Mm2h criteria

Hello, my name is Laura , i am from Greece and i  would like to live in Mslaysia using the MM2h program me. In am currently in cyberjaya for a month for hilidays.
I have been reviewing the MM2h qualifications as i find them on The internet, and one says that the monthly inome or the pension has to br 2500$  minimum.
Mine is 2000$ but i also get passive income aa interest from  a bank depoist. Could that be counted in? Brcause then, in  conjunction i can then fulfill the criteria, ( i fulfiill the other ones! So this is my concen)
Thank you very much to anyone who could advise on that
greetings
laura

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Hi Laura
I think your total income would come into effect in your case, as long as you can prove - through bank statenments - your monthly income is in excess of the requirements

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Thank you so much caesar1956,  very kind of you to give me a reply  so fast - and so reassuringly! i will go to the putrajaya office then, to start the procedure!
Many thanks

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Pleasure
MM2H staff are very helpful, if you willing to explain to them in details
Please be at putrajaya around 7 am
If not mistaken, you have to go to the MM2H office not MM2H immigration office, its the same building but different floor

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Thank you so much  again! It is good to know that they are helpful - i met along my trip some people who were not , so i was apprehensive,
I will do my best to be there early,
in general, was it an easy, straightforward procedure for you?

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Hello again, i am sorry to take your rime, it is that i just went there and i was confused by their answer,
i am form Greece and  I receive interest from bank  deposits in turkey. I Asked them if can include those in my future tax declaration in malaysia
( once in the mm2h)' as they would be tax exempt in malaysia, to avoid paying taxes  for them in greece.
They said that as I will be a pensioneer, i will, not be filling a tax declaration in malaysia and that i cannot fdo that anywAy, that  i cannot move my international income to malaysia.    Is that  correct, if you happen to know? Thanks very much, laura

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I don't think you have to pay taxes in Malaysia as you are earning bank interest outside Malaysia

You can move your transfer your funds to Malaysia
I did, open a usd$ account and get it transferred
The whole concept of MM2H is to get expatriates to bring & spend their money in Malaysia
How do they expect you to survive in Malaysia if you don't transfer your funds if you not allowed to work in Malaysia?

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Caesar thank you so much as the visti left me frustrated.
I will transfer funds to Malaysia.
My questions waere more tax related,:
1. For the money you brought in malaysia from the US and the interest you get, do you have to pay taxes in the US? ( i know you dont have to in Malaysia)
2. I have money in a third country, in Turkey and for that i have to pay 15% of the interest i get in greece. It is taxed both in turkey and greece. The point for me was, to stop declaring that income in greece and declare it only in Malaysia, making malaysia my esclusive tax home.( i guess they call that a tax heaven).i rhought with the mm2h you became a tax resident of malaysia, so that i an avoid the double taxation greece and malaysia and have only malaysia. But the man today said this is not possible, i will still be a tax resident of greece. Do you have an insight into this matter?
Many thanks again
Laura

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As far I know
In Malaysia, you are taxed for whatever you earn in Malaysia.
If not mistaken, I think its even mentioned on somewhere on the mm2h site

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Make sure you keep all records of the funds coming into Malaysia, if and when you do decide to leave Malaysia, you will have to prove, you transferred the funds into Malaysia and you didn't earn the money in malaysia

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Hi Laura,

I strongly feel its better to use some reputed agents. I did thru an agent though I qualified in all the aspects of the requirements my application was still rejected for some flimsy reasons. you may whtsup me *** if you need any referral of the agent who did this process successfully for me.
Kaycee

Moderated by Bhavna 5 years ago
Reason : Contact details should not be posted on the forum but rather exchanged through the private messaging system. Thank you
We invite you to read the forum code of conduct
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Thank you very much, i hoep youare enjoying your stay in Malaysia  after thte approval, yrs, An agent will know how to advise best. I must tell you i do nto have whtsup, i am actually low tech,.... But if you would like to send it to my email, if you prefer it to this platform, it is ***.

Many thsnks again
Laura

Moderated by Bhavna 5 years ago
Reason : Contact details should not be posted on the forum but rather exchanged through the private messaging system. Thank you
We invite you to read the forum code of conduct
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kaycee59 wrote:

Hi Laura,

I strongly feel its better to use some reputed agents. I did thru an agent though I qualified in all the aspects of the requirements my application was still rejected for some flimsy reasons. you may whtsup me ***if you need any referral of the agent who did this process successfully for me.
Kaycee


Your post is slightly confusing. Are you saying that you first applied through one agent and it was rejected for 'flimsy' reasons? Then you applied through a second agent and that application was successful?

As you only have one post here, I fear that some may suspect that you are an agent promoting your own service.

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Lauraglykeria wrote:

1. For the money you brought in malaysia from the US and the interest you get, do you have to pay taxes in the US? ( i know you dont have to in Malaysia)


Yes, Malaysian earned income (and interest) is potentially taxable in the US. This is because the US has "citizenship-based" taxation, not "residency-based" taxation. However, the US has tax-agreements  with most other countries that prevents double taxation (usually the taxes paid are subtracted from the amount paid abroad), and fairly high credits and deductions for those making below $100,000.

Lauraglykeria wrote:

2. I have money in a third country, in Turkey and for that i have to pay 15% of the interest i get in greece. It is taxed both in turkey and greece. The point for me was, to stop declaring that income in greece and declare it only in Malaysia, making malaysia my esclusive tax home.( i guess they call that a tax heaven).i rhought with the mm2h you became a tax resident of malaysia, so that i an avoid the double taxation greece and malaysia and have only malaysia. But the man today said this is not possible, i will still be a tax resident of greece. Do you have an insight into this matter?
Many thanks again
Laura


Unlike the US, it appears that Greece has residency-based taxation.

"Employment income
Greek tax residents are taxed on their worldwide income irrespective of the country where such income has been generated, paid, or remitted."

Here is the rule regarding whether you are a "tax-resident" in Greece or not.

"Greek income tax is imposed to a) any individual who has his permanent residence or usual place of domicile in Greece [or] b) any individual, regardless of his permanent residence or usual place of domicile, for his income which is produced in Greece.

Usual place of residence is deemed to exist when an individual resides in Greece for above 183 days in the same calendar year. Public servants that work in a Greek public authority abroad and employees of the institutions of the EU are also subject to Greek income tax. Exceptionally, an individual who has its permanent residence or usual place of domicile in Greece may be taxed in Greece only for income produced in Greece under the condition that the same individual is taxed for its worldwide income in another country with which Greece has not entered into a Double Taxation Treaty and that that other country is not listed as a tax heaven (definition of tax heaven according to article 51A of the Income Tax Code)."

http://greeklawdigest.gr/topics/tax/ite … ndividuals

If you stay outside of Greece for more than 183 days in a calendar year you would no longer be a tax-resident of Greece (with certain exceptions). However, having a house or other signs of residency in Greece might play a role in this.

BTW  Sarawak has a lower threshold of required proof of pension/outside income for individuals. It's RM7000 for individuals (which is a little over US$1700 dollars). It's RM10,000 for couples (@US$2440). OR
You can place a Fixed Deposit of RM 100,000 (US$24,400) for singles (or for RM$150,000 = @US$36,600) for 5 Years (some withdrawals allowed for healthcare, property purchase, child's education, and possibly the purchase of a locally-built car).  Look for the Sarawak M2H threads.

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