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S-MM2Hers allowed to work/do business

S-MM2Hers allowed to work/do business

Old Aug 26th 2022, 2:09 pm
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Default S-MM2Hers allowed to work/do business

Interesting news today, Sarawak Tourism and Industry Minister Datuk Abdul Karim Rahman Hamza has issued an statement about proposed changes to the S-MM2H program.

- As of Sept 1st, S-MM2Hers will be allowed are allowed to work/engage in investment/business (some conditions may apply)
- They will be asked to stay 30days a year (up from current 15 days)
- The FD amount will remains same

here is the link to the news article: https://www.malaymail.com/news/malay...minister/24902

Comments?
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Old Aug 27th 2022, 12:14 am
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Default Re: S-MM2Hers allowed to work/do business

Originally Posted by ssoomro
Interesting news today, Sarawak Tourism and Industry Minister Datuk Abdul Karim Rahman Hamza has issued an statement about proposed changes to the S-MM2H program.

- As of Sept 1st, S-MM2Hers will be allowed are allowed to work/engage in investment/business (some conditions may apply)
- They will be asked to stay 30days a year (up from current 15 days)
- The FD amount will remains same

here is the link to the news article: https://www.malaymail.com/news/malay...minister/24902

Comments?
The conditions on the "work" opportunity seem fairly similar to what the old MM2H program supposedly allowed. One could apply, and for awhile many did, but only a small amount actually qualified because the Ministry of Labour rejected them. "Competing for a position that a Malaysian might qualify for".

Te biggest change you don't mention.

That's the requirement to submit BOTH a Proof of Steady salary/government guaranteed pension AND establishing a Fixed Deposit. While neither of these are onerous in themselves it's the fact that one now has to submit both that is the killer. Before people could apply under one OR the other depending on their financial considerations ...now one has to fall into a Goldilocks zone where one has sufficient Foreign SAVINGS to transfer into the FD, as well as evidence of a salary/governent pension.

Even worse this applies to both new applicants and reapplicants. Older folks on pension don't have the time to build up a savings residual to immediately establish an FD, Conversely many people with substantial savings or even investment income (and can set up an FD) may never be able to demonstrate a recent salary or pension. They live off interest and residuals.

I recently did a survey on a Sarawak MM2H chat room as to whether or not requiring both would impact applications/reapplications. 90% said it would either force them to not apply/reapply or would make them look or another alternative.

https://mtcp.sarawak.gov.my/upload/f...ond%20Home.pdf
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Old Aug 27th 2022, 7:10 pm
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Default Re: S-MM2Hers allowed to work/do business

RA...as always .. thanks for your well thought out input and clarification. S-MM2H still seems (to me) as a better deal than the peninsula version .
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Old Aug 28th 2022, 4:39 am
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Default Re: S-MM2Hers allowed to work/do business

Originally Posted by ssoomro
Interesting news today, Sarawak Tourism and Industry Minister Datuk Abdul Karim Rahman Hamza has issued an statement about proposed changes to the S-MM2H program.

- As of Sept 1st, S-MM2Hers will be allowed are allowed to work/engage in investment/business (some conditions may apply)
- They will be asked to stay 30days a year (up from current 15 days)
- The FD amount will remains same

here is the link to the news article: https://www.malaymail.com/news/malay...minister/24902

Comments?
The financial requirements of S-MM2H used to be either Fixed Deposit or proof of income., That has now changed to Fixed Deposit AND proof of income.
The program is very vague on what happens after you have completed the 10 years. It appears as if you are then considered a new applicant. There does not appear to be a renewal process after 10 years.

The Sarawak MM2H leaflet is here: https://mtcp.sarawak.gov.my/upload/f...ond%20Home.pdf
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Old Oct 5th 2022, 8:31 pm
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Default Re: S-MM2Hers allowed to work/do business

Three more Updates on the S-MM2H 2022 Revisions.

1) For those that applied prior to Sept. 1, 2022 and not yet approved, the Sarawak government will consider their applications under the Sept 2021 regulations [i.e. a FD-option OR a pension/salary option; 15 day/year residency requirement]


2) For those that apply after Sept 1. 2022 the Sarawak MM2H Program has decided to allow proof of an offshore savings deposit of RM50,000 (individuals)/RM100,000(couple) to be treated as fulfilling the income/salary requirement.
One still must establish a Fixed Deposit. So the new regulation will be:
Salary or/Pension or/Savings [RM100K/RM50K] AND Fixed Deposit
[Two issues I see is if a) the Savings account can be used, in part, for the Fixed Deposit, b) does one need to have the RM50K/100K in the account at 5 year extension?]

This is good news for those originally planning on applying via the FD option. The burden of paying a RM150K/RM300K Fixed deposit in addition to their preferred salary/pension option isn't eased.

3) For those already on the MM2H Visa they will not be required to fulfil the new combined requirement at their 5 Year Extension.
Thus they may simply need to show EITHER proof of income/pension OR they may show that they have a continuing Fixed Deposit over the baseline account (if one has made the entire approved withdrawals). However, since they are required to submit an entirely new application at the expiration of their ten year visa, at that point they may be required to fulfil whatever new regulations exist then.
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