Malaysia My Second Home (MM2H)

Maybe the Fed Govt will learn a thing or two from Sabah's offering....

https://www.theedgemarkets.com/node/653957

There are a still some ambiguities and clarifications that need to be finalized ACC.  to my sources in Sabah.

For example, the announcement suggested some sort of age grades...and whether or not the FD is per principal or per person. Also no salary/pension requirement? Just the FD?

Lastly does one have to purchase property or is it optional. Although there is only a one month /year visit requirement, they seem to suggest that if you DO reside in Malaysia that it must be in Sabah. But perhaps I'm reading that wrong.

Also there is that 5+5 limitation...but  one could perhaps hop from the Sarawak to the Sabah programme (or vice versa) if there were intervening increases in restrictions.

Hopefully more information soon.

https://themalaysianreserve.com/2023/02 … -old-mm2h/

Here...here!

Immigration took a successful program and repeatedly did all they could do to torpedo it. Maybe it made too much work for them? But by suspending the application process for a whole year they then doubled the number they had to go through the next year.

The suggestions made in the article isn't precisely the "old system". A country quota might be useful for limiting the numbers from any one country, though I'm not sure how they'd do it.

Would it be based upon the total number of applications from the previous year?

So let's say no nation could make up more than 25% of the recipients. If that total was 4000 then no more than 1000 could come from any country for the following year. That would allow for growth from other countries and in the program. The total number might increase so one might get up to 4500 in a following year. Then the maximum for the year following that would be 1125.

I think that would balance the ethnicity and cultural profiles of recipients. There might be a waiting list system established for qualified non-recipients.

Although I think the Cap on total MM2H recipients was a bit of a scare tactic about a flood of MM2H migrants pouring in, it could probably be maintained as a security blanket for those concerned about Malaysia being filled with foreign retirees bringing in untold amounts of foreign-earned income and spending it into the bank accounts of local entrepreneurs, employees, and businessmen.

Even Abdul Hamzah Zainuddin stated that the total MM2H recipients and dependents after more than 20 years reached 57,478 including dependents. The cap of 1% of the total Malaysian population would be a total of 315,000 so even if the population of Malaysia did not grow, it would take over 100 years before the program reached that number...ignoring the fact that people on the program die, leave the program for personal reasons, and their dependents "age out" of the schools. Thus the number will reach an equilibrium after 10-20 years without increasing acceptances. The rate of applications and acceptances had gone up in the 2010's...so that's why the numbers increased. But not at rates that would be considered a tsunami of aliens.

for the fixed deposit for Mm2h is there one bank that is superior to another? Is it better to split the amount with a few banks or does it need to be at a single bank?

who offers the best rates on the deposit?

Folks in Malaysia may be able to really give you a better recommendation but to me, you want to use a bank that has a presence in your home country as well as in Malaysia so that you can easily due transfers.  Now, I am saying that in general since there will still be some issues doing this as it is between different countries so not seamless (but better I think).  I used HSBC since they are there in Malaysia and here in the US.

My understanding is that the FD has to be in one account only, cant be spread around.

Good luck!

Yes VWC is correct...the FD must be placed in only one bank and one with a local branch. I think that HSBC, the Bank of China, and OCBC may be the only ones that will do this. Standard Charter seemed (in Sarawak, at least) to be averse to setting up a MM2H FD account. The things to check are the exchange rates. Because the sum is substantial some money transfer companies may not allow it UNLESS you arrange to put down that the transfer is going into a restricted MM2H FD account on the paperwork.

Here's a list of FD rates for banks, although the MM2H rates may differ.

https://ringgitplus.com/en/blog/Fixed-D … aysia.html

@ludba We only have experience with HSBC and they have been great. Been banking with them since 2017 at the Georgetown Branch and very supportive and knowledgable staff.  Only downside for me is that if you want to expand your banking product holding many offers can only be taken up in person and not online, but I suspect it will be industry wide and not just HSBC and it is not a major issue for us as we visit fairly regular. Good luck

@FrancoisT 1  I have already opened an HSBC bank myself in Malaysia however they have one of the lowest FD rates. This is what I have found as of right now. I was curious on what others have done but to me a 2% difference is significant.

Cimb 4.1%

Uob    4.0

Standard Chartered  4.25%.

RHB     4.25%

Hsbc  2.65%

@ludba Wow, that is a huge difference and definitely will make me shop around a bit next time.  We renewed in December last year at 3,1%.... still lower that the top rates you quote.

Remember that the bank FD's posted are often not their "MM2H rates" - these may be for FD's that have no approved withdrawals AND that recycle the interest back into the FD account. If you intend to place the interest in a savings or checking deposit account then expect lower rates.

@Hansson If any one wants to check the latest MM2H requirement, I suggest to frequently check the malaysia Immigration website https://www.imi.gov.my/index.php/en/mai … e-mmh2-en/

@nwarfrs I'm a bit sceptical about the currency of the site. It says "Copyright 2021" and the amounts they give for withdrawal, while correct for those under the older visa (pre-2021) would not apply to those holding visas since that date. Generally one is allowed to withdraw either 50% or 60% (depending on visa category) and must keep the remainder in the account until one terminates the visa.

@cinnamonape I see, btw i have created a new forum on house search made easier try check it out i hope it helps

For those looking for 20 years Malaysian residency through investment instead of MM2H may contact me for further information. Requirements are very similar to MM2H.

Why not simply wait on what they will announce as to the reformed MM2H program which should have far less onerous provisions than either the current MM2H, the PVIP or the "Residency through Investment" Programs?

Hello NGnner,

It appears that you have some information.

Would you mind sharing it directly on the forum so that everyone can benefit from it?

Thank you,

Cheryl

Expat.com team

@cinnamonape is there an idea of when this announcement will be made?

Malaysian government moves like a sloth through a thicket. Then they make a decision without anyone affected giving input.

Perhaps premature...

thestar.com.my/news/nation/2023/06/22/govt-to-divide-mm2h-programme-under-three-categories

https://www.thestar.com.my/news/nation/ … two-months

Got a question for the tribe - I have a MM2H visa that is valid till 2027 (Canadian Citizen). I haven't been back to Malaysia for about 3 years. Is the MM2H visa still valid considering the new 90 day rules that has been implemented (i got my visa before that was a requirement)? If I fly into KL is that going to cause a problem? 

@joeykays if your visa is still valid, you can come anytime. 90 days rule doesn't apply to old MM2H.

eykays  very good that you have take good dicition for MM2H . Malaysia is a very good country for leaving .

I also try to open my 2nd home program asap.

Tank you

Syed Mahmud

eykays very good that you have take good dicition for MM2H . Malaysia is a very good country for leaving .
I also try to open my 2nd home program asap.
Tank you
Syed Mahmud
-@neazma01

If you are following the news lately, it sounds like the government is willing to come down on the requirements so I would just sit tight for the new program guidelines.  It sounds like they do want to do a tiering of some sort (Platinum, Gold and Silver) that is more flexible. We shall see....

Ok, some date in October is mentioned as the new start date.....  (uh, yes, 2023.....  LOL)

https://theedgemalaysia.com/node/683100

@VWC Well, I hope so. But all they seem to imply in the article is that the processing will transferred back to the Ministry of Tourism in October, not that they will change the regulations then. I also wonder if Immigration will simply do "the big slowdown shuffle". After their last fiascos they should be warned that if they pull that stunt again heads will roll. But maybe they need an incentive to be "secure, but efficient" in processing applications.

https://www.thestar.com.my/news/nation/ … akyat-told

It doesnt say how many were rejected

What is more important is that it still does not say what the new conditions are!

    It doesnt say how many were rejected
   

    -@caesar1956

Huh?  if 88% accepted, then presumably the remaining 12% or about 259 applicants were rejected.  What am I missing?

@VWC Well some that are accepted may not be "rejected" they could be in some undefined category.

For example, he says.

"For the Premium Visa Programme (PVIP), Tiong said 57 applications were processed, where 28 were approved and the remaining 29 applications were recommended for approval."

So apparently none were rejected. 28 approved and REMAINING 29 "recommended" for approval. Maybe eventually some in that latter category will move to the accepted pool, and some rejected.

So there might be 88% accepted and some of the remaining 12% sitting in a sort of purgatory.

i sense that, after a long, perplexing and frustrating wait, we are about to get a more positive and encouraging message from the powers that be; this is a personal view. it is NOT based on any insider information.

My optimism stems from a couple or more of criteria.

The first is because of the slight frenzy over Budget 20024, ongoing. Firm decisions have to be made - soon.

The second is the very welcome intervention of the much respected Sultan of Johore who shares the same thrust and avowed intentions of Prime Minister Anwar Ibrahim to make the country's return to evonomic prosperity and stability the top priority. Along with eliminating corruption for good!

The Sultan (and likely new Agong/King from a date in 2024,) has been a champion of his people in wanting to see them prosper, even from well before the COVID19 pandemic. The strategic geographical position of state,  virtually within touching distance of Singapore, is soon going to feature very influentially in the critical negotiations over the joint special  zone of Singapore/Johor that has been whispered about for some time now;  witness the number of visits by the top Government  officials from both sides to each others' countries, the fast rail project, innumerable  new initiatives, clear friendship,  cooperation etc. It will be like pre 1965…

Quite simply, Singapore needs the space (and has the money) and Malaysia needs the money and has the space. Win/Win! Closer ties with Singapore can only help the whole national MM2H project. It has been a winner, and it can win again.

As a long time British MM2H resident, I look forward to,  perhaps, some sort of flexibility in travelling unhindered and frequently to Singapore in future.

So, the fact that both Sabah and Sarawak  have already restarted their new, encouraging MM2H programme with the excellent revised conditions, the threat from the Sultan of Johor to launch his own Johor MM2H programme, the signs PM Anwar wants very much to woo foreign administrations - much more than the previous administration - etc etc etc, I sense that we are on the brink of a more definitive announcement.

To this mix you could add the anxious Agencies whose businesses have been decimated by the triple plus  whammy of Covid-19, the devastating revised Mm2H terms of the outgoing administration, a brand new government elected, the global financial virtual meltdown - and the need for the country to quickly - and the ongoing clamour from those of us who wonder whether to leave or stay,  plus the desperation of those waiting to join MM2H.

But make no mistake, we still need the new,  re-revised conditions to be clearly spelt out. The existing punishing conditions will not wash. The scheme would be doomed to failure.

On behalf of all who agree with me, I appeal to the PM, MOTAC and the Home Minister of Immigration - and others -  to look  wisely, kindly and in true business-like fashion to swiftly announce the message we hope for.  Yes, go for an elite component of applicant too, with special privileges, but do not forget the bedrock participants like us who bring a great deal of money to Malaysia. 🙏🏼 - and who have done so for many years.

    @VWC Well some that are accepted may not be "rejected" they could be in some undefined category.
For example, he says.
"For the Premium Visa Programme (PVIP), Tiong said 57 applications were processed, where 28 were approved and the remaining 29 applications were recommended for approval."
So apparently none were rejected. 28 approved and REMAINING 29 "recommended" for approval. Maybe eventually some in that latter category will move to the accepted pool, and some rejected.
So there might be 88% accepted and some of the remaining 12% sitting in a sort of purgatory.
   

    -@cinnamonape

Ok, fine.  I am more impressed with the 88% accepted (if true).  Like I said when I was in Singapore and hanging out at the Marina Bay Sands, there are just so many people with money, from all over!!!!!

Good news for MM2H hopefuls - and existing MM2H visa holders!

The Sultan of Johor is to be the new King (Agong) from 30 January 2024.

I'm not so impressed with the wealthiest of the wealthy getting approved.

"For the Premium Visa Programme (PVIP), Tiong said 57 applications were processed, where 28 were approved and the remaining 29 applications were recommended for approval."

So apparently none were rejected. 28 approved and REMAINING 29 "recommended" for approval."

Of the processed applications (57) only 28 were FULLY APPROVED (49%) over two years.

29 were "recommended" for approval (51%). I presume that Tourism finds these acceptable, but they are still awaiting immigration approval.

Now there seems to be another 8 applications (12%)  that remain unprocessed.

On shouldn't count eggs before they are hatched so the reality is only about half of processed applications (28) have been approved.

Compare that to the @5000 Approvals granted in 2019. So in almost two years, that's about 1/2 of 1% of the approvals in a single year, 2019. That's not very impressive.  29 vs. 5000

And then one also has to consider the attrition of @2000 withdrawals/year. 

The FD of the PVIP is about three times that of the original MM2H so just to maintain the FD balance the PVIP would need to only lose about 66% of the total approvals. They should have an annual approval rate of 1700/year. Instead they get about 15/year.

Huh,  what am I missing?

The article begins that 1905 out of 2164 (88%) were approved under the MM2H program from 11/1/21 to 9/23 which is essentially after the new tougher guidelines were implemented.  To me, that is way more applicants than I was expecting in general and for 88% of them to be accepted that is quite positive.  It is not as bad as we were hearing then.  Who to believe?

Has there been any updates on whether the clause in newer Sarawak MM2H that you can't reside elsewhere in Malaysia is here to stay?

Ok, so it is going to be the 3 tiered program as first reported....

https://theedgemalaysia.com/node/694105