MM2H so expensive
 

Hi all why is the cost of the MM2H gone so high i have been to Malaysia many times but cant work out why they would want you to have more then double the local income each month and to keep that amount in a bank account which you cant touch ever seems strange
i want to retire to malaysia but how it is now I CANT AFFORD IT NOW OR WHEN I GET TO 65
firefox

Re: MM2H so expensive
 

I don't know the answer but why don't you send some feedback on the mm2h government website.

Re: MM2H so expensive
 

Perhaps MM2H is expensive because locals and govt think that all expats that choose to move over to Malaysia are rich.

They seem to forget that most of us want to move over here because it is affordable. Another reason could be the drive to make Malaysia a high income country. IMHO, it is a rather short sighted of the govt as this will create a division between the rich and the average joe blow.

Re: MM2H so expensive
 

My wife is malaysian and they make it so hard to live there

Re: MM2H so expensive
 

Having a spouse / partner who is Malaysian doesn't mean that it is easier for you to live in Malaysia contrary to popular belief. I was informed that the rules and regulations imposed by the govt is to deter applicants from poorer nations. Makes sense I guess.

Re: MM2H so expensive
 

Had a friend got MM2H and was married to a Malaysian. Didn't actually declare the Malaysian partner as was not required. Had no problems.

Re: MM2H so expensive
 

It isn't so expensive when you think about it. Let's face it, as a single person you'll get a 10-year renewal visa and you have to deposit RM150,000 in a FD. You collect the interest tax-free, and if you decide to bog off you take the money with you.

RM150,000, that's about 30,000 quid. The average UK house price is about 165,000 quid depending on Halifax etc. So it's about 20% of this.

What other country gives 10-year, and renewable for the rest of your life, visas for less ? Panama, and a couple of others.

And you can withdraw RM50,000 to use towards property purchase, or medical bills etc.

What would you price the mm2h visa at, and if it's that low how to set a limit. The worldwide complaint from many countries is, "too many immigrants, even for 10 years ++."

Re: MM2H so expensive
 

As in virtually all countries there already is a massive disparity. The idea for a higher-income country is to bring more people into the tax net, and make fiscal policies that much more predictable.

Re: MM2H so expensive
 

Right on. Its not only not expensive to get in and live, but ongoing expenses some of the cheapest in the region

Re: MM2H so expensive
 

I think the deposit and income requirements are perfectly reasonable. What has gone too high is the minimum amount at which one can buy a residence, 500,000 RM...the previous 350,000 was high enough...:huh:

Re: MM2H so expensive
 

Actually it was at M$250000 and happily I got in then. However I and others have expressed our thoughts on this to Government and the more who politely let it be known that its stopping a lot of potential MM2Her's the better. Sarawak is still M$350k and Penang and I believe Selangor differentiate between MM2H and other expats and still have M$250k for MM2H.
Having said that, its been reported that there shortly will be major announcements regards foreign workers, visa's, PR etc and one can only hope that this will include more hours MM2H can work plus lower house entry back to the sensible M$250k.

Re: MM2H so expensive
 

The minimum property threshold used to be RM150,000.
Then it was raised to RM250,000.
Then it was raised, on the 1st Jan 2010, to RM500,000

This is the Federal Government setting a nationwide threshold.

However, land and property approvals are State matters. So each
State Government can decide on it's own levels.

From comments on forums such as my2home.info Penang has raised the threshold to the Federal level. But it seems to have made a distinction for mm2h visa holders and now allows mm2h purchases at/above the RM250,000 threshold.

Selangor decided not to raise it's threshold, for all foreigners, and simply kept it at RM250,000.

The threshold in Sarawak, according to the mudtour.sarawak.gov.my site is RM300,000.

The threshold in Pahang is/was RM750,000.

PW Cross

Re: MM2H so expensive
 

Absolutely. However I have recently heard (to be confirmed) Pahang has reduced to M$500k in line with BN directive. Also Penang will allow 1 house at min M$250k or 2 houses at min M$150k each. Presumably in a hope some older shop-houses may be snapped up and renovated much like parts of Singapore Chinatown....not a crazy idea that. One does hope however that the national limit is soon reduced to a sensible level.
Isn't Deepavali noisy (and why not)...no sleep tonight!!

Re: MM2H so expensive
 

Can you get a house for RM 150K in Penang ??

Re: MM2H so expensive
 

Flat yes, house dunno!. But remember as MM2H you need to buy 2, each no less than RM150k.

I bet there could be some shophouses around about that price within Penang state...not necessarily on the Island. A couple of shophouses side by side opened up inside could be very nice, while the repainted outside..a la Singapore Chinatown, would be great. Shop downstairs become garages and convert the old timber concertina doors into electric rollback. :eek: