ssoomro

Following article appears to say, MM2H has become a victim of the war between Ministries and Bureaucracies:

https://www.freemalaysiatoday.com/ca...-claims-agent/

Comments?

OriginalSunshine

https://www.thestar.com.my/news/nati...wed-says-nancy

SushiFan

This article appears to be behind a paywall. Only the first few sentences are readable without subscription.

Gunnar45

It is OK for me to view.
Right klicked on the link and 'open in new tab'

StillSearching

" the temporary freeze only applied to Peninsular Malaysia.In Sarawak, it is still ongoing."

Perhaps, in Sabah too?

StillSearching

It is quite possible that the program will be much more expensive after the moratorium.
"In its official press release on the moratorium, the Ministry hinted they might attempt to capitalize on the popularity of the, relatively speaking, very affordable program: “MM2H program will be reviewed based on the criteria, conditions, incentives as well as comparative study to [sic] equivalent MM2H Program, such as Citizenship by Investment (CBI) or Residence by Investment (RBI).”
“People are now talking about the possibility of a big increase in the fixed deposit rate,... many have proposed to raise the deposit requirement to a million ringgit, or about US$240,000."
https://www.imidaily.com/asia-pacifi...e-hike-likely/

RedApe

I just learned from the major agent in Sabah involved in the Sabah MM2H that the Sabah Ministry of Tourism also are following the directive of the Malaysia Ministry of Tourism. Thus the MM2H in Sabah will also be suspended until the MOTAC in the Peninsula reopens.

Only Sarawak is still processing applications but under the current situation now tourists can enter to submit. So unless you can enter after August 16th (the Sarawak government has restricted incoming travel due to a- hopefully- short-term flare up of infections) or August 31st.

meched55

They'll price themselves right out of the mm2h'ers even thinking of that program. Don't ya know everyone, but them are RICH and flush with cash. LOL
240k fixed deposit that's absurd. If I had 240k I'd leave it in mutual funds.

RedApe

Wealthy people are wealthy for a good reason. They don't invest in low yield investments when for the amount they can get double the interest without being trapped in a ten year plan with no liquidity. 2.5% compounded is good...but imagine if they had 5-10% compounded gains...and could withdraw when needed.

CBI and RBI have the major attraction of eventual Citizenship. I don't see Malaysia EVER allowing that. Particularly not if the other party didn't surrender their passport and renunciate their prior citizenship. In addition China doesn't allow more than about $20K to be taken out annually by Chinese nationals...total...through all banks/accounts. How precisely are Chinese (and Hongkies) going to arrange this? Plus China and Hong Kong will likely use the Letter of Good Conduct" as a filter to establish who will receive the reward of PR abroad, and who need to go off to a reeducation center to assist with a recharge of their patriotism.

StillSearching

Yes, agree. If they raise it even 20% of what it is now, it would get too expensive to trap your cash at 2-3% for 10 years just for the privilege to live here. Yes, it is relatively cheep to live here and perhaps freezing this amount of cash here can be balanced out with low cost of living.
But cost of living is not top consideration for some and they may look elsewhere especially if there is a path to CBI... So where elsewhere? Does anyone have some ideas?

SushiFan

I am not familiar with the abbreviations CBI and RBI. To which countries does this apply?

StillSearching

Sorry. I also hate abbreviations.
I am assuming, CBI - citizen by investment and RBI- resident by investment

SushiFan

That wasn't exactly what I was asking. I was wondering to which counties these categories apply.

RedApe

CBI Programs
https://citizenshipshop.com/top-citi...programs-2019/

https://best-citizenships.com/reside...tment-schemes/

It's also tied in with the concept of High Value Tourism...targeting the wealthy glampers - those that do ballon safaris or luxury tours. Which usually has been related to protecting special, sensitive environments being despoiled by mass tourism. Wonder what it might be that is "being despoiled" by Middle Class retirees?

https://whytravel.org/restriction-on...g-from-itself/

StillSearching

Middle Class retirees are looking for the best deal to save money and if Malaysia becomes too expensive, they will look elsewhere. Malaysia may prefer a higher entrance fee with fewer expats and still end up with the same or even higher profit. The problem is that MY is overbuilt and they really need people to buy/rent all available units.

Though we liked traveling in the past, now we hate it. Too many people, too much environmental destruction from over-tourism. It is truly painful to see.
Now you can watch great travel documentaries and you may prefer this instead of wasting your money and time and instead of taking on so many risks while traveling.
Also, there is a big movement in EU to curb traveling because it results in huge amount of CO2 emission and pollution.

But I think drive for traveling is different from why people are moving to another country for residence. Main reason, I think, is to save money, so that overall cost of living plus taxes would be less.