Malaysia My Second Home (MM2H)

Has anyone on the forum / mm2h program.. applied and withdraw from their fixed account specifically under vehicle purchase..

What was the process.. was it alot of hassle?

Thanks Shehajaz for the reply..

Do you have any experiences on the fixed deposit withdraw?.

When I applied for MM2H my required deposit was only RM60,000 which was the minimum amount that needed to remain in the Fixed Deposit so I wasn't allowed to make any deductions.

You can email MM2H and ask them directly if it is permitted to buy a car with the deposit and how to do it?

All the main car dealers who sell new locally assembled cars of local cars are usually familiar with MM2H because in the past they gave the tax-free discount. So maybe they could tell you more about it.

I sent a email about a week ago.. (still no response) wow 60k that's not bad.. we (my wife and me) are under 50 so 300k in a fd.. 🙄we are not planning on purchasing a home (at least not in the near future)

When we were in kl the public transportation and taxis we're good and plenty around.. but once this mm2h goes through we are bringing our pet, which might muddle up any transportation

At that time, the normal amount for over 50's was 150k but with property investments of over a million in Malaysia MM2H only required me to deposit 60k. I think advantages like that still apply.

When I moved on to Indonesia I also decided to cancel my MM2H, and the process of getting the letter from MM2H to release my Fixed Deposit was quick and easy. So even for medical or education reasons, I guess getting a letter to release funds wouldn't be complicated.

Hi

MEDICAL INSURANCE

Does anybody please know a Medical insurance company in Malaysia who will  PROVIDE MEDICAL INSURANCE  FOR OVER 66years old person for MM2H use

Hello
I just finalized  my MM2H procedures  last month and I used AXA affin General insurance , try to call as per following address

AXA Affin General Insurance Berhad (23820-W)
Ground Floor Wisma Boustead
71 Jalan Raja Chulan 50200 Kuala Lumpur
 (603) 2170 8282
 (603) 2031 7282
 [email protected]
 www.axa.com.my
good luck

Hi Nashaat.k

Many thks for your prompt response to my posting today.
Do you know their age limit for new policies for mm2h applicants plaease?

you're welcome sir
the policies are opened up to 100 years age
as per price list; if you are interested I can email it to you just send me your email address

Medical insurance is available up to the age of 90 +years now and the entry age is at least 70 yoa. It used to be much lower (around 60-65) but as MM2H is popular policies are now available for retirees. But they are Medical Cards, i.e. related to hospitallization.  Just read their various policies online. They are basically based on the Sum Insured principle https://www.imoney.my/medical-insurance  If you take  look at this link and click on the name of the policy it will confirm the highest age on entry. e.g. AIA Medical Insurance A-Plus Med (Plan 500) is 70 years at entry to max 99 years.

My advice is don't use an agent and manage it yourself. That way you automatically get a 10% reduction on the premiums quoted. Mine with Tokio Marine gives me a further 30% discount if I don't claim. You just walk into your chosen insurer and they arrange everything and advise you of the process required, e.g. medical examination if required.

Hi Nashaat K
Thks
Pl if u know any local insurer  with  age limit for start  of new medical ins above 66yrs for MM2H applicants then pl email me :  ***

Beware of time wasters.

Gravitas
Thks for ur Advice

Hi Gravitas, what kind of medical insurance does Tokio Marine provide for someone over 75 years old and what kind of coverage and premiums can one expect?

They are medical cards i.e. hospitalization - check their website or call into their office. https://www.tokiomarine.com/my/en/perso … ealth.html You will need to get a quote after a medical.

You can dictate the cost to some extent by the amount of cover you choose. I pay about RM2500 per annum and get 10% discount as I don't use an agent, plus I chose a policy that reduces my annual premium by 30% if I don't claim.

Hi, i am looking for trusted mm2h agent , anyone can recommend me here ? And about agent charges, how  do i need to pay , full in advance or by schedule of visa processing .
Thank you

Fareed53 wrote:

Hi, i am looking for trusted mm2h agent , anyone can recommend me here ? And about agent charges, how  do i need to pay , full in advance or by schedule of visa processing .
Thank you

Hi Fareed, usually agent will charge by schedule.

Thanks
Do you have any idea about myexpat agent ?

Myexpat don't do MM2H they do work permits. Try Joy-Stay http://www.joy-stay.com/

Hi
Thanks for info
I contacted myexpact and they told me they are in  top 10 agent list.
Really i confused now.

Do i need to send all passport pages copy or only first page ?
Agent told me only first page and last visit malaysia stamp page. MM2H website saying all pages .🤔

Fareed53 wrote:

Hi
Thanks for info
I contacted myexpact and they told me they are in  top 10 agent list.
Really i confused now.

I know MyExpact. They're MM2H agency and listed in top 10 last year.
You have plenty of choices.

Fareed53 wrote:

Do i need to send all passport pages copy or only first page ?
Agent told me only first page and last visit malaysia stamp page. MM2H website saying all pages .🤔

To be safe usually I will advice customer to send all pages with stamp chop.
Always provide more better than less.

shcnno wrote:

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

Gravitas wrote:

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.

Hi, I'm new to Penang/Malaysia on MM2H.

There is some money on my brothers La Buan company account and I wonder what happens if he transfers it to me one time (around RM80,000). It's not a real income as it is my money anyway but will it be taxed?

Can somebody recommend me a tax adviser in Penang who is specialized on expats?

Thanks

The Company Secretary who is administering your brother's Labuan company is the person to ask this question.

Perhaps the Malaysian German Society can help you with a country-specific contact https://www.facebook.com/MalaysianGerma … 1511848126

Ok thanks, will contact both.

Just curious, any conclusions on your MM2H applications?  If you gone through legitimate MM2H agents?  If you met the criteria it should not be too hard..
We moved quite some people under MM2H into Malaysia.

Are you refering to me? I got my MM2H visa through Alter Domus who I can highly recommend.

As a feedback and as it might be useful to others: The company secretary who is administering the Labuan Company told me that a MM2H visa holder can be a director of the company and receive a director fee which is tax exempted.

But that has nothing to do with your original question.

Yes, it does. It answers my question if I can get money tax exempted from a Labuan company. Answer is yes, being a director getting a salary.

My second question however is still in place. Can somebody recommend a good tax adviser? (MGS didn´t answer).

Thanks for your help.

Thank you for the info.

Hi, just read that you availed Indonesian Retirement visa. Could you please share your experience and best source for information.

Thanks & Regards

On MM2H are you allowed to purchase and run a franchise in Malaysia? How much taxes do you pay on your income on MM2H Visa?

You can be an investor whilst on MM2H but not working and drawing a salary. There are no tax benefits when on MM2H except if you can have a Double Taxation Treaty sometimes offshore income can be tax free (depends on the individual DTA). Income earned in Malaysia is taxed in normal ways with some stated discounts. The details are on the mm2h government website.

Thanks Gravitas. When you stated, "You can be an investor whilst on MM2H but not working and drawing a salary." Could you elaborate? If I were to purchase a franchise, I am an owner and the profit I make would be mine to keep (and pay any appropriate taxes). I won't be drawing any salary for myself.

I have two more questions on MM2H:

1) What is the cost of Health insurance for MM2H for a family: Husband, wife, and children under age 21?

2) For investment, can I purchase a few apartments and then put them up for rent and use the rent profit — is it allowed under MM2H Visa?

Thanks!

1. Premiums are based on age and the level of medical expenditure you want to ensure against so the cost can vary considerably. The policies bought in Malaysia only cover HOSPITALIZATION (and related care say 30 days before). You can select things like annual max, lifetime max, etc. You save 10% on premium if you arrange it yourself i.e. fill out the forms at the insurance office (rather than using an agent who gets that extra 10% as commission). Look online for quotes at say AIA, Tokio Marine, Allianz etc.

2. http://mm2h.gov.my/index.php/en/benefit … se-a-house
You pay tax on rental income. The property market is difficult in Malaysia because the prices are too high and quality can be problem (gov just blocked developers building anymore until over 20,000 unsold units above RM500k are sold - that could affect the market). The link refers to the minimum purchase property values for foreigners i.e. RM2m in Selangor, RM1m in KL etc. There is virtually no-resale market as investors only buy off plan.

About franchises - do some investigation into the costs as they are very high then renovation costs etc. on top. https://www.entrepreneurcampfire.com/ma … ranchises/ Quite a few F&B franchises fail and close down in Malaysia because the market is squeezed by cost and too much competition.