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Malaysia My Second Home (MM2H)

Hi Mmiki9. Thanks for the reply. We were planning to stay only for a week in KL and finish our paperwork. From your message, it looks like we will need more than that. So if we stay for 2 weeks, would it be possible for us to do everything by ourselves or better to get an agent. Thanks

spellraj :

Hello All.  I had applied for my MM2H last May and finally got my MM2H approval come couple of weeks ago. We are planning to visit kl in april to get the final paper work done. We are planning to stay for a week for the paperwork and also to check out apartments for rent. Do you think I have enough time for that? Also for the paperwork like getting medical checkup, security bond, deposit in the bank, should I get an agent or should do it myself as time is of essence. Please guide. If I should use an agent, anyone know of a good agent who can help.

  Thanks a lot

agent can assist u

Hi. I think u will be able to do it yourself if you stay in KL to be near the office where you lodge your visa. I am from South Africa and my fix deposit funds had to come over in USD before it could be coverted into Ringgit. Cause our country do not work directly into Ringgit.  Thiis took time and cost about MYR1000 bank charges for the conversion .Transfer more than the required amount in order to allow for bank charges and rate changes.  You can go to HSBC Bank are familiar with the MM2H procedure. They will guide you trough the process Firtst thing to do.Open a bank account ,in order for the funds to be transfered. Important, link this bank account and fix deposit on Internet banking. Wise thing to do is to make 2 fix deposit separately for MYR in order for you to be able to release the amount allowed to be released after one year for prescribed reasons Then go for your medical who must issue you with a medical rapport.  Good luck with your process

Hi Just to mention we are 60 Yr old  pensioners who qualified with the MYR 150 000 option

I am very interested in using the mm2h program.  I am under 50 now so I see its needed to put 500.000 ringit which is about 105K Euro into a bank account. Can I put stocks e.g. for €150K Euro into an bank account?
I dont want to put that much money nonworking.
How fast can I get the mm2h when I show I have >1M euro stocks?

That's the problem with the program as it is now, I'm not sure how many people are going to tie up RM500K into a fixed interest account. I find it somewhat ironic that the minimum liquid money on hand is RM600K, and you're asked to put RM500K of it into a fixed account for at least a year (you can take half out after a year, but the rest remands there until you leave the program).

I'm not using the program, but not sure if I'd want to tie up 20-25% of nest egg into something like this.

BTW - there is no over/under 50 categories anymore as I recall.

oh so now its ?
1) fixed RM500K cash deposit on bank
2) show RM600K assets
3)  RM10K income/month

pretty hard requirements :)

I believe the 10k monthly income requirement is gone. Suspect they're wanting to do two things. One be more selective in only having rather wealthy participants and 2nd increase the amount of USD placed into local banks as MYR. I also read somewhere that Penang raised the minimum purchase price for non-Malaysians to I believe 3 million. That would clearly cut out all but the very wealthy from buying up houses.

Where is this info printed?  Is there an official government site etc that is showing these new rules etc
Everything seems to be hearsay, and we are just going around in circles and creating
even more rumours that I'm sure are confusing more people.

iskandarhack :

That's the problem with the program as it is now, I'm not sure how many people are going to tie up RM500K into a fixed interest account. I find it somewhat ironic that the minimum liquid money on hand is RM600K, and you're asked to put RM500K of it into a fixed account for at least a year (you can take half out after a year, but the rest remands there until you leave the program).

I'm not using the program, but not sure if I'd want to tie up 20-25% of nest egg into something like this.

Indeed, all of my previous, verbose, off-topic and emotional tirades, re: the MM2H program, have managed to remain posted on the forum, and much to my own public embarrassment, I might add.

However, my one "on-topic", logical comment covering the exact same (nearly verbatim) issue, as you've now posted, was promptly deleted, for some unfathomable reason.

Anyway, our take is that the MM2H program really does cater to the wealthiest of foreign expats (the racial preference stipulations, not withstanding).

You also alluded to the folly of tieing-up RM500K in a "fixed" interest account (we definitely agree). So, just for purposes of caching accurate data (for future reference), can you provide the exact percentage (%) figure of that fixed interest rate deposit account? We were previously under the impression that the deposit amount was kept in a 0% interest-bearing escrow account, instead. RSVP.

It is not that it caters to only the wealthiest of foreign expats because you are only judging a person's wealth against what you yourself perceive as wealthy. And, if you struggle to meet MM2H's requirements then it is perhaps that you are in the low income bracket and should consider a country where you can afford to live. But the requirements certainly do not mean you must be one of the wealthiest foreign expats.

Malaysia's MM2H may be getting more expensive, but if you have the capital and can meet the requirements then anyone who has saved up a little in their lifetime should easily afford to live here. But if you worked all your life as say a postman or a farmhand or an TEFL teacher, then you probably wouldn't meet the requirements and shouldn't be considering MM2H.

Every country has the right to create it's own requirements. If you can't meet them, then you should consider other countries. In my opinion Malaysia is nothing special at all.

I had the MM2H, got bored in Malaysia, and moved somewhere else far more interesting. Many people seem intent on moving to Malaysia, but may not realize that there are other more interesting and less expensive places to settle in Asia. Why did I choose to move to Malaysia? I chose it solely because I could buy houses in my own name and I could buy twice as many as I could in Singapore. That is the only reason why I moved to Malaysia. It was never for the culture or weather or destinations or the people because I never found the people so friendly and the weather is like a lot of Asia and the destinations are less interesting than most other Asian countries have to offer.

That is why, if Malaysia increases the requirements for MM2H, then perhaps you should look for other alternative countries like Vietnam or Indonesia and even Thailand as these places are far more beautiful, inexpensive to live, where you can more easily start a business, and eat amazing food and meet much friendlier people.

Indeed, sir. Every person posting to these forums, does so, based upon the their own life experiences, and perspectives. Nothing new about that, for sure.

My point focused upon the rationale of "why" any reasonably thinking person would deliberately place any percentage amount of their hard-earned retirement "nest-egg" into stasis, for any period of time?

Granted, I am not the world's brightest star on the IQ scale, however, I wasn't born yesterday, either.  I certainly do recognize the perceived value differences between "inherited-wealth" and "earned-wealth". Those are two, totally different lifestyle perspectives, especially regarding the "time-value" of money. That was my point, to be more precise.

We chose not to apply to the MM2H programme, because we simply dislike Malaysia, for several very real existing, and valid sociological reasons, only.

However, I do sincerely thank you for sharing your considered thoughts; a truly well-balanced and perceptive post, in my own considered opinion, that is. Best regards :cheers:

Well, thousands of people have chosen MM2H, including me in the past. But my own viewpoint has changed since living there for so long. And I pretty much agree with what you say as far as the negative things. That's why I no longer live there and why you also see that Malaysia isn't all that attractive :)

I personally feel that I made a very smart move in cancelling my MM2H and leaving Malaysia.

http://www.mm2h.gov.my/index.php/en/

abdulkhalil :

Well, thousands of people have chosen MM2H, including me in the past. But my own viewpoint has changed since living there for so long. And I pretty much agree with what you say as far as the negative things. That's why I no longer live there and why you also see that Malaysia isn't all that attractive :)

I personally feel that I made a very smart move in cancelling my MM2H and leaving Malaysia.

can you tell me about the negative things for mm2h users?

kslau85 :

http://www.mm2h.gov.my/index.php/en/

Ditto! Confirmed,Indeed, and thank you for validating our spot-on predisposition, re: the misnomer, referred to as such,...........is the "Friendly" Malaysia :whistle:

kRUBEN :

...is the "Friendly" Malaysia :whistle:

What do you find unfriendly about Malaysia?

immo2014 :
abdulkhalil :

Well, thousands of people have chosen MM2H, including me in the past. But my own viewpoint has changed since living there for so long. And I pretty much agree with what you say as far as the negative things. That's why I no longer live there and why you also see that Malaysia isn't all that attractive :)

I personally feel that I made a very smart move in cancelling my MM2H and leaving Malaysia.

can you tell me about the negative things for mm2h users?

As far as MM2H users goes, there isn't really any negative except for locking up money in a fixed deposit, something that I did not need to do in Indonesia.

The negatives refers more to living in Malaysia and includes the ever increasing minimum limit for buying houses or apartments, the high price of international schools, the increasing cost of living, the GST which is going to be increased, bad taxi drivers and the low quality of standard taxis, the sometimes unfriendliness of certain locals, racism against non-Malays, the feeling that people are trying to take advantage of you, lots of "tricky" people, the lack of interesting culture and places of beauty to visit. But most importantly is that I just started to get bored as it is becoming too westernized. In fact, when people wanted to visit me in KL, I suggested that they might find Indonesia, Thailand and Vietnam far more interesting.

However, there are also many positives: great food, good infrastructure, airline tickets are much cheaper from KL than from Indonesia, great shopping, easy to move there and to live, good transportation etc. And for MM2H, buying a tax free car is great, and also not having to queue at immigration at KLIA (although you will need to queue at KLIA2). Also for MM2H, if you invest more than a million ringgit in a house then the fixed deposit requirement is considerably reduced unless that regulation has changed.

So in my opinion, if you want to experience living in an Asian country where everyone speaks English and it is easy to get by and where you get most western comforts, great food and shopping, then Malaysia is a good choice.

But if you have an adventurous spirit, and want to live in a country that is less developed, interesting and great for exploring with lots of beautiful natural scenery and a strong feeling of culture and where few people speak English, then places like Thailand, Indonesia and Vietnam are a better choice. Again, just my opinion.

abdulkhalil :

As far as MM2H users goes, there isn't really any negative except for locking up money in a fixed deposit, something that I did not need to do in Indonesia.

......, I suggested that they might find Indonesia, Thailand and Vietnam far more interesting.



But if you have an adventurous spirit, and want to live in a country that is less developed, interesting and great for exploring with lots of beautiful natural scenery and a strong feeling of culture and where few people speak English, then places like Thailand, Indonesia and Vietnam are a better choice. Again, just my opinion.

An accurate one.
Malaysia is going to cost more but it's an easy country to live in because western food is common, bars are all over the place and a lot of people speak English. A first time tourist or someone looking to relocate will find Malaysia ideal.
The more adventurous should consider other places. Bali isn't my cup,of tea but a lot like it, same goes for Thailand.
Central Java is my personal favourite but that requires a little spirit so it isn't going to suit everyone.

I've two question about MM2H-
1.Applicant's get 2% interest from their FD, is it monthly?
2.Applicant's children below 21yrs can study in Malaysia free of cost?
Wish someones best & cordial answer.
thanks in advance.

Don't know about free school for children, but the interest rate is annual. I'd put ALL my into any investment that would be paying 2% per month. But to be fair, 2% isn't terrible for secure savings account.  The last I checked most banks in the US were paying close to 1%.

mahabubh3 :

I've two question about MM2H-
1.Applicant's get 2% interest from their FD, is it monthly?
2.Applicant's children below 21yrs can study in Malaysia free of cost?
Wish someones best & cordial answer.
thanks in advance.

The 2% would be annual and not monthly, but that is a particularly low rate.

It is important to shop around with several banks to find out which one offers the best interest rates. For example, Ambank will currently earn you 3% for a 3 month term deposit and 3.4% for a 48 month period. So I would recommend checking with Ambank, Maybank, Public Bank, HSBC, and a few others and you easily check these online. Check the terms and conditions too. If you place more than RM200k in a fixed deposit account then you may qualify to become a Privelage or Premier or Priority customer and you will get a personal Account Manager that will always try to get the best rates and deals for you and sometimes that includes a preferential rate. I whatsapp with mine all the time.

In addition to this, some banks have special offers for "fresh funds". That means opening a fixed deposit in a bank where you do not already have an account. Different banks tend to do this now and again and can sometimes offer as much as 5% for a 3 month fixed term deposit. So it is also worth asking about special offers.

If you plan to deposit more than the RM500k or whatever the amount required is, then open one FD for the MM2H for a long term, and several others in smaller quantities such RM10k or RM50k or RM100k for say 3 months of 6 month rollover (auto-renewing). The rate for these smaller ones will be slightly lower but for the flexibility they offer it is worth it.

Thanks a lot Iskandarhack

mahabubh3 :

I've two question about MM2H-
1.Applicant's get 2% interest from their FD, is it monthly?
2.Applicant's children below 21yrs can study in Malaysia free of cost?
Wish someones best & cordial answer.
thanks in advance.

1. Most of the bank give 3%+ annual interest.
2. There is a annual fee RM 120 per year to pay for children to study in Malaysia public school. To enroll your kids to public school is subject to school space availability. Priority will still Malaysia resident. International school will be no price different and you can save money of annual student visa fee.

Thanks for your valuable comment.It's helpful for me to look forward.May Almighty bless you,stay blessed.

can soembody tell me a website where I can research property auction for an KL condo?

iproperty.my

Thanks for info

Need some information on regent international school. Anyone who can give honest reviews on the matter. Thanks

Your question is in the wrong section. This section is about long term visas.

While this may not directly be related to MM2H, anyone here used an offshore company for real estate investments purposes? 

(admin or mod, kindly let me know if I should start a separate thread)

I got the idea from here, regarding setting up an offshore company in labuan http://www.labuanibfcfoundation.com/six … on-labuan/

Mostly regarding probate and ease of transferring our properties to our heirs.
Or do you all mostly conduct real estate investments in your own personal names?

My only concern would be if any of the properties are in Malaysia, you would still need a Last Will and Testament drawn up in Malaysia to avoid them being subject to the local distribution laws. Fixed assets are treated differently here.

Hi folks, i want to apply for a malaysia 2nd home visa, and intending to find an agent to help me with it.
Can someone recommand me the agents they had engaged and sucessfully obtain the visas?
I have a friend who fulfiled the requiments and paid rm5k deposit upfront to a registered gov agents are still waiting for the approval after 7months.
i've heard from some others who encountered some agents who promise to get their mm2h visa within a couple of months but delayed for a long time.
Reason given by agents such as  "immigration office having internal issues, hod didn't want to approve yet... etc... "

I have this delayed issue with my working permits in malaysia previously too, although no problem with all the requirements needed. But the agents just says we are still waiting for immigration approval after ages... which is 2 years ago till now. 
i believed it is very common for agency to have their "ways" with the immigration officals to get approval in this country.... so i hope someone can recommand me the agency they have engaged before and successfully obtain the  mm2nd home visa... thanks!!

@Lawre - there are some excellent agents and one I can recommend is Alter Domus which were the first ever agent appointed to assist people gain the visa. You can find them on Facebook.

The approval system does take a long time and 6-7 months is quite normal. I did my own application and it is not difficult. But then all my documents were in English and I didn't have any problem showing I qualified.  I get the impression from friends here in Penang that Alter Domus continue to support clients after they have obtained the visa.

Hi Lawre, MM2H application started to take long time, approx. 6 months after submission since 2 years ago. Before that approval take only less than 3 months.
You can private message me if you need help from agent.
I'm in Kuala Lumpur.

We are using Alter Domus and have been very happy with their service so far. Yes- it appears 6 months is now fairly standard. We lodged ours with them in March so we are hoping for September/October.

The more experienced the Agent, who has dealt with every possible challenge and complexity, the better they will be able to assist their clients.

Thanks all for the wonderful information...

Shellcass :

We are using Alter Domus and have been very happy with their service so far. Yes- it appears 6 months is now fairly standard. We lodged ours with them in March so we are hoping for September/October.

Hi Shellcass,  how much does Alter Domus charge you for their services, and how are the paying procedure like? I got a quote from one agent asking paying 5k upfront... and intotal with my spouse and 3 kids, they say might be around rm8-10k in total.

All the Agents ask for an upfront deposit (but some don't deliver or can't really assist if complexity develops). Before Shellcass may respond, I think the fee is around RM7k-7.5 for the principle applicant and then there is a small extra fee to process the documents for the dependents of about RM500 each. I believe the deposit is RM5k (so of course you really want to select a legitimate company) Just ask for a quotation and details of what additional costs may be incurred apart from their fee - which are payable say to immigration (this is the Alter Domus website) - https://www.penangmyhome.com/ Just a headsup - there is talk that the level of liquid assets required is about to be raised again. Parliament has met and debated this recently but so far no announcement.

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