The Malaysian government responded to decreased interest in its 10-year visa program by introducing relaxed conditions. The updated My Second Home program will now feature three tiers—silver, gold, and platinum—each with distinct eligibility criteria.

In the platinum tier, applicants need a fixed deposit of RM5 million (US$1 million). After a year, they can access half of this amount for property purchases worth a minimum of RM1.5 million or for healthcare and domestic tourism.

Gold tier applicants require a deposit of RM2 million, while those in the silver tier need a minimum of RM500,000.

All participants across tiers must now spend 60 days per year in Malaysia, reduced from the previous 90-day requirement. Additionally, the revised visa program has lowered the minimum age requirement to 30 from the previous 35 years.

The Minister of Tourism, Arts, and Culture, Datuk Seri Tiong King Sing, stated that the new conditions will undergo a year-long trial starting from December 15, as reported by The Star.

The My Second Home program, initiated in 2002, permits foreigners to reside in Malaysia for up to 10 years. In 2021, the government implemented stricter rules, including a mandatory 90-day annual stay, a monthly offshore income of at least RM40,000, and the maintenance of a fixed deposit account with a minimum of RM1 million.

Following stricter conditions, the visa program experienced a staggering 90% decline in applicants, as reported by the scheme’s consultant association. Out of 2,160 applications from November 2021 to September this year, slightly over 1,900 were approved.

Various Southeast Asian nations have competed to lure foreigners through flexible visa policies offering stays ranging from 5 to 20 years.