KUALA LUMPUR, June 7 — In just a year the government managed to generate close to RM1 billion of net income through the Malaysia My Second Home (MM2H) programme, the Home Ministry said.

Home Minister Datuk Seri Saifuddin Nasution Ismail said this was despite stricter conditions imposed on those who apply for the MM2H programme.

"In just one year, we touched close to RM1 billion, compared to RM1 billion generated in five years previously, that’s the difference,” Saifuddin told the Parliament today during Question Time.

The minister was responding to Umno’s Simpang Renggam MP Datuk Hasni Mohammad who asked if there was a drop in MM2H participants due to the change in policy that is causing property overhang in certain states including Johor.

Saifuddin admitted there was some decline in applicants, but it was less than 90 per cent.

"So in terms of statistics it did decline, but we go for quality [applicants],” he added.

Saifuddin said within the period of five years between 2015 and 2019 prior to the Covid-19 pandemic, the total number of applicants was 3,900, and the country recorded an income of RM958 million.

In 2023, there are 2,000 applicants, he said this was a 50 per cent drop and it was due to the tightening of the conditions.

In August 2021, the government announced new conditions, including RM1 million in a Malaysian fixed deposit and liquid assets of at least RM1.5 million.

Previously, applicants only needed savings of between RM300,000 and RM500,000.

Applicants must now also show an offshore income of at least RM40,000 a month and an additional RM50,000 per dependent.

Existing MM2H pass holders only needed to comply with two out of the 10 new conditions announced — an increase in fee pass from RM90 to RM500 per year and the requirement to stay in the country for a minimum of 90 days a year.

Saifuddin stressed that the reason behind tighter conditions was to ensure there was no security lapses under the previous programme conditions.