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

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

Old Apr 17th 2018, 6:04 am
  #211  
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Default Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)

Originally Posted by SushiFan View Post
RedApe,

besides the yellow pop-up window has the rest of the text at the government MM2H website not yet been modified. This is what it states about using a portion of your FD for approved expenses:

Terms & Conditions - MM2H Official Portal (the tab "upon approval")
Thus, the maximum amount that you can withdraw from the FD has been specified. And the minimum amount which must always remain in your FD has also been specified.
As I stated further up the thread:

Originally Posted by SushiFan View Post
"Also discontinued is 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."

Whether or not this means that more changes are pending or if they have reconsidered the increases in FD entirely is unclear. They did say back in February that they were planning on making those announcements "mid-year" so maybe more down the road yet. This does seem Part 1 of the change over (putting everyone on the FD)...plus the elimination of the RM1million property waiver. Hopefully they allow the partial FD withdrawal for property purchase benefit to continue.
It could be that they are phasing in the other changes as these may require more time re. facilitation/notice to the banks (e.g. telling them to allow ONLY RM500K Fixed Deposits). The approval letters of withdrawal come only from MM2H so would not require any special notice to the banks. Or it could be that they are still discussing that issue. At one point there were also proposed extra fees and and increase of the visa fee, which would have to go through Immigration.

In any case, anyone that is considering applying best do it quickly IMO.
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Old Apr 17th 2018, 6:32 am
  #212  
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Default Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)

I stopped quite a while ago guessing what the MM2H office might be going to do and what steps they might be taking. I was wrong too often.
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Old May 16th 2018, 4:36 am
  #213  
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Default Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)

With the change of government, have there been any indications about how this might affect MM2H? Will the aforementioned pamphlet of changes be sidelined? I did read some comments from Tun M that large scale immigration should be curtailed, but I've no idea whether that related to MM2H at all.

EDIT: This is the quote:
On Tuesday, Dr Mahathir said: "China is a friend of Malaysia, but when it comes to FDI, there is a difference in terms of definition.""FDI means bringing in capital and technology, setting up plants in Malaysia, employing Malaysians up to the level of executives and that the product will be for the Malaysian market or for export," he said."But we do not consider coming into Malaysia, buying up huge chunks of land and developing counties and even cities and bringing in foreigners to live in this country as FDI."He noted that some of these projects involve luxury apartments that cater largely to foreigners and are out of the reach of the average Malaysian.As a result, Dr Mahathir said that Malaysia will look at restricting immigrants "and accept only a certain number that we can deal with and perhaps absorb".
(My emphasis)
https://www.straitstimes.com/asia/se...-against-najib

Last edited by Epicurious; May 16th 2018 at 4:43 am.
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Old May 16th 2018, 5:14 am
  #214  
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Default Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)

I understood his remarks to be about the Forest City development, which is executed by Chinese companies and targeted at customers from China.
It is too soon to say something about the MM2H program. This falls under the Ministry of Tourism. A new minister has not yet been appointed for this ministry. I believe that the Prime Minister has bigger fish to fry than the MM2H program.
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Old May 16th 2018, 7:45 am
  #215  
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Default Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)

Yes it's definitely a reference to the Forest City issue. But it could mean that it could carry over into the MM2H program, since the immigration process that was used for those immigrating to Forest City was largely through the MM2H visa. This resulted in the large increases in the Chinese applicants and recipients to the program, all the focus on the High Earning Individuals, and skewing the real estate market to units that "are unaffordable to most Malaysians".

On the counterpoint...housing developments (through construction and services) and the foreign currency that is brought in from abroad do have beneficial impacts on the economy. The goal is to get it into the pockets of average Malaysians and not a monopoly. Building an enclave with malls, shopping, restaurants, all events, entertainment, etc. with the rents and operations run by a single entity concentrates wealth into a limited set of hands. Better to diversify.

Reform could be good or bad. Perhaps they need to reconsider linking developments to the MM2H so closely. Share the wealth amongst local real estate developers and agents and prevent the creation of "bantustans" full of MM2H holders. Or have a quota so that one nationality does not receive the bulk of approvals.

https://www.malaysiakini.com/news/268649

Beware of ‘forked tongue’ man, says TMJ in veiled attack on Dr M | Free Malaysia Today
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Old May 16th 2018, 8:01 am
  #216  
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Default Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)

Originally Posted by RedApe View Post
Yes it's definitely a reference to the Forest City issue. But it could mean that it could carry over into the MM2H program, since the immigration process that was used for those immigrating to Forest City was largely through the MM2H visa. This resulted in the large increases in the Chinese applicants and recipients to the program, all the focus on the High Earning Individuals, and skewing the real estate market to units that "are unaffordable to most Malaysians".
I don´t believe this. Forest City has a waiver for the 1 million RM rule, so you can buy cheaper condos there WITHOUT MM2H. The large increase of Chinese appicants has started long before Forest City and Johor is definitely not their favourite destination. I my opinion it is more the personal clash between Dr M and his long time enemy Tunku Ismail Idris. And the crown prince of Johor has made a very harsh statement already about forbidding Putrajaya to disrespect the souvereignity of Johor.

Last edited by eCdD; May 16th 2018 at 8:09 am.
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Old May 16th 2018, 8:10 am
  #217  
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Default Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)

Thank you, SushiFan and RedApe. Clearly there are bigger fish to fry at the moment, particularly Forest City, but it seems entirely possible that MM2H will be caught in the fallout.

Presumably a new Minister of Tourism will be appointed in due course and he/she may well want to put their own stamp (ahem) on MM2H. If the mooted changes are not already well on the way to implementation, then some delays/modifications can be expected, I hazard.
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Old May 16th 2018, 9:09 am
  #218  
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Default Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)

I am also of the view that the MM2H programme is way, way down the list of priorities for the new government and I would expect/hope that the much-vaunted MM2H changes will be put on hold until a fuller review can take place.

I also think/hope there will be less emphasis on the financial benefits of the programme to Malaysia (which IMHO are de minimis) and more emphasis on its role in an open and inclusive society.
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Old May 16th 2018, 10:58 am
  #219  
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Default Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)

We are not immgrants. We are tourists albeit long term tourists so not the same thing at all.
if it fell under Immigration might be another matter.
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Old May 16th 2018, 1:13 pm
  #220  
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My only hope is that we get MyKads as life is so so so much easier than (Banking!).
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Old May 17th 2018, 8:45 am
  #221  
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Default Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)

Originally Posted by bakedbean View Post
We are not immgrants. We are tourists albeit long term tourists so not the same thing at all.
if it fell under Immigration might be another matter.
It's a bit misleading to say that MM2H visa holders are tourists even if the programme is under the auspices of the Ministry of Tourism and Culture. Generally speaking a tourist is a non-resident visitor whereas many MM2Hers are, in fact, resident in Malaysia.

MM2Hers are therefore more accurately described as long-term Malaysian residents.

Just saying.
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Old May 19th 2018, 4:16 am
  #222  
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Default Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)

Originally Posted by eCdD View Post
I don´t believe this. Forest City has a waiver for the 1 million RM rule, so you can buy cheaper condos there WITHOUT MM2H. The large increase of Chinese appicants has started long before Forest City and Johor is definitely not their favourite destination. I my opinion it is more the personal clash between Dr M and his long time enemy Tunku Ismail Idris. And the crown prince of Johor has made a very harsh statement already about forbidding Putrajaya to disrespect the souvereignity of Johor.
Your statement may well be true...but politicians are apt (and I believe many of Dr. M's statements are thus...including that MM2H recipients are eligible for citizenship after 12 years) are either misperceptions OR intended to stir the goosebumps of the electorate.

Mahathir launches bitter attack on Forest City project | Free Malaysia Today

And the fact that the Crown Prince has made a statement about forbidding PJ from interfering with Johor's sovereignty actually supports the possibility that Mahathir is referring to Forest City and other developments targeting wealthy foreigners. The fact that some units in Forest City fall below the R 1 million investment level doesn't mean that they are targeted for Malaysians. And the fact that there is a "waiver" suggests that that are being targeted for foreigners. Why place a "waiver" on something that Malaysians are not subject to.

True, Mahathir's statement may not ONLY apply the MM2H recipients, he could be also referring to foreigners who are investors who move here and are working in their own companies. To paraphrase "You are welcome to invest here, but don't think you can move here". Perhaps I'm wrong but suggests a general "anti-foreigner...except for your foreign money" attitude. The whole "the BM is using busloads of migrants with fake MyKADS" rumor, sort of thing.

Odd that he didn't refer to the actual case of intentional widespread registration of immigrants with Identity Cards/citizenship with the intent of bolstering BN Parties...that was in Sabah. But that wasn't under Najib, it was another long-standing PM. The laws existed...corrupt officials ignored them.

I just hope that he gets sound advice about what the actual laws are as they apply to foreigners and that there are plenty of limitations that prevent someone from getting citizenship or permanent residency...much more difficult than most Western countries, in fact. If rules are being "waived" to the advantage of government officials to the detriment of the Malaysian people then terminate those waivers. I personally would not want to purchase a property where environmental or engineering standards were "waived", ignored, or set aside. But that's not the rules fault...

Just as it's not the fault of foreigners that the purchase standards of properties were set so high...thus creating a high-end market specifically for foreigners. If you require that a purchase price is over RM1.5million in Selangor then guess what...there will be a market created for RM1.5 million+ condos in Selangor for foreigners, outside the reach of most Malaysians (but not rich ones, who also live in those complexes or neighborhoods). The higher the requirement (if it has any effect at all) the more that Malaysians of average income will be excluded from those properties where "wealthy foreigners" are buying. Reduce or eliminate the requirement and "average wealth foreigners" will buy properties where "average wealth Malaysians" also buy and live.
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Old Jun 4th 2018, 2:20 am
  #223  
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Default Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)

Originally Posted by eCdD View Post
My only hope is that we get MyKads as life is so so so much easier than (Banking!).
I have heard that getting a local drivers license is the gateway for many benefits....and you don't have to risk toting your passport around as much.
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Old Jun 4th 2018, 4:58 am
  #224  
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Default Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)

Originally Posted by InVinoVeritas View Post
It's a bit misleading to say that MM2H visa holders are tourists even if the programme is under the auspices of the Ministry of Tourism and Culture. Generally speaking a tourist is a non-resident visitor whereas many MM2Hers are, in fact, resident in Malaysia.

MM2Hers are therefore more accurately described as long-term Malaysian residents.

Just saying.

I know what you are saying but it's somewhat ambiguous . From a tax point of view we can be tax resident** but fact is it is very clear on the visa stamp that it is a Visit Pass therefore we are Visitors. Yes it does leave some of us in a bit of a No Mans Land.

Permanent residency was available in the past. I have no idea if it is still available. It required an eye watering amount of dosh to be lent to the government.

**not sure about Americans and Aussies

Last edited by bakedbean; Jun 4th 2018 at 5:01 am. Reason: Added a bit
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Old Jun 4th 2018, 4:59 am
  #225  
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Default Re: Retiring in Malaysia - Malaysia My Second Home Visa (MM2H)

Originally Posted by RedApe View Post
I have heard that getting a local drivers license is the gateway for many benefits.....
do tell.....
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