The MM2H visa is not a work visa at all. It is the Malaysia My Second Home visa, and is, I think, pretty much intended as a retirement visa. The idea is to bring peoople into the country who have money and will spend it. If those on retirement visas, especially those with no age restrictions, were allowed to work, it would be like giving blanket work visas to anyone with some money or a regular pension income. That would take jobs away from locals.
If someone has given up or lost their citizenship in a country, they don't have any more rights than any other foreigner.
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