MM2H Financial Requirements
Nov 20th 2010, 5:37 am
#1
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Thread Starter
Joined: Jul 2007
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MM2H Financial Requirements
According to the gov't website, an over-50yo needs RM150,000 in liquid assets or a monthly income of RM10,000 "upon approval", whatever that means. At the time of application, however, you need RM350,000 PLUS a monthly income of RM 10,000 which is difficult if you only have savings and no retirement pension. So which do I need?
Nov 21st 2010, 5:32 am
#2
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Re: MM2H Financial Requirements
31 viewings but not a single answer! All that I want to know is do I need RM150,000 or RM350,000 as an over-50yo to qualify?
Nov 21st 2010, 8:44 pm
#3
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Joined: Sep 2010
Location: here, there and hopefully in Penang
Posts: 137
Re: MM2H Financial Requirements
Best to get your info from the official MM2H official website: www.mm2h.gov.my/conditions.php
Applicants aged 50 and above may comply with the financial proof of RM350,000 in liquid assets and off shore income of RM10,000 per month. For certified copy(s) of Current Account submitted as financial proof, applicants must provide the latest 3 months’ statement with each month’s credit balance of RM 350,000. For those who have retired, they are required to show proof of receiving pension from government approved funds of RM 10,000 per month.
My understanding is that the RM150,000 is the fixed deposit which you need to lodge if you don't receive a govt approved pension of RM10,000 per month.
Good luck.
Applicants aged 50 and above may comply with the financial proof of RM350,000 in liquid assets and off shore income of RM10,000 per month. For certified copy(s) of Current Account submitted as financial proof, applicants must provide the latest 3 months’ statement with each month’s credit balance of RM 350,000. For those who have retired, they are required to show proof of receiving pension from government approved funds of RM 10,000 per month.
My understanding is that the RM150,000 is the fixed deposit which you need to lodge if you don't receive a govt approved pension of RM10,000 per month.
Good luck.
Nov 22nd 2010, 1:28 am
#4
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Joined: Feb 2009
Location: Far North Queensland
Posts: 17,625
Re: MM2H Financial Requirements
As redbean said but Lionheart note that it's a 2-part process.
You provide the financial proof as required on the gov website. Then you wait for Conditional Approval Letter from MM2H. Once (if) you get the Approval, you then have to meet the conditions in that Conditional Approval Letter which includes lodging the Fixed Deposit (if you don't have Government Pension funds of RM10K a month). That's my understanding anyway.
When I did my MM2H, I didn't have pension funds so we had to do the Fixed Deposit (you can get some of it back later under certain conditions) AND proof of Offshore Income (i.e not income from Malaysia) of RM10K a month.
It's a bit confusing and ambiguous sometimes, and rules get tweaked from time to time. I think I already plugged the other mm2h info forum in another thread, but if I didn't, give me a nudge. Best of luck if you decide to go ahead with it
You provide the financial proof as required on the gov website. Then you wait for Conditional Approval Letter from MM2H. Once (if) you get the Approval, you then have to meet the conditions in that Conditional Approval Letter which includes lodging the Fixed Deposit (if you don't have Government Pension funds of RM10K a month). That's my understanding anyway.
When I did my MM2H, I didn't have pension funds so we had to do the Fixed Deposit (you can get some of it back later under certain conditions) AND proof of Offshore Income (i.e not income from Malaysia) of RM10K a month.
It's a bit confusing and ambiguous sometimes, and rules get tweaked from time to time. I think I already plugged the other mm2h info forum in another thread, but if I didn't, give me a nudge. Best of luck if you decide to go ahead with it
