Stiff New Requirements For Malaysia My Second Home page 2 - Malaysia forum

cinnamonape · 2018-03-22T01:39:27+01:00

Just heard this from a friend: "For those who didn't attend the BHCKL/MM2H presentation yesterday (21 March 2018), the word is out (official), even backed by tiny fold-out MM2H pamphlets. From the "middle of the year" but excluding applications presently in the pipeline: 1. Proof of liquid assets rises to RM600,000 (presently RM350,000) 2. FD [Fixed Deposit account in Malaysian Bank] rises to RM500,000 (presently RM150,000) 3. Requirement to show off-shore income of RM10,000/month exempted for over-60s The deputy/assistant director of MM2H who was one of the speakers and unashamedly said (backed by a giant slide) that they were looking for "quality not quantity". Quite how they intend to achieve it with this sledgehammer & indiscriminate approach I'm not sure." It sounds as if the changes will be made sometime after June, If you were intended to join the MM2H it might behoove one to apply quickly, under the old rules. Even if you can't immediately move to Malaysia you'd still have the 10-Year Visa under the "old rules". Given that wealthy individuals could already qualify for MM2H under the old rules, and even they don't want to liquidate their high interest/dividend generating assets into a lower interest long-term FD [@4%], this change will likely eliminate the middle and upper middle class retiree/applicant as well as many wealthy. It's hard to understand what economic model they are using. Sarawak and Sabah will likely retain their old rules as they have control over their own "tourism" and Immigration programs. In fact they may well take advantage of the Peninsular "mistake". I affix the current Sarawak M2H program rules contrasted with the "old" though still current) MM2H program requirements. https://www.sarawak.gov.my/web/home/article_view/221/279/

Stiff New Requirements For Malaysia My Second Home

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cinnamonape VIP Member

Member since 04 February 2018

cinnamonapeVIP Member05 May 2018 02:51:57

#41

715

Gravitas wrote:
There is no retirement visa in Singapore. The highest density of expats is on聽 Penang island at 6%. You make 500k the FD released through property purchase and voila

Someone from the Ministry (whether immigration or MM2H) must be monitoring this site ;-)

They just did away with the "Property Purchase substitutes for FD" Option. Amazing how quick that was...

Actually it was likely in the works for a long time. But it's one more perk gone. And one that was specifically targeted for the High Income sector.

cinnamonape VIP Member

Member since 04 February 2018

cinnamonapeVIP Member05 May 2018 03:02:02

#42

715

Kevin and Merle wrote:
Hi all, we are new to this site and still in the investigative stage, however, with the new ruling, it is unlikely that we will consider MM2H an option, but we are still interested in the Sarawak option, but obviously it is not possible if you do not know a Sarawak resident

Actually everyone is still awaiting the new "proposed" regulation to take effect.

There has been some preliminary announcements regarding eliminating 1)聽 a pension option and moving everyone to a Fixed Deposit Requirement [the amounts and split levels remain unchanged, as yet] and 2) eliminating the option to purchase property in exchange for reduction of FD.

Some suspect they'll make the other changes, perhaps with modification, after the election.

We'll see.

cinnamonape VIP Member

Member since 04 February 2018

cinnamonapeVIP Member24 August 2018 12:08:09

#43

715

Just to clarify...this was a "trial ballon" and they did institute some changes. Not as drastic as they were originally indicating. They have maintained the proof of liquid asset levels...and still allow pensioners (50+) to demonstrate a pension of Rp10,000+ to qualify. However they have eliminated the "Pension Option" and now all applicants are subject to a Fixed Deposit requirement. Those 50+ must now place a fixed deposit of RM150K regardless of their pension income.

They have also eliminated the part-time work opportunity. Now you cannot work and retain the MM2H visa. You must apply for a work permit.

berry.whitetiger Member

Member since 28 July 2014

berry.whitetigerMember09 September 2019 04:13:31

#44

expect new rules to follow as countries tighten the noose. Thailand now requires proof of health insurance before enter the country. Expect others to follow their lead.

cinnamonape VIP Member

Member since 04 February 2018

cinnamonapeVIP Member09 September 2019 16:12:13

#45

715

Malaysia already does require proof of Health Insurance for MM2H unless one is beyond the entry age (usually about 60-62). So maybe Thailand is following Malaysia's lead.

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