THE Federal Government should keep an eye on Thailand’s new visa measure which is able to compete with the Malaysia My Second Home (MM2H) programme, says Penang Tourism and Creative Economy Committee chairman Yeoh Soon Hin
He said Thailand has recently introduced a new visa and tax measure to lure high-potential and wealthy foreigners to pave the way for the tourism-dependent nation out of its economic contraction.
“Thailand’s stance with this new visa programme is very clear; they are driving foreign investments by encouraging top tier global communities to relocate to Thailand to ultimately aid their country’s economy.
“If we want to compete with Thailand’s new visa scheme, easing our MM2H requirement is a mandatory measure.
“I hope the Home Minister Datuk Seri Hamzah Zainudin can hasten his response to the public dismay over MM2H,” he said in a press statement.
Although Yeoh welcomes the reactivation of MM2H after a year of suspension, he said MM2H has been an accessible visa scheme in nature since its inception and should not have such a significant bump in requirements.
“I understand that the Federal Government wants to target high-income participants with adequate capabilities with these new thresholds. However, we also need to understand the gravity of MM2H in the international visa scheme landscape.
“The strict MM2H requirements will also put Penang in a disadvantage position as the state has been one of the preferred destinations for expatriates, especially having repeatedly received accolades from the CNN, International Living and New York Post,” he added.
Story by Edmund Lee