coultrm

Hello,

My husband and I have visited Penang several times and just love the island and would love to live there for the winter months and then six months back in the UK.
Following enquiries it appears far too complicated as the Malaysian authoriites requires us to deposit monies in their bank to entitle us to a valid visa for up to six months stay, should we stay for the 3 months on a tourist visa it would not be viable for us to purchas an apartment in Penang and that's what we would like to do.
We have looked at apartments at Miami Green in Batu Ferringhi and would love to purchase one as a base, so I would like some advice as to what we should do without us having to commit ourselves depositing monies in a bank.

Yoong

I was born in Penang, but have not been back there for over 20 yrs.
I could ask my cousin about the apartments at Miami Green .
She just came back from Penang yesterday.
Sometimes I read about Malaysian news on www.thestar.com.my
I suppose you already checked out how you could take your money out
of the country if you decided to sell the apartment and how much taxes
you have to pay to various authorities as non citizen.
Hope that helps,
Yoong

londonthai

what about visa runs - leaving Malaysia just for a day to a neighbouring country (that's how they still do in Thailand).

shriver9

Have you checked out "Malaysia my second home" program which gives long term visas of up to 10 years? The following was extracted from the Malaysian Tourism website : http://www.motour.gov.my/laman_web/

Financial Requirement
Successful applicants required to comply with the following financial criteria upon receipt of the `conditional approval letter ' from Malaysia Immigration Department.

i) Aged Below 50 years old

Open a fixed deposit account of RM300,000.00.
After a period of one year, the participant can withdraw up to RM240,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
Must maintain a minimum balance of RM60,000.00 from second year onwards and throughout stay in Malaysia under this programme
ii) Aged 50 years and above

Can either choose to:
- Open a fixed deposit account of RM150,000.00 ; OR
- Show proof of monthly off-shore income of RM10,000.00 such as pension scheme.
Only applicants who are drawing from Government Approved Funds will be considered to have fulfilled the " Monthly off - Shore Income " criteria.
After a period of one year, participant who fulfills the fixed deposit criteria can withdraw up to RM90,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
Participant must maintain a minimum balance of RM60,000.00 from the second year onwards and throughout stay in Malaysia under this programme.
Note:

1 ) Successful applicants need to open their fixed deposits in Ringgit Malaysia (RM) only.

2) Participants need to obtain prior approval from Ministry of Tourism before proceed to withdraw the fixed deposit

3) Participants under this programme may withdraw their entire fixed deposit anytime should they decide to terminate their stay in Malaysia under this programme. However, they must obtain prior approval from the Ministry of Tourism.

Medical Report
All applicants and their dependents (spouse and children) are required to submit a medical report from any private hospital / registered clinic in Malaysia.

Medical Insurance
Approved participants and dependents (spouse and children) must possess a valid medical insurance policy which is applicable in Malaysia.

Restrictions
Participants under Malaysia My Second Home Programme are not allowed to work / be employed while staying in Malaysia.

In addition, they should not participate in activities that can be considered as sensitive to the local people and a threat to the security of the country.

You can apply by yourself or via an approved agent. The agents are only allowed to charge a maximum of US$2,500.

Jack rabbit

Hi,
I've just come across you posting.
Me and my wife are in the situation as you!
Would like to buy in Penang ready for our retirement, but like you cannot afford to buy and join the MM2 program at the same time, saying that we could buy and join now, but would not be able to buy a property of the value we want??? Hence RM150, 000 in the MM2 holding fund for 12 months

We are back in Penang in June Condo hunting; we had decided to buy now. the exchange rate is still good and join the MM2 program if 5-10 years time when we retire. Hopefully they may alter the MM2 program within this time and take in consideration property value as a joining fee. There are numerous empty apartments, I believe now is a good time to buy.

Robert


My husband and I have visited Penang several times and just love the island and would love to live there for the winter months and then six months back in the UK.
Following enquiries it appears far too complicated as the Malaysian authoriites requires us to deposit monies in their bank to entitle us to a valid visa for up to six months stay, should we stay for the 3 months on a tourist visa it would not be viable for us to purchas an apartment in Penang and that's what we would like to do.
We have looked at apartments at Miami Green in Batu Ferringhi and would love to purchase one as a base, so I would like some advice as to what we should do without us having to commit ourselves depositing monies in a bank.[/QUOTE]

coultrm

Robert

Thank you for your response, do keep me posted following you visit to Penang but as far as we are concerned I regret to say, it is going to have to be Europe as we have decided to retire to Spain, having considered all the various options it's where we will be closest to family and hopefully more affordable than the UK. We will certainly holiday in Malaysia as often as we possibly as we can.

I wish you a happy retirement where ever it may be and all the best for the future.

djoerk

There seems to be confusion between a Government Pension and a Private Pension Scheme\Annuity. I read on the MM2H Government site that an APPROVED Pension scheme Qualified: That is your Scheme need not be paid to you as an ex-Public Servant (e.g. the Civil Service, Military, Diplomat). There is a difference between a Government Pension and an APPROVED Pension. Other than being a Public Servant Pensioner ( ex-Civil Servant, Diplomat, Military, Council, etc ) the only "Government" Pension that a UK Resident would hold is the State Pension - and no UK State Pension would ever qualify under MM2H - due to the maximum number of years you can contribute to the State Scheme through your National Insurance Contributions. There is greyness in this: and some Agents say Yes to a Government Approved Private Pension Scheme and some say No only an ex-Public Servant Pension.


Could anybody please give a definitive answer?