InFlagranteDelicto

Hello All,
I plan to move to Penang sometime in the next 5 years (currently 53) and will live there under MM2H.
I meet all requirements but just wondering if it would be a good idea to apply now while working, so there would be no problem meeting the monthly income criteria.
Any downside to applying (say 3 years) early and then moving to Penang when ready?
Anyone done this?

Any advice welcome.

Cheers

Gunnar45

Hello IFD,
I did just that, two years early actually and it went fine. I still went with the FD option though, but they also required to see an income at that time (2008).
There could be other advantages like being able to take advantage of tax free interest on FD's and investments in MY.
If you intend to withdraw part of the mandatory FD for approved reasons, it is best to split it into two FD's along these lines.
Last but not least, regulations change and if anything I believe they will get tougher...

RedApe

I don't see it as a problem. I think many people are considering this as they are concerned about possible increases in the MM2H asset requirements and increases to the FD. They are trying to get their application in "before the bell". So besides the potentially lower rates and FD amounts are their other potential benefits?
1) You do your health check when you are younger and healthier
2) You may be eligible for Malaysian health insurance (some who want to "pay as they go" might say this is a negative)
3) You might be able to enjoy lower property purchase costs or exchange rates (oh, how I wish I'd applied in June 2017).

But remember that you must pay all the fees and place the FD soon after approval (or within 3? months). Technically, you are "in" once that (the purchase of the visa) occurs. There is no system of "claim-and-defer". You can't submit your application and have them "hold" it three years. It will lapse, and then you must do the process over again under whatever new terms exist then.

If you submit, and are approved, other clocks start ticking as well. Your MM2H visa will be good as long as your passport is, but will have to be extended when it expires...to obtain the ten years. Thus, you may get the visa, then need to apply for extending that visa while still working abroad.

Apply For Extension - MM2H Official Portal

There are no restrictions on how long you stay in or stay out of Malaysia so one could technically hold an MM2H visa and never step into the country, I suppose (oh wait...one does have to get that local health check...so one time ;-)

Other down sides...
1) Earlier renewal (since your 10 years started up while you were working and weren't visiting Malaysia)
2) Your interest-earning FD is untouchable while you are still working...then again you might get more interest here than in your home country.
3) You may have to purchase mandatory health insurance.

ssoomro

Overall very good advise from the respondents. I applied for my MM2H while still working, received it last year in July. In fact if you apply while working, your income counts towards the qualification. After receiving my MM2H, I have actually arranged for a job transfer within my company to Singapore office and plan on working a year or two to augment the kitty (hate to have to return to working for a living .. arrrggg).

In my case the compelling reason for applying early was getting in before the bell ... which seems to be unpredictable .. in terms of eligibility and benefits criterion.
on the lighter side.. I am wondering about the 'reason' for your applying for a foreign retirement visa... is your forum name/handle ...some kindda clue?

SushiFan

InFlagranteDelicto

Thanks all for those replies. Very helpful.
So.....
1. There is really no downside to applying early, apart from the time lapsed between visa being granted and being in Malaysia.
2. FD must be deposited upon approval
3. I must set foot in Malaysia within 6 months after visa approval.
Correct?

As for my 'reason', nothing to do with my name, just like that phrase
I lived in Penang for 6 years previously and long to go back...

SushiFan

RedApe

Another twist is that if you were trying to do this at even younger...at say, age 47...you'd have the higher FD and income requirements. Then waiting an additional three years might not be a bad idea.

The government has announced already that they have
"Also discontinued the MM2H approval by government pension for MM2H applicants aged 50 years and above. This means all MM2H new participants must place Fixed Deposits to join this programme. This does not apply to existing MM2H participants who were approved under government pension."

If you were thinking of applying under a "pension option" then that no longer exists except under the old rules.

InFlagranteDelicto

Another couple of questions.
1. I understand that I have to make an appearance in Malaysia within 6 months of the MM2H approval, but does that count for all members on the application (wife etc.), or just myself?
2. Does my child need to be on the MM2H application, or can she just be on a student visa, as she only plans to be in Malaysia as a student?

Any information appreciated.

macmagrduer

From my experience all family members on application (all those who live in Penang with us including our school age children) were required to appear within the 6 month window. My children are both students and on the MM2H visa. Good luck.

RedApe

Depends on the grade level of the student and the type of institution as to whether your child would want to be on a MM2H Visa or a Student Visa.

Student Pass

Foodi

You and all your family members need to appear in Malaysia within 6 months of the approval. However, if you cannot make it, you can apply for an extension (if rules have not changed since we did it 4 years ago) for another 6 months.

InFlagranteDelicto

Thanks Mac.

So can my daughter just be on a student pass and go to high school in Penang (with the parents on MM2H)?
Or does she need to be on MM2H AND THEN also get a student pass?
She only plans to be in Penang for a year or two to finish high school before going away for university, and I would prefer her not to be on the MM2H if that is possible.
You think that is doable?

Foodi

eCdD

Maybe without being under MM2H it is easier for our kids to get Malaysian citizenship later?

By the way, does anyone have any ideas about the school fees? I guess it will not be free for foreigners.