Malaysia My Second Home (MM2H)

@Petemac2001 Nothing new on that. I don't want to give any new applicants hope that if they get on the Sarawak MM2H that they can live on the Peninsula. To my knowledge there has been no enforcement, but that may merely be because people that applied with that clause in their Letters of Conditional Approval haven't come up for extension or renewal. So we might see some cases in four years.  But generally the view is that Sarawak is only interested in the SMM2H visa recipient  doing their one month visit/year.

If the Federal authorities decide to crack down I think that they'd have to set up immigration posts for travellers to/from Sarawak. They'd need to know if someone went to Sarawak after entering Peninsula Malaysia, and for those arriving from Sarawak they'd need to have a record of when the entered and how long they stayed in the Peninsula (or left for elsewhere). That would mean checking everyone for documents, even Sarawakians who have never required immigration checks.

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


https://theedgemalaysia.com/node/694105"


I was told yesterday by a very reliable agent to be cautious about these rumors.


There are many questions if they do this (which would be more than triple the FD 500,000 for a single applicant (RM150,000) three years ago) for half the visa period. Also no discussion of the salary/pension requirements, administration fees, etc.


I still don't think they will hit the sweet spot.

Almost all the other regional programs are vastly more affordable.

O dear, dear,  dear!

Far from hearing that the long awaited  announcement will bring cheers and relief to the expectant and existing MM2H community, it is incredulous that the cost of the deposit has actually INCREASED from the draconian RM1Million imposed inexplicably by  the previous administration!

Even RM500,000 for the Silver status trumps the earlier provision; and as for RM2 Million for the Gold Tier and RM5 Million for the Platinum, these are surely no noes! There will be no rush to apply! Forecasts of the Billions the government hopes to earn is far from likely. As a previous contributor said, it will not hit the sweet spot.

I mean, who was consulted in arriving at this decision? Did they consult the interested community? Or did they only talk to Agents, Entreprenuers, Business people, politicians and others with periferal interest only?


Yes, temptation about PR status, bringing in a wider family circle etc are noted, but are there really people out there who will tie up RM2 Million or RM5 Million for the privilege?


Just look at the Sarawak formula and it will be instantly clear why it has immediately become a huge success and a big money spinner for the administration over there.

And other neighbouring countries too.


I speak quite simply as someone experienced in Management - and a long term loyal MM2H person. No political agenda. I only want Malaysia to succeed!


It may be just as well that this revised federal offering is to be on trial for a year. Change is still

possible.

There are many as yet unanswered questions anyway:

Renewals?

Fees?

Eventual refunds?

Starting date?

Status of an application during this 'trial' period?

Can only Agents handle applications?

Why only applications from people with investment income?

Why no monthly income requirement?

Etc. Etc


May be there will ne a rethink if things do not go as planned?

We wait with baited breath.


It's not over yet - I suppose.

LoL really disappointed, still same. nothing has changed


Indonesia Second home is waaaaay Cheaper, easier and you can include all family

balibusinessconsulting.com/services/second-home-visa/

Let's wait for more clarification, more details

Just been looking at the Philippines program, SRRV Residency, very straight foward and based on the government website, very welcoming

https://www.freemalaysiatoday.com/categ … s-refuted/


An economist and the consultants' association involved have played down concerns that the relaxation of requirements for the Malaysia My Second Home (MM2H) programme will lead to a “dumping” of foreigners in the country.


smh

Is there a link to the article,  please?

Dumping IN or dumping OUT???

Oops!

Yes, just saw the link!

https://www.freemalaysiatoday.com/categ … inance-pr/


An international realtors association has expressed concern over recent changes to the Malaysia My Second Home (MM2H) programme, which might affect “the overall mix of participants and the programme's overall appeal”.
Firdaus Musa, president of the International Real Estate Federation (Fiabci) Malaysia, said the association welcomed the lower age of eligibility for the MM2H programme.

@Cobolin


“Not many people have RM5 million in cash to put into Malaysia. Other countries' PR conditions require that they (foreigners) put in US$1 million to US$5 million, or buy properties to be eligible for PR or citizenship.


This guy is really crazy !!! i think he live in other planet, same apply for the people who are managing this MM2H 


Philippines SSRV  Residence | LIFETIME | $20k "Deposit"     LINK


Thailand Elite Visa  |20 years | $50k  "1 Time Payment"     LINK


Indonesia Second Home | 10 years Visa |   $130k "Deposit"     LINK


Cambodia M2H  | 10 Year  Visa  | $100k  Investment in real estate  LINK


Spain  Residence  Non Lucrativa  | 60K  Proof of funds   LINK

Ok, sounds like the official complete rules are about to drop...



https://theedgemalaysia.com/node/703093

Thank you VWC. This is very informative!

@DZINVEST  I suspect Malaysia doesn't want ALL people to immigrate.

@sbara1

You're spot on! 


Msia is a resource-rich country like Saudi Arabia, Brunei, Russia, etc.,   The elites do not need to worry about economic development as they are already living the good life from their oil money.   They don't really care for the hoi polloi as long as they don't  revolt.   


There's quite a bit of Islamic fundamentalism here, and these fundamentalists do not want too many non-Muslim foreigners living in their midst.    If you're a Muslim scholar from the middle-east, you'll be welcomed with open arms.    Whether the Home Minister himself subscribes to this xenophobia or just wants to please these constituents, we do not know.  So not surprising if he didn't consult the business or tourism communities.   The Home ministry and PM (who may have to please these people in order to stay in office) have the final say and not the Tourism ministry.   


As someone posted here, there are many other nice countries with cheaper long term and PR visa programs.   What Msia has going for it is  low cost of living, reasonably good infrastructure and general English proficiency.    But Msia overestimated and overpriced itself.   But they don't care.   They only want a few super-rich foreigners living in their country and not your average foreign retiree.


P.S.  Why did they remove the retirement income requirement and up the bank deposit requirement?   Even though the elites are still rich, the gov coffers are running low, from all the corruption, e.g., 1MDB.   They need foreign exchange.  They removed the income requirement to make it easier and faster for the rich foreigners to just put money into their banking system to get the visa.    The foreigner gets the visa faster and the gov gets the money faster.   Under the old system, the gov has to wait for the foreigner to live and spend money in Msia.

@immersed i agree with you


Saudi Arabia already opened the country for tourists and investors with long term visas too

UAE they are giving the citizenship by investment, etc etc. Oil is not forever and Palm oil too.


Look at Singapore how they built their economy, just by attracting foreign capitals ... 


Malaysian officials they don't even understand themselves, every year changing rules, they give you the visa, than they reject your entry like what happened during the covid. but yes of course your money not rejected still in the Bank FD  1f604.svg


As an investor, this is a complete absurdity, they must be serious, or directly shutdown the program so at least we know their real intentions

Dear Friends,  Sorry to say that I seem to have missed earlier posts :-(


Would anyone kindly provide a link that could update me on how MM2H for retired works as I am interested to participate by acquiring a second home in Penang.


Many thank and kind regards,

@DZINVEST  "Just by attracting foreign capital"? Just how do you think they did that? Lee and his son were probably the two most honest, least corrupt men worldwide! Duh!

@zanaja


Hi,


I note that you have been a chat group member since 2017 but that you are NOT as yet an MM2 resident. You are now a retiree.


OK.


A BRIEF starting point may be useful for you; then you can look for more information simply by Googling 'MM2H'.


Therefore, a la the new scheme announced by the Malaysian government a few week ago, the BASIC tier is the SILVER tier. Renewable after five years. You need to pay RM500,000 up front. Equal to about US$106,000 today.

60 days residence per year required. Medical clearence required, etc.

(The higher ones are the Gold, and the highest tier is the Platinum. They cost much more because they give you a longer stay and more benefits).


As yet, it is unclear if a minimum monthly income figure is required.


So, are you interested?


If you are, we can look further.

Thanks indeed.  2017 relates to my membership of Expat forum but I have only recently joined The Malaysia forum.


I am very interested to buy a second home in Malaysia (probably Penang) and am planning a trip June-July time to check out what is available.


It would be great if I could buy a (preferably new) serviced apartment or one with a maid's room.


Yes; I am retired and my only regular income will be my small pension but I will have some cash after a house sale goes through.


I did search for info on MM2H and it did seem to be rather straightforward but I am sure there will be catches......


Grateful for any advice/suggestions.

@zanaja


Hey, we may be neighbors one day....


Ok, so I have my mm2h and have been traveling to Malaysia the last two years to look at properties while visiting my inlaws.  I happen to love Penang ever since I spent a month there during covid to finish up my visa paperwork.  My wife's family is in the south, Johor Bahru.  I tried to sell my wife and her family on Penang last December when we stayed there for a week or two and yeah they liked it but during the last week of our stay, Johor Bahru did shine enough that I would consider there too.


Ok, back to Penang.  To be honest, yes, I found some lovely seaside condos with unobstructed water views.  Here is the reality though:  supply is way greater than demand.  The smart move for you and I would be to honestly just rent there.  Why pay so much when you can leave your cash at home (in my case, USA) earn great interest that you just use to pay for that rent in Penang?  You don't need to worry about any of the home owner crap.


Another reason why I hesitated to buy was just the unknowns there, or the non existence of disclosure information/docs about the properties.  Here in the US, sellers have to disclose a lot about the property.  There, it is you either buy it or not.  That part scares me.  Sure, you may be able to get some info about a condo complex like the financial stats but how would you know if the foundation is sound or not?  Is a new condo complex going to go up and block your view?  Yes, prices are perhaps decent enough to buy but I am still thinking renting is the way to go.  Something major happens, what is the worst thing that can happen to you?  You just walk and lose some rent.  Big deal.


If that does not deter you from wanting to buy, ok here is what I found.  The more quieter and remote areas are north, up in Batu Ferringhi for example.  I love the area, but it is a tad remote due to the one lane each way there.  I befriended a Youtuber who is an agent there and I was planning to use him if I bought something.  He drove me around to look at places.  In his opinion, nobody really wants the remote area condos.  He said more people want the condos that are near all the action and have all of the amenities either on the grounds itself or within walking distance.  When we stayed in Johor Bahru in condos that are selling like hot cakes due to proximity to the train station that will link Malaysia with Singapore I have to admit that having amenities on the grounds is nice and convenient.  Hence, my hesitation on buying just yet.


We plan to go back again maybe year end to relook at places in both Penang and JB.  Hopefully, by then I wlll be fully retired but my company is paying me well to stay on. 


Good luck!!!!

I'll look forward to coffee in KL, Penang or elsewhere.....


Thanks indeed for this very useful info that has given me cause to consider renting as against buying.  In fact, if I think about it logically, I would not need to buy or even rent because, if I don't stay more than 90 days in a year, I would not need a visa if I understand.  Could perhaps find hotel, short-term rent or AirBnB I suppose........  What did you do/where did you stay when you first went out?  As you say, avoid the hassle of owning........


Grateful for your comments 

@VWC


I'll look forward to coffee in KL, Penang or elsewhere.....




Thanks indeed for this very useful info that has given me cause to consider renting as against buying.  In fact, if I think about it logically, I would not need to buy or even rent because, if I don't stay more than 90 days in a year, I would not need a visa if I understand.  Could perhaps find hotel, short-term rent or AirBnB I suppose........  What did you do/where did you stay when you first went out?  As you say, avoid the hassle of owning........




Grateful for your comments

@zanaja


Yes, for that month I was there, I Airbnb'd in a nice condo in Tanjung Tokong.  It was recommended by my MM2H agents.  The HSBC was practically next door and the medial clinic to get covid tests done was nearby too.


Now, Penang supposedly banned Airbnb but I guess there are certain properties that are exempt or maybe grandfathered in for Airbnb.  For example, we stayed in the Gurney area at a nice spacious apartment that was nice and older and it was Airbnb-able.


Yeah, if you don't plan on staying longer than 90 days at a spell, no need for the MM2H.  I wanted it since it was cheaper under the old rules and I could see me staying for over 3 months easily at a time.  I don't want to risk or deal with passport hopping to say Singapore or Thailand.

@VWC


Makes sense not to go to the bother of buying if no need.  I am assuming of course that with a European passport, I would not need a visa fort up to 90 days.


In any event, I need to get out to Penang and KL to do a recce on the ground to check out what's available for short-term stay or rental or to buy.  You mentioned your MM2H agent - would you recommend? 


I seem to recall that for MM2H, the minimum spend on property is Im. Ringit but I may be way out of date as I note the discussion on a new scheme................


BTW, Could you recommend a place to stay in Penang for 3-4 weeks and/or a place in KL for a week  or so.  Of course, I don't need flashy or night clubs etc; just clean and air-conditioned with basic facilities locally - supermarket, laundry. hawker centre and such


Most grateful for your comments.

@vernonsen


Sorry; hit the wrong button.


Thanks indeed.  2017 relates to my membership of Expat forum but I have only recently joined The Malaysia forum.


I am very interested to buy a second home in Malaysia (probably Penang) and am planning a trip June-July time to check out what is available.


It would be great if I could buy a (preferably new) serviced apartment or one with a maid's room.


Yes; I am retired and my only regular income will be my small pension but I will have some cash after a house sale goes through.


I did search for info on MM2H and it did seem to be rather straightforward but I am sure there will be catches......


Notes from other forum members and my vision to stay maybe only up to 90 days a year caused me to think whether i would be best advised to either take short stays up to00 days per year  (non MM2H).  Would that be an option?


Grateful for any advice/suggestions.


@VWC
Makes sense not to go to the bother of buying if no need.  I am assuming of course that with a European passport, I would not need a visa fort up to 90 days.

Yes, essentially like everyone else I believe.


In any event, I need to get out to Penang and KL to do a recce on the ground to check out what's available for short-term stay or rental or to buy.  You mentioned your MM2H agent - would you recommend? 


Yes, Alter Domus is my MM2H agent and I highly, highly recommend them.  They are literally the first agent of MM2H - their license number is #1.  They are in Penang and they just moved to a larger office to my understanding, so that should tell you not only did they survive through the pandemic fine, they are thriving. I would still compare pricing just to be safe but I honestly believe they are about average on the costs.  To me, it was worth whatever they charged me since they managed to complete my MM2H visa during the end of the pandemic.  Most other agents probably closed shop.   Talk to T.G. the owner and tell him the San Francisco guy sent you.  Here is their website:  https://www.penangmyhome.com/about-us


I seem to recall that for MM2H, the minimum spend on property is Im. Ringit but I may be way out of date as I note the discussion on a new scheme................


Yes, that was the case but under the new rules not sure if still that or different amounts by location/state.


BTW, Could you recommend a place to stay in Penang for 3-4 weeks and/or a place in KL for a week  or so.  Of course, I don't need flashy or night clubs etc; just clean and air-conditioned with basic facilities locally - supermarket, laundry. hawker centre and such


There are still plenty of places able to offer Airbnb.  I myself like a nicer area, so I stayed in the Gurney area last December.  There are the 2 malls nearby and a lot of eateries around.  I am sure you can find something reasonable in Airbnb esp since that long of a stay.  In fact, what I do is I usually email the host to see if he/she can give me a better rate since I am staying so long.  Believe me, they may take you up on it since a lot of supply out there....


Most grateful for your comments.

Good luck and have fun!!!!-@zanaja