Analysts suggest that residents of Hong Kong may consider using an extended visa for tourism and medical treatments in Malaysia. Following changes to Malaysia’s MM2H Golden Visa program in April to attract Asian investors, modifications have been made to the visa.

According to Fung, Malaysia’s government announced in April that it will evaluate the prerequisites for its Malaysia My Second Home (MM2H) visa program. This declaration led to the introduction of the 90-day visa. Major markets, including Hong Kong, reported a 90% decrease in program applications in 2021, which was partially attributable to the pandemic and partly because the program’s income requirements had been dramatically raised.

The amount of liquid assets that foreigners must now show to the government is MYR 1.5 million ($354,000), a threefold increase from the prior minimum. Malaysia is reviewing the terms of the program, which in its early years attracted thousands of people who relocated to the country, in an effort to reignite interest in it. Many people who live in Hong Kong might consider submitting a long-term

Vincent Fung, the founder of the MM2H Club based in Hong Kong, supporting Hong Kong residents interested in relocating to Malaysia, stated that the response among their clients was generally “very positive.” He added, “The three-month-long social visit pass now brings Hong Kong on par with other major regional blocs such as the UK, Australia, and Canada, where passport holders have always enjoyed an extended stay of 90 days in Malaysia.”

Medical Tourism

Anthony Liew, President of the MM2H Consultancy Association Agency in Malaysia, said that the expanded visa could also spur interest in medical tourism and business investments. Hong Kong residents could utilize this visa not only for tourism but also for practical reasons including medical treatments.

According to Malaysia Healthcare Travel Council, a government agency, Malaysia attracted over 1.2 million health tourists in 2019, with China, Singapore, and Indonesia being some of the top source countries. After a dip in tourist numbers due to the pandemic, medical tourism programs rebounded last year, bringing in 850,000 travelers to Malaysia and generating MYR 1.3 billion ($285 million) in revenue.

Liew noted that while some of his Hong Kong clients in the past had reservations about the quality and safety of healthcare in Malaysia, recent years have seen a significant improvement due to positive verbal feedback.

Malaysia’s cost-effective medical procedures also serve as a strong attraction. Liew said, “It’s quite an affordable option for Hong Kong people. So, for those who come to Malaysia for short-term travel and medical check-ups, it would be convenient.”

Last week, the Malaysia Healthcare Travel Council signed a memorandum of understanding with several healthcare firms from Hong Kong, including Swindon Medical & Diagnostic Center and Amber Medical. Under the agreement, the companies will assist in arranging transport and screening for Hong Kong patients seeking medical services in Malaysia.

Business Investment

Additionally, according to Anwar, Lee is considering setting up shop in Kuala Lumpur to further the collaboration between the two cities. In Jakarta, Indonesia, Malaysia currently has a business office that was founded in 2016. HKD 220 billion ($28.1 billion) worth of trade was transacted between the two parties in 2022, making Hong Kong Malaysia’s ninth-largest trading partner.

According to Liew, the 90-day visa will give investors or business owners in Malaysia more freedom to enter the nation, facilitating economic transactions. “They can come to Malaysia more frequently and easily,” he said.

Lee’s Southeast Asian trip comes as Hong Kong seeks broader economic partnerships, particularly within the Association of Southeast Asian Nations (ASEAN) which, along with 15 Asia-Pacific regional partners, forms the world’s largest trading block. Before visiting Malaysia, he was in Indonesia and Singapore, where agreements on trade and financial services were signed.

Reviving the Golden Visa

According to Fung, Malaysia’s government announced in April that it will evaluate the prerequisites for its Malaysia My Second Home (MM2H) visa program. This declaration led to the introduction of the 90-day visa. Major markets, including Hong Kong, reported a 90% decrease in program applications in 2021, which was partially attributable to the pandemic and partly because the program’s income requirements had been dramatically raised.

The amount of liquid assets that foreigners must now show to the government is MYR 1.5 million ($354,000), a threefold increase from the prior minimum. Malaysia is reviewing the terms of the program, which in its early years attracted thousands of people who relocated to the country, in an effort to reignite interest in it.