FD withdrawal
 

Hi

Does anyone know if after one year, you can withdraw the 50K from the 150K fixed deposit, without buying a car or property?

Re: FD withdrawal
 

Unless the MM2H Approval Letter you received states otherwise the general rules apply: Widthdrawal Requirements - MM2H Official Portal

Re: FD withdrawal
 

If not for car/housing purchase...only for medical expenses or childrens' education.

Of course one does not HAVE to have a fixed deposit...if one qualifies on the basis of assets/income "up front".

On the Peninsula, in order to avoid the Fixed Deposit, the MM2H program requires both proof of liquid assets of RM500,000 and offshore income/pension of RM10,000. In Sarawak you have the option of having the Fixed Deposit OR ONLY demonstrating a regular pension/offshore income of RM7000 (single)/RM10,000 (couple).

As well, the Fixed Deposit amount is less than on the Peninsula.

"Open a fixed deposit account of RM150, 000 in a bank or financial institution for married couples or RM100, 000.00 for a single applicant." (vs. RM150,000 if over 50 and single on the Peninsula MM2H).

"In Sarawak "Participants who choose to open a fixed deposit account may withdraw up to RM90, 000 (couple) or RM40, 000 (single) for approved expenses relating to the purchase of a house, car, and education of children or for medical purposes. From the second year on participants must maintain a minimum Fixed Deposit balance of RM60, 000."

The program in Sarawak is orientated for those over 50 (though it isn't stipulated that one "must" be retired). One cannot work in Sarawak without State government approval, which is rather restrictive (though one could invest with local partners). There are some exceptions to the age restrictions re. if there are dependent children pursuing education/health care in Sarawak.


The Official Portal of the Sarawak Government

Interesting loophole: "The visa issued to Participants of the MM2H Sarawak programmed allows the participant to reside anywhere in Malaysia." though I would imagine that one would have to purchase properties at the levels designated by the regional authorities, not the minimum of RM300,000 in Sarawak. [One can rent without any restrictions to cost].

Re: FD withdrawal
 

Thanks for information, SushiFan

Re: FD withdrawal
 

I understood every if you qualify for asset and income, you still need to make a fixed deposit.

Re: FD withdrawal
 

That isn't what the language of the mm2h site implies but it would actually seem to make sense that they would expect you to have a source of money in Malaysia.
Did an agent tell you this ?

Re: FD withdrawal
 

Yes, unless.....

The Government MM2H website lists the various financial requirements during the process. When you send in your application you have to show evidence of your liquid assets and monthly income.
Upon approval of your application the next step is:
(*) If your age is below 50: place a fixed deposit of RM300k
(*) If your age is 50 or above: either place a RM150k fixed deposit or "Show proof of receiving pension from government RM10,000 per month"

In other words: if you're above 50 and you receive a sufficiently large government pension you don't need to place a fixed deposit.

source: Terms & Conditions - MM2H Official Portal

Re: FD withdrawal
 

Yes that is correct as of today's date. Bear in mind that RedApe is also talking about the Sarawak MM2H which is different and, as I understand, only lets you settle in Sarawak. I know nothing of this loophole. I cannot imagine that Putrajaya would allow it.

Re: FD withdrawal
 

Thanks for all the Replies.