British Expats

British Expats (https://britishexpats.com/forum/)
-   Retirement and MM2H (https://britishexpats.com/forum/retirement-mm2h-205/)
-   -   Retiring in Malaysia - Malaysia My Second Home Visa (MM2H) (https://britishexpats.com/forum/retirement-mm2h-205/retiring-malaysia-malaysia-my-second-home-visa-mm2h-757238/)

bakedbean May 5th 2012 10:41 am

Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)
 
Malaysia My Second Home Programme (MM2H) is promoted by the Government of Malaysia to allow foreigners who fulfill certain criteria, to stay in Malaysia for as long as possible on a multiple-entry social visit pass.

The Social Visit Pass is initially for a period of ten (10) years, and is renewable.

Note: You do not actually have to be retired to obtain the visa. You do not have to live full-time in Malaysia either. Some retired MM2Hers like to split their time between their "home" country and Malaysia.

The government website for MM2H is here: http://www.mm2h.gov.my/index.php

Current Terms and Conditions for obtaining the visa can be found here: http://www.mm2h.gov.my/conditions.php

The visa can be applied for via one of the licensed agents, or can be obtained direct via the MM2H Centre.

One of the conditions I particularly liked (and you don't find so often on other retirement visas) is that they will exempt you from buying medical insurance in the event that you cannot obtain, due to age or a medical condition. This is very sensible since who can predict what state their health might be in in the future.

Mad Hatter May 16th 2012 7:47 am

Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)
 
I really like the scheme particularly the 10 year Visa, opportunity to purchase a vehicle w/o taxes & duties (potentially a huge savings), the option of working 20 hrs/wk, own a business, and own property.

Probably the best in Asia and only outdone by Ecuador & Panama.

bakedbean May 16th 2012 9:18 am

Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)
 
I think it's a good visa. Your first stop would be to check out the government website. See link above.

If you come to Malaysia and like the place, and want to go into more detail, the nuts and bolts of the visa, then check out the other link above to my2home where you'll find those who have gone through the process of the visa (like me), and those who are going through it currently.

All the best :thumbup:

Davita May 17th 2012 12:20 pm

Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)
 

Originally Posted by Mad Hatter (Post 10063468)
I really like the scheme particularly the 10 year Visa, opportunity to purchase a vehicle w/o taxes & duties (potentially a huge savings), the option of working 20 hrs/wk, own a business, and own property.

Probably the best in Asia and only outdone by Ecuador & Panama.

All good points Mad Hatter..... but I would add that NOT being taxed on world-wide income, for some, is also a huge incentive.

I went to Panama some years back to look at their scheme. You're correct, it is outstanding and very useful for those living in the area but actually living in Panama may be a struggle for some. Many Canadians become resident Panama for tax purpose....but travel around.

RobSg Jun 17th 2012 4:51 am

Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)
 
Hi all-
I have written here about a year ago thinking of becoming a part of the MM2H and decided to hold off for a while. I am a 65 year old semi-retired teacher living in Singapore as a Permanent Resident. I keep quite busy almost daily at all the international schools as a relief teacher, but I'm getting to the point of wanting to do less work and enjoy a higher quality of life. My close friends here agree that it is dificult to retire in Singapore with the quality of life that you might have in Malaysia.

As mentioned, I have very close friends here, and it is important for me to be near them. That's why living in Penang or KK or Kuching might be very enticing for a retiree, but it just doesn't alow me to make very frequent visits to Singapore and still do a little relief teaching.

I'm thinking of Malacca, a three hour car ride from Singapore. I could see myself living in a very nice apartment in Malaca, having a car, enjoying a quality of life I don't have in Singapore, and still driving to the Causeway separating the two countries and either going to see my friends or having them meet me at the Causeway and coming to my place.

How does that sound? Do any of you live in Malacca. Are there other towns near by that might be better? I'm not particularly fond of JB, even near Tuas, but I might be wrong about that, also. Your suggestions are appreciated.

Regards,
Rob

bakedbean Jun 17th 2012 5:45 am

Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)
 
Re MM2H. You may want to consider getting the visa now if you meet the criteria? I know a few people who have got the visa while still working (don't forget you have to show 3 months bank statements). It doesn't mean you have to go and live in Malaysia full time.

Re Malacca/Melaka. I'm not sure that we have any current BE members living there. You could try adding onto this thread here and see if anyone pops out of the woodwork :)

http://britishexpats.com/forum/showthread.php?t=699694

I know there are several members of my2home who live in Melaka. See link in my first posting.

However..... do not rule out Penang (that's if you like Penang). Question: will you need a car in Singapore? If the answer is No, then Penang can be considered. I have a friend who does this regularly. There are a load of flights between Penang and Singapore and it takes about 40 minutes. Take a look at Jetstar especially and AirAsia websites. Silkair is a bit more expensive. And of course once you arrive at Changi, you go through the airport like a dose of salts, then who needs a car?

Penang is not for all though, and more expensive property-wise than Melaka.

Just some thoughts anyway.

ex reg Jun 17th 2012 10:32 am

Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)
 
I'm not sure I've seen any really nice apartments in Malacca, town centre ish anyway.

There are two posters who live there I think but they don't post very often.

bakedbean Jun 17th 2012 10:43 am

Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)
 
I think Rob has found the other place ;) and there's a few over there who are retired in Melaka.

By the way, isn't it refreshing to see someone edit their post for "grammar" :thumbup: I shall send some karma your way, young man.

RobSg Jun 18th 2012 2:43 am

Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)
 
Hi again-
I read that the minimum investment for property in Malaysia under the MM2H scheme is now RM500,000. It was only RM250,000 the last time I was tempted to apply. I also looked online at properties in Malaka, and the website I used had only one property that was at RM500,000 Ringit.

Let's say after I get the MM2H and I rented for a year in Malaka and the minimum value went up to RM1,000,000, then would I need to abide by that new rule, or would I be under the old requirement. I've heard that the amount might well go up to RM1,000,000 soon.

Are most of the MM2H retirees renting? I'd really be curious to know that.

My final concern is that even though I am a PR and have lived in Singapore since 1988, I am not able to get a Letter of Good Conduct from the police department, and I have little or no ties in America. I called up the police department in my hometown in the States last week, and they indicate "no" since I've been gone for 30+ years. Singapore offers the alternative which is called a "Statutory Declaration", which is given by a lawyer and involves an oath. It has been done in the past for other countries. I wonder if this would be acceptable to MM2H.

Thank you again.

RobSg

bakedbean Jun 18th 2012 4:10 am

Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)
 
Any foreigner can buy in Malaysia. You don't need to be on Mm2h visa. Currently as of today's date min for foreigners is 500k... but different States override the rule...some up some down. Penang currently the lowest but only as they make special rule for Mm2hers.

And yep it may all change soon hehe

RobSg Jun 19th 2012 1:52 am

Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)
 
Hi all-
Please excuse my hesitancy in applying for MM2H. It's a big move, and I want to make sure it's the right one, and a in-win situation. I guess my concern is that I will need to transfer RM150,000 to a Malaysian bank. Did any one else feel a little nervous about that? I just want to be assured that the money is as secure as in Singapore.

I have heard on this forum that interest rates at the bank are 3% and above. If that's true, you end up doing almost as well as most investments. Is that correct?

The other concern I have is the requirement that you must spend RM500,000 on property (except in Penang where it is still RM250,000). If you can't find property worth RM500,000 because almost all property is below that amount, then would buying two properties fulfill the requirement?

Have you bee pretty successful with getting a bank loan even when over 65? How does that work?

Final question-Is getting out of the MM2H program hassle free in the event you want to return to your home country?

Thank you so much again for any feedback on these issues.

Regards,
Rob

bakedbean Jun 19th 2012 10:15 am

Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)
 
Hi Rob, apparently easy to get out of visa. I dont do bank loans. I think you got other stuff answered elsewhere. i saw your other post

bakedbean Jun 19th 2012 10:18 am

Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)
 
Are there any Singaporean banks operating in Malaysia? Might be the answer to your worries.

We use CIMB, Hong Leong and Maybank, though will prob ditch Maybank soon.

ex reg Jun 19th 2012 11:19 am

Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)
 

Originally Posted by bakedbean (Post 10126927)
Are there any Singaporean banks operating in Malaysia? Might be the answer to your worries.

We use CIMB, Hong Leong and Maybank, though will prob ditch Maybank soon.

Why ditch Maybank?

It's the best interest rate in Singapore, not as good as in Malaysia though.

bakedbean Jun 20th 2012 8:15 am

Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)
 
we get better interest rates at cimb and hong leong and we find them easier to deal with too, and nearer to our home too. is a no brainer for us


All times are GMT. The time now is 1:32 pm.

Powered by vBulletin: ©2000 - 2019, Jelsoft Enterprises Ltd.
Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.