awareness of this program’s element in 2024. The Golden Visa is based on abilities, experience, and competence rather than just financial gain.Immigration visa competition for tech talent is intensifying in the USA, UK, Australia, and New Zealand, among other nations.

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Applying for a talent visa or startup visa is an additional option, in addition to investing in a golden visa programme, to obtain a residency permit or citizenship in a foreign nation. These unique visa categories are intended for highly qualified workers, inventors, business owners, and founders who have the ability to improve the economics, society, and culture of their new country. Foreign nationals who wish to work or start a business in one of the many IT ecosystems in Europe can apply for talent or startup visas.