SushiFan

From today's Star newspaper (probably copied from SCMP): Country Garden pledges refund for Forest City buyers caught in Beijing crackdown - Business News | The Star Online

SushiFan

Ignore the message I sent yesterday. A day has passed and the developer changed his mind and is not so generous anymore: Forest City project: Penalty for China buyers who seek to cancel purchase - Business News | The Star Online

cinhu

I didn't have a plan to do business here before I got my MM2H visa.
Last week, I met a friend from KL. We discussed about how to help Chinese parents in Malaysia. Chinese parent are willing to invest most of their income on their kids's eduction. I can feel there's a big chance here. Since I have several office in China. I'm thinking to put one person in each of my China offices to help Chinese parents.


I was also inspired by Ms. Kathleen Peddicord Founder of Live and Invest Overseas, she mentioned below:
Expat Exchange - World's Top Retirement Havens 1 Through 9 - Moving Overseas - International Living - International Jobs - Expatriate
the truth is, you can take control of your life and of your future if you want to. The key is diversification. Just as you spread your investments beyond one basket, so, too, should you work to spread your life around. If you, your assets, your business, your bank accounts, and your passport are all connected to one country...well, then, you're at the mercy of that country. Things fall apart there, things fall apart for you. But if you're residing one place, traveling on a passport issued somewhere else, banking in one jurisdiction, investing your money in others, and operating your business yet elsewhere...then you're protected, at least as much as you can be.

You can ride out ups and downs.

The world is also a playground of opportunity. Opportunity for starting over, for a second chance, for adventure, for fun, and for profit. When you begin paying more attention to these opportunities than to the doomsday theorists and their dire predictions, you find your way, organically, one step and one day at a time, to the kind of global diversification that I'm talking about.




About foreign currency control. It’s true that State Administration of foreign exchange (SAFE) makes it more and more difficult. I second to eCdD: It is like always, the tiger will find a solution, the mouse will not.
Btw I just transferred approx. 50K USD from my bank account in China to my bank account in Malaysia, just a 5 mins work on my computer through my online bank.

The recent new from my bank in KL is, they are no longer providing mortgage to Chinese passport holder thanks to SAFE’s strict policy on foreign currency control. I feel if all the major banks in Malaysia follow, then it could be a disaster to Chinese developer in Malaysia. Also, it’s definitely not going to be good to the weak Malaysia real estate market.

Since mortgage is not essential to me, hopefully I might be able to find a good deal on real estate Market. We will see.

RedApe

I wonder if the banks are just digesting the constraints of the financial controls. An annual allowable tranche of US$50,000 is nothing to sneeze at and vastly more than what is needed to support an annual mortgage.

The major problem is that with US$50K (= RM225,000) someone 50 or younger could not achieve the liquid assets (depending upon what the Malaysian government decides this is- would assets limited to China be "illiquid"?) and fixed deposit requirement. And that might push the ability of even someone who over 50 to bring in enough to fulfill the RM150,000 fixed deposit and still live a reasonable lifestyle.

The trick might be to apply in Sarawak when the FD is lower (RM100,000), at least for single applicants over 50. Family could come over on tourism visas until a few years of asset movement. Housing purchase limits are lower than on the peninsula as well. But if the goal is to get the kids into an elite school, or do business, Sarawak might not be the ideal.

From the Sarawak MM2H Site "The visa issued to Participants of the MM2H Sarawak programmed allows the participant to reside anywhere in Malaysia.


The visa issued to Participants of the MM2H programmed allows the participant to reside anywhere in Malaysia except Sarawak." http://www.sarawak.gov.my/web/home/a..._view/221/279/

But the Sarawak MM2H program is a bit weird as the wording implies that once one is approved one can still live in Sabah or the Peninsula, and probably the kids could go to school there, etc. Getting the multi-entrance visa to Sarawak basically also includes the same access to the peninsula, and perhaps the ability to get PT employment there. Whether one could withdraw the FD and apply it to mainland property purchases is unclear.

SushiFan

There is a way around this: transfer 50 k USD on December 30th and then again 50 k USD on January 2nd. The first portion helps to get the FD covered, and the next portion helps for living costs in Malaysia.

xizzles

Or, just do what the ex-Selangor Chief Minister did - bring $1 million out in cold, hard, cash to Australia.

If it's good enough for a Malaysian politician, it's good enough for anyone.

Thairetired2016

Wouldn't this be nice.

ozzieeagle

I'm certain people generally are not seeing this for what it actually is. As they are moving in their 10,000's to Australia and Canada as well. It comes down to one simple thing. Population growth.... even at 0.5 pct they have grown by 2 million already this year. Indians will start migrating en masse as soon as they are able to afford and allowed entry. The world is starting to notice the effects of it's overcrowding.

SushiFan

Surprising to see that a 20 year old newspaper article is still available on the Internet.

eCdD

How many Mainland MM2Hers you know? I know a lot and all are business people, zero officials, corrupted or not.

And usually all this families are here to send their kids to a international school.

RedApe

It would depend on the limits that China imposes. Is it a ~$50K limit per Calendar year (in which your system could be worked out PROVIDED the timing could even be worked out for the transfer to the Malaysian FD)...

Or is it ~$50K limit per any 12 month cycle? That would prevent even the qualifying sum for MM2H being reached if "liquid assets" is defined as funds available for use outside the country.

Under 50 you must demonstrate "liquid assets" of RM500,000 (US$ 111,000). Then you've got the FD of RM30000 (~US$66,700). Assuming they'd allow the Chinese accounts to be counted as liquid assets...then your strategy might allow the FD amount plus US $33,300 in living expenses. That's $2775/month and might be enough for a family with a school aged child to afford a reasonable lifestyle. The next year they could move up.

Over 50 you must demonstrate "liquid assets" over RM350,000 (US$77,800). So unless the Malaysians allow the term "liquid assets" to also be that trapped in China then they are still not capable of fulfilling the MM2H conditions.

Of course with a little patience they could wait off on applying and bring money out over several years. That probably would be the easiest route.

columbine

Most probably less under MM2H program or in M'sia. More prevalent in some Western countries eg Canada, US. The Chinese govt has been working with some foreign govts tracking them and some have their assets frozen.

columbine

Is the US$50k limit per year for each individual or per family? If it's per individual then a couple can have US$100k and if they have a child, can that add on another US$50k?

stepen

It is per person per calendar year.
But as in the article earlier in this thread, the banks are unwilling to transfer overseas, and it's not legal to use the funds for property purchase overseas.

I also read a funny story about banks offering bonus and gifts if you exchange USD to CNY.

eCdD

Usually banks not exchance USD to CNY or CNY to USD. Only Bank of China is doing this (and a couple of other big banks in very big cities) and they have to follow exactly the official exchange rate with no fees. This sounds totally like fake news