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.

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.

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:

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

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.

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

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.

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.

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.

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

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

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

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

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.

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

Why ditch Maybank?

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

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

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

Wife and I just been approved for MM2H, with Yvonne at Joy-Stay's help.

now have 6 months to sell up and ship out

:)

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

One thing on the sell up bit.
Do you really need to sell up????

You never know if you might want to return for whatever reason and then who knows if prices will have risen or lowered.

Another thing to remember is if you have a property in UK then you might still be able to use the NHS.
We never know how things might change and how much overseas medical expenses might be and whether or not 'insurance' is insurance.

Of course I'm assuming you live in UK.

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

A different kind of logic but we sold up out of UK many years ago, no regrets. But kept plenty of rainy day money for medical expenses. Medical expenses not so expensive here.

Congrats again Kenny. Think i said that somewhere else hehe

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

Thanks for your advise exreg, but selling up is best option, for us anyway.

As bakedbean has done, will keep a stash of cash for medical expenses etc.

though house sales are pretty stagnant right now here in UK..might have to take lower price

Still debating whether to rent or buy in M'sia, long term.
Initially of course, its a rental

Cheers

Kenny :)

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

Hi all-
Your responses have been very reassuring. Thank you very much for taking the time to respond.

I originally was going to hire an agent, but it really seems easy enough to do it myself. I have completed most of what was listed in the MM2H official website, and I would like to fly up to KL from Singapore on Tiger Air this next week to submit the paper work. I have a couple of quick questions.

It says to bring "certified" statements of all my financial institutions where I have my money. I'm not sure what the term "certified" means. I use the paperless method of receiving all my statements and simply can download them from the respective websites. All the statements have the name of the institution at the top, but are e-statements considered "certified?

Also, it says to photocopy all of the pages in my passport, which I can easily do. It also states that I should get the first page of the passport with all my particulars "certified". I assume that means I should go to a "Notary Public" and have that one photocopy of my particulars in my passport certified. However, I assume that my certified e-statements do not have to be certified again if they are official e-statements anyway. Is that correct?

If I needed to get something notarized in KL, could I do that pretty easily? I'm assuming I can. It's about 30-40 Singapore dollars to get something notarized here in Sg.

Thank you again.

Regards,
Rob

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

Hi RobSg,

just to mention, if you're not already aware..

if you submit before 12 July 2012,then there's no requirement to show the 3 months monthly minimum income

kenny

http://www.mm2h.gov.my/announcement.php

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

It's not so black and white. We had to show 3 months + statements back in 2010 i think. Rob, please keep posting on here but frankly, if your questions are going deep into mm2h territory, you know where to look.

If you want to buy sausages, don't go to a flower shop :) err if you get my drift,

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

Personally if i did it all over again, I'd still use an agent. Life is too short. I've seen the guys on the other place. I remember all the grief and stress. Go look through archives on there. but up to you.

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

yep, I agree ..would use an agent again.especially good for cases which might be a bit borderline too(like ours), I'd say.

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

Have just been travelling around Malaysia and loved it, particularly bowled over by the prospect of buying a Chinese shophouse in Penang.

An article in the local June/July 2012 edition of 'Penang International' mag by a Brit expat, Frances Wilks, states the minimum purchase requirements have been doubled to a minimum of 1,000,000 MYR for a condo and 2,000,000 MYR for a 'landed property' which I assume would include a shophouse.

Okay, so there aren't any renovated shophouses in Georgetown which are less than a starting price of over 2,000,000MYR but there are quite a number of wrecks with potential at less, though still not cheap.

Q. Can anybody verify that these minimum limits are correct in practice?

Q. What, typically is the negotiating margin - downwards, obviously - in price?

Q. many properties are advertised as 'non Bumi' which I had explained to me as non traditional Malay, therefore less pitfalls in the buying process for whatever reasons?

Thanks in advance, and any tips/warnings regards buying welcome.

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

Hi Babu, that's nice you enjoyed Malaysia. As you can see, this thread is about the retirement visa, MM2H.

There's a thread about the new thresholds here
http://britishexpats.com/forum/showthread.php?t=763384

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

Hi all-
Something on my mind that I would really like to share and ask. I'm 65 years of age and from the States. I have submittd my paperwork and waiting for acceptance into the MM2H program. Assuming I receive it, I'm wondering at what age doyou feel you are too old to live in Malaysia? When you plan on retiring in Malaysia, do you eventually plan on returning to your home country, or do you plan on spending your remaining days in Malaysia? I would appreciate your thoughts on that as I make my own plans.

Are there "retirement vilages in Malasia, or is it possible to hire someone to attend to your needs in case you are too old to take of yourself? I'm only asking because I wonder if the MM2H Program is meant for you to spend your remaining days or just part of your remaining days.

Thank you.

Rob

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

Hi Rob, the MM2H visa is essentially a long term tourist visa, so you can treat it as temporary or long term (providing Malaysia doesn't move the goalposts).

I think it depends on your circumstances, your finances, and if you have close family, as to what you do.

For me personally, my long-term strategy is to stay in Malaysia** It feels like home to me. I don't have too much close family left. What family I have are scattered around the planet. If I were on my own in old age (I'm in my 50s by the way) I would get a live-in maid to assist. It's affordable. I've also saved up some "rainy day" money to cover (hopefully) any medical expenses. Thankfully I've also made a lot of friends here in Penang and we all help each other out. I think you need that in retirement.

**The MM2H programme is a well thought out one, not perfect, but it's good for retirees and it's also good income for Malaysia. I wouldn't have thought they would rock the boat and obliterate it, as MM2Hers are no drain on the country, and we spend our loot here. Having said that, if I somehow got booted out of Malaysia, I would just look elsewhere in south east Asia. That would be my second choice.

I've lived in south-east Asia for more than 7 years now and I feel quite comfortable here.

How about you, Rob? From your forum name, I presume you are living in Singapore, or have lived there? Does Singapore/SE Asia feel like home to you?

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

Hi Rob

We live in Melaka and find it excellent. There are plenty of properties over 500,000 both condos and bungalows. We are in the process of buying a bungalow house with about 1,000 sq yards if land close to the sea. Only takes just over 3 hours to drive to singapore. We have mm2h and my wife is singaporean.

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

Hi Teribus, can foreigners still buy at 500,000 in Melaka?

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

Yes 500,000 is still the minimum in Melaka and i suspect will not change in the immediate future.

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

Ah OK thanks. I thought it was all going up to 1 million minimum around Malaysia. Maybe I missed something.

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

Hi bakedbean. As you can see, this thread is about the retirement visa, MM2H.

There's a thread about the new thresholds here
http://britishexpats.com/forum/showthread.php?t=763384

:lol:;)

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

Ha.
That's told you bb.:rofl:

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

:(

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

Don't be too sad Mrs BB because i only knew as i was in the process of buying here in Melaka. As i understand it Penang and JB are getting "hot" and with elections in mind drums are being rattled. I therefore doubt that the threshold will be raised throughout the country but on a state by state basis.

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

Rob

I just realised that I may have misled you. Whilst you can purchase a Malaysian car you cannot drive it to Singapore if you are Singaporean or a Singapore PR holder!

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

:tape:

:yield:

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

Marvellous.
That white flag is great and has made me look at all the other possible emoticons.
There's a better choice on here than I've seen anywhere else.:focus:

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

Seremban is a good option to stay for a quiet life. It's a 3 hour drive to Singapore or less than an hour to the Low Cost Terminal where you can get an Air Asia flight. For half a million, you can get a bungalow there.