Malaysia is making amendments on its Malaysia My Second Home (MM2H) programme to attract high net worth investors and to derive more economic spin-offs, reported The Business Times.

At an event to re-brand the programme recently, Tourism Minister Azalina Othman Said said since 2004, MM2H participants have acquired 510 residential units worth some RM4.72 billion and 1,452 locally assembled vehicles.

Over the past five years alone, nearly RM5 billion of real estate were sold to foreign applicants.

With this new programme, MM2H will be positioned as an economic and investment generating initiative to attract high net-worth individuals to set up businesses or joint-ventures with local entrepreneurs.

Hence, participants can now actively invest in Malaysia and those above 50-years-old can work in critical sectors of the economy where locals lack the expertise or experience - subject to the approval of an expatriate committee.

Source: http://www.property-report.com/property-news-top-stories.php?id=2455&date=310309

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