Malaysia My Second Home (MM2H)

Dear all interested
..to Determine your tax residency status as Tax Residents
You are considered a resident for tax purposes if:

-You reside in Malaysia for a period of more than 182 days in an assessment year or/and (optional)
-You earn at least RM34,000 a year after EPF deductions.

The Non-Resident:
You are considered a non-resident for tax purposes if you stay in the country for a period of less than 182 days in a year. All expats must notify the Non-Resident branch of the Inland Revenue Board of Malaysia (IRBM) of your chargeability within two months of arriving in Malaysia.

Therefore especially with view to the second my question was :
how does HASIL handle the editing of COR, restrictively or tolerant/liberally?
Regards Jim

Janmatz - your passport will show your entry and exit stamps to evidence when you were in Malaysia. Usually a full copy of the passport is required for most applications, to give a clear picture of official immigration records it contains.

@Gravitas, thank you,
Your passport get stamped in and out of My even as participant of MMH2?
I Filed for but not approved yet...so I am lack on experience :-(

Hi Hansson.

I am trying to find out if we can withdraw some funds from the RM50,000 (of the RM150,000) to purchase a motorbike. We are not interested in doing this for the tax exemption, when we asked our agent they said we cannot buy a motorbike because only a car can be exempt of the tax. All we want to know is there anyway we can we release around RM15,000 for a second hand motorbike.

Also could we move the RM50,000 part of the fixed deposit to another bank with a higher interest rate?

The Agent is correct. Interest rates fluctuate at every bank. Even if there is a special rate offered for a short period, the MM2H fixed deposit is subject to the 12 month rate. Here is the documentation required to make any withdrawal "Copy proof of payment for Residential property purchase (to submit of all pages of Sales & Purchase Agreement & receipt), Car purchase (to submit car grant title & receipt), Children's education in Malaysia (to submit receipt), Medical expenses (to submit receipt)"

So are you saying we can move this to another bank after the 12 months is complete

No the FD continues. It's not an ordinary FD where it expires - it's a rolling FD which continues until you decide to quit the MM2H programme or similar. Then it is released. Take a look at the wording of the letter your bank gave you to confirm that the FD had been placed. I expect no-one has moved the FD but whether it can be done is another matter.

It's probably best to have the interest paid out to a current account annually than have it accrue to the principle. That money could also be used to fund various purchases.

All I want to do is withdraw some of the money for a motor bike and is this possible?

NO

As far as I know, you cannot used any part of that fixed deposit to pay for a motorbike or car (Gravitas correct me if I am wrong). You can only use part of the FD to finance education and medical.

The FD is different to other FD's in that you will need an official letter from the Ministry of Tourism which you will need to present to your bank in order to touch any of the funds in that FD.

By the way, you'd best find the highest interest rate possible before deciding on which bank to place that MYR150,000 or whatever amount as you won't be able to change if later if you find that the bank has given you a low interest rate.

Hi everybody,

Please note that some inappropriate posts have been removed from this thread.

Thanks,

Priscilla
Expat.com team

Currently working through Alter Domus for a visa.  They are excellent!

Hi all
I have already  some quotes for international removal from Australia to Penang. Does anyone have personal experience of a particular company who is reputable and they would recommend?

Would you please tell me how much is the fee for the service.
Thank you

Farhadalien - its about RM7k with Alter Domus (fees vary between Agents, as there are no official guidelines regarding charges). You can request a quotation.

Thanks

If you want to start your own business I think a business visa would be more suitable. I think it's called a director's visa. The MM2 is best suited to retired ex-pats.

Hello
Is MM2 IS the SAME AS MM2H ?
- what is director visa ?

Yes, there is no such visa as MM2 (typo). The Director's visa comes with the establishment of a company, either a SDN BHD or Labuan. But anyone on MM2H can be an investor. It's just clearly stated it's a social visa so working is not permitted.

thanks
really useful

you can change your fd from one bank to another bank, just need to get approval from mm2h immigration

you can change your fd from bank to bank at any time, even before maturity date, after you get approval from mm2h, keeping in mind, breaking the tenure of the fd, will make you lose funds

no what?

The rule has changed recently and now the FD cannot now be moved around.

Janmatze wrote:

Dear all interested
..to Determine your tax residency status as Tax Residents
You are considered a resident for tax purposes if:

-You reside in Malaysia for a period of more than 182 days in an assessment year or/and (optional)
-You earn at least RM34,000 a year after EPF deductions.

The Non-Resident:
You are considered a non-resident for tax purposes if you stay in the country for a period of less than 182 days in a year. All expats must notify the Non-Resident branch of the Inland Revenue Board of Malaysia (IRBM) of your chargeability within two months of arriving in Malaysia.

Therefore especially with view to the second my question was :
how does HASIL handle the editing of COR, restrictively or tolerant/liberally?
Regards Jim

Sigh! Pardon the limited capacity of my pointed head, but can someone first decipher the quoted above, then clarify if the IRBM is actually demanding that foreign residents pay tax to Malaysia, on their off-shore earned income?

Tax is not levied by Malaysia on earnings from offshore employment, investment, pensions etc.  Only on income generated within Malaysia: through employment, investment in Malaysian stocks, from investment in a locally registered company, or rental from letting of property owned in Malaysia.

https://www.pwc.com/my/en/assets/public … ooklet.pdf

Thank you,

you pay tax for whatever you earn in malaysia

What about receiving directors fees from Labuan company while on MM2H? Should be no tax.

shcnno - I think you would have to present a tax return annually but the tax would be at 0%. Your proposed Company Secretary should advise on tax and MM2H.

Dear Sir,
good day
I've submitted my application since May02nd 2017 and till today August 07th 2017 when I check my application's status by using the web : http://mm2honline.motac.gov.my/
the result  shows the code of : " Pending committee approval" so is that normal as my application already passed 3 months , could you please advice   ??
thanks in advance
Best regards
Nash

Nash - the approval process takes 4-5 months. The committee meet twice a month to review applications. I think the official time is 90 working days. Once the decision has been reached, it then takes time to issue the Approval Letter. I was living in Malaysia when the approval was given but it took 2-3 weeks to receive the Letter (which is needed for the health insurance, medical, and to open the fixed deposit etc.) There is a 6 month period in which the MM2H process must be completed and the Pass endorsed into the passport.

Many Many thanks for your advice , I appreciate your quick response 

Hi, can any of you guys recommand any other agents beside Alter Domus for mm2h service, because im in johor and their company is located in Penang. I was trying to contact them through facebook for enquiries, but there is no reply till now.

I suggest you use email and not Facebook. http://www.joy-stay.com/

lawre wrote:

Hi, can any of you guys recommand any other agents beside Alter Domus for mm2h service, because im in johor and their company is located in Penang. I was trying to contact them through facebook for enquiries, but there is no reply till now.

I'm in Kuala Lumpur and hometown in Malacca. Probably we can meet up in Malacca during weekend?

why dont you contact mm2h direct, you will save tons of money

I cant wait to enter mm2h program.

As approval process goes is there any chance I get denied as german family with enough money and no plans to work?

Can I get the mm2H visa for my family and finish my stuff in germany then move to KL?

I want everything to be ready when we can go from germany!

as I am under 50 I need to deposit 300K ringit which is possible for me but can I deposit german stocks as safety too?

As my assets are Euro and Ringit seems weak now I would like to deposit in euro based