Nope - I want to rent. I am retired, and if I die suddenly I don't want my relatives to have to deal with selling my property overseas. Having to purchase a property with a substantial portion of my life savings is a deal breaker. Deposits are fine. Thank you for letting us know.
There is one alternative MM2H program that does not require property purchase for those over 50 years of age. That's the Sarawak MM2H. One has the option of buying, renting or not dealing with property at all. They have a one month/year mandatory visit requirement. The FD is either RM150,000 (single) or RM 300,000 (couple).Ringgit, not DOLLARS! If you do buy property you can use 40% of the FD for reimbursing you for property costs. The "floor" for purchasing a landed property is RM600,000 but there is no limit on the purchase of Strata property (condos, Flats, apartments). You can buy cheap, middle, high. Property purchase is only mandatory for those 30-49. And there is a waiver for those who put kids into a Sarawak international school. So are there any other financial requirements? If you are single you should be able to show you have pension or salary income of RM7000 /mo. (at current exchange rates thats about US$1475). For couples it's RM10,000/month (@$2105). Recently Sarawak has opened up a proof of consistant overseas savings option which is @ RM50,000 single and RM 100,000 couple). So for the basic financial proofs there is the pension/salary (or savings), Plus the FD. Only those under 50 need to buy a property...waived if you have a kid in school. MUCH better program. And the vibe in Sarawak is very laid back and welcoming. Not like a metropolis, but it has a great Museum and lots of Nature tourism.
Only reason anyone should buy property abroad is, you have Residency, Citizen status of that country. Any other person buying property abroad is just gambling. As policies can change anytime.
If you are dedicated to renting them you will not be eligible for any of the new MM2H tiers. All require the purchase of a residential property. The only MM2H program that currently does not require a property purchase is the Over-50 Sarawak MM2H. Under 50 years the SMm2H does require a property purchase of RM600,000 but that can be waived if you have a kid enrolled in a Sarawak international school. Or if you are undergoing treatment for an ongoing medical issue in a Government certified clinic or by a Govt certified Sarawakian.physician
Why would anyone get this? Ignore the absurd real estate requirement for a moment. $150k invested in an index fund will return around $15k/year. That's enough to pay for annual rent in another SEA country. You could get 2 places in different cities you like and fly back and forth every 3 months. Maybe somewhere a little cooler to escape the heat and city life for a bit like Baguio or Dalat.
This is a complete bummer. Paying 150,000 USD is a pretty hefty sum for many retirees but is manageable. However, being forced to part with a further 600,000 (plus) Malaysian Ringgit to purchase some condo is crazy. Many retirees prefer to rent for the simple reason they are short of years to see their investment grow (and would it??). I have a feeling Vietnam, Laos, Cambodia and the Philippines may be the winners here.
@@yux.tn.3641 Have you seen the state of development in the Philippines? It's even fallen behind Cambodia, which was decimated entirely during the Khmer Rouge regime. The only thing Philippines excels at is producing children and exporting work force to other countries.
@@yux.tn.3641 Have you been to Penang, Malaysia and Singapore? Their English is hardly poor. In fact, many can speak three languages. On graduation, the high school kids go to universities in developed countries. They end up as physicians, engineers, lawyers, accountants, and physicists from outstanding universities such as Harvard, Oxford, Imperial, and Sydney University. Some graduates return home to work in lucrative jobs. Politics, however, is bad in the home countries, so many opt to stay overseas. As you can see, your blanket statement, “…lower english ability and are less developed” is inaccurate and misleads. People are educated and thriving. Folks you meet in the market places are naturally less educated but it is the same everywhere. The cashiers in my western supermarkets are not very literate.
I think bouncing around between different Sth East Asian countries is more appealing than staying in just one country. Personally, I'd spend 3 months in Malaysia, then 2 months in Thailand, then 1-2 months in Vietnam or Indonesia, then repeat. The main downside is the extra cost for accommodation and travel. It would still be way cheaper than living in a Western country, however and more interesting too.
How do you intend to do that? Make constant visa runs? That is so exhausting. Unless you are moving there alone, by yourself. Your plan won't really work for those with families.
Hi Andrew. We both enjoy your vlogs. We know Malaysia very well, my partner is Malaysian, but we live in the UK. We visit the country as often as we can and our next visit is 2025. It would be lovely to meet up with you when we are next over in Malaysia and have a coffee with you. You are probaby in your new apartment by now. Hope you are well and happy. Ashley x
The compulsory property purchase is a big twist. Many expats like renting for the flexibility, mobility and financial. Buying a property is a big commitment.
I just don't understand how that's a compliance? You have such a small window to be legally there while applying for the paperwork, and your expected to find and close on a property as well? Hopefully they will retract this requirement.
@@aaronreed8402 No they will not as they will lose face. If they do then it will be in the future (next year at the earliest). Que sera sera. Let them dictate the conditions and once they figure out not many apply then it gives them a second thought. If they change it again then they will lose credibility.
There is a MASSIVE glut of unsold properties in Malaysia, ever heard of Forest City? Its just the tip of the ice-berg. It makes zero sense for foreigners to buy properties in Malaysia. You end up paying property taxes for nothing besides cracking your heads over frequent poor maintenance and security issues for property that depreciates over time. Its a zero sum game. Don't read too much into Malaysian policies because they keep changing, the country is run by a bunch of clowns who cannot pass junior high school exams even if they tried.
A deposit of $150k and then buying a home for RM600k ($130k) to stay for 5 years is kind of exorbitant. It’s going to be no can do for a lot of retirees. Most people would want to rent rather than buy
Not surprised by M’sian government to roll out confusing and absurd policies or requirements. Knowing for forty years how the people run the government sloppily there, I have always set low expectations on the M’sian government. They never get things right the first time.
As a viewer now unhappily retired in Bali this is very disappointing news! I was really getting excited to move to a place with less pollution, less traffic, more open space and less chaos! I was very excited about the low price of a luxury condo rental. But now, having to move half of my retirement income to a Malaysian bank and then spend half (or more) of that in a property makes the plan an egregious no-go! Cheers!
@@keangwooichoo6138 Too much pollution, traffic and lack of open space. Uncontrolled development with no planning for traffic, no solid waste systems and no regard for the environment. Cheers!
Thanks for the update Andrew. What a PIA these regulations are! Makes me think the Malaysian government has little interest in attracting foreign retirees. Seems like a money grab with no permanent benefits. I'll email you with an update to our plan. Cheers.
How about buying the property without the MM2H? With a British passport I can stay 3 months. I'm thinking to buy in UAE and Saudi Arabia aswell so I could spend a few months in each country. No permanent home, just a traveller.
50% of the fixed deposit can be withdrawn once mm2h is approved, no need to wait for one yr after as the old mm2h. Once mm2h is approved, must buy residential property from developer, not any property vendors. The 50% FD can be used to buy property and all expenses in Malaysia. Max agent fees of Rm40k is for the purpose as the yardstick of 1st payment of agency fees ie the max of initial agent fees can be no more than 20% of 40k ie rm8k. Once mm2h is approved, including all documents and pass of dependants, then balance of agency fees is payable. Also all mm2h must be applied thro approved licensed agents, no longer be allowed to apply personally.
Thanks your information. So USD 150K fixed deposit If one buys an apartment which worths MYD 600K=~USD125K. I can withdraw USD75K once the application is approved. Additional USD125K-USD75K=USD55K one needs to pay. The minimum one needs is USD150K+USD55K=USD205K (excluded Agent fee) It is not too bad but I prefer not to invest in any housing in Malaysia. The return is no good.
i dont know about property returns. However came across there are some area with good returns, guess some research needs to be done on that. However, property in malaysia comes with indefinite land ownership, unlike other country with only certain period of land ownership. me is not making profit on mm2h, just read the Malay document posted by an agent you tuber. AS i m a retiree, understand the difficulties of living abroad,
@@fc5520 if you want to buy properties in Malaysia that have higher chance to be sold back with profit, buy only landed properties. Don't ever buy high-rise. It's over built and overpriced. I see a lot of high-rise value plummet below original buying price. But even landed houses above MYR600K are not so liquid, it will take quite some time to sell back.
really? however comments here is they want to rent and not buy properties. I feel it is misunderstood, they can buy or use it for other stuff eg medical or travelling. Not necessary to buy a property. This is my understanding.
@@keangwooichoo6138 well, the new rules of mm2h is that one must buy property after approval of ones mm2h. Hence, if one does not comply their rules, one risk of having their mm2h right taken away. My friend, no one wants to buy a property given a choice, as having a property deprive one of the cash flow flexibility.
@@BangNguyen-ux4ie YES it is super-stable BUT Cambodia is by far the best and easiest in terms of 12 month no hassle VISAS... AND, the serious crime rate in places like SIEM REAP is virtually non-existent ! That is an irrefutable FACT.
@@BangNguyen-ux4ie no you are wrong.malaysia is politically unstable, very unstable and there are tons of racism and extremism in malaysia committed by the malays and muslims.this is the main reason why this crap is happening in malaysia.there is a lot of racist, extremist shit happening in malaysia.
Thank you for sharing Taylor. It is disappointing to see. I was hoping that Malaysia would be more welcoming to retirees of more modest incomes. It’s such a wonderful country.
I'm 41 and still got 20 years left until I retire but I'm also interested. Such a disappointment. They should just let us buy any property instead of putting a threshold.
These folks in the govt have no clue and are playing with the rules every 6 months. With such uncertainty & plan rule changes, the interest level among aspirant retirees will be low and not trustable. The mandatory rule to buy property as a part of the visa may be the way or outlet to get rid of surplus inventory (and help property developers), and help sell at premium prices to foreign suckers. And Finally a NO SELL RULE for 10 years is the biggest bummer. Once very desirous- NOW NOT ANY MORE.
I can manage all their requirements but buying a property is a deal breaker for me. I don't want to own property in my retirement age. If they get rid of the property requirement for applicants of certain age will make the program more attractive.
@@Koala-jj7go Home ownership comes with responsibility. Who wants that, especially when you are in a foreign country. What if you are no longer able to renew your visa? What if you want to move elsewhere? The change in the exchange rate will also affect the value of your property. There is too much to think about. When I retire, I do not want any stress. Renting is a much better option. Peace of mind is very important to me.
Taylor- the chart is pretty accurate. I was a BBB levto get the Mb slay language version of the new regulations (why they didn't publish an English language or Mandarin version is beyond me...do they only want Malay speaking applicants,😂). I speak some Malay and ran the version through a couple of Malay-English translators to see if I was getting anything wrong...and double checked with my large Malay-English dictionary where there were discrepancies. Nuance is important. As I see it the new conditions are almost as bad as the version previously called the PVIP. Actually they not only announced the three tiers (Platinum, Gold and Silver) but one more additional program to assuage the King of Malaysia, the Sultan of Johor) for those buying property in Forest City and some other developments in his State. No new applicants can simply rent, they must buy a residential property. They MUST hold that property or a more expensive purchased substitute for a minimum of ten years. Otherwise they will cancel your visa. Mind you, the silver category only gives you a fiver year visa, although it is renewable EVERY five years. Yes they use the Malay term for EVERY..implying that one can repeatedly renew. But in essence, until that ten years end you can only sell if you Buy-Up. Once the ten years passes it seems you can completely sell the property (and then move into a rental). None of the categories offer a pathway to Permanent Residency or Citizenship. BTW Malaysia requires renunciation of ones prior citizenship(s) to become Malaysian. They want to see documentation that you have done so. The years you spend under MM2H do not count as years accrued towards the eventual granting of PR (PR can work, set up a business, invest, and do everything but vote, in Malaysia). The ONLY work/invest category is the Platinum Plan. One still must show one is not taking away a potential job/business from a Malaysian competitor and/or demonstrate that you are creating jobs for Malaysians) The amount of the Fixed Deposit is definitely in US$, it's not a typo. The amount for the residential property "floor" is in Ringgit. The floor is the minimal price of property you are allowed to buy. You can go above that. However, it's unclear if the State "floors" can supersede the MM2H floors. Thus Malacca has a floor of RM 600,000 for a strata property, but if you are on the GOLD (15 year) MM2H you are required to purchase a property of at least RM1 million. So which has priority? An important Point to make clear is that there is no information on whether or not those already on previous versions of MM2H will be grandfathered. Or will they be compelled to convert to the new versions when they have to renew. It will be important to see how the Ministry of Tourism deals with this issue. Sarawak and Sabah have autonomy over their MM2H programs and so they are unaffected by these new rules. Sabah was set to announce their new Program on June st but the MM2H set up new agent requirements and suspended licenses for all MM2H agents in Malaysia. So Sarawak and Sabah agents are not allowed to proceed with applications until they re-register under the more expensive requirements or until Sarawak and Sabah set up their own licensing rules. Agents in Borneo do not generally deal with the Peninsular MM2H and so it's absurd that they'd need to be licensed there. I should point out that there is no mention about the fact that some on the Sarawak MM2H have moved to live on the Peninsula. That is not discussed in the new regulations, although it could come up in the near future since buying a residential property is now a condition of MM2H and Sarawak does not require this. One can buy, rent or simply transient like a Nomad. The only residency rule for Sarawak SMM2H is spending 1 month a year in the State. In the New MM2H rules there is a required THREE month residency rule. I'll post more about the Special Economic Zone-Johor visa in a separate post. It's similarly in some ways to the tiered visa requiring a property purchase in Johor (but at the floor price of >RM1 million). You can only purchase the property from a developer, not from an independent seller or property agent. So that raises issues about choice, and how easily you can sell the property. But the FD is lower. So that option may appeal to some.
@@Am-jg1fj , You don't have to move to Barcelona and Madrid, where most of the problems of city living are. Spain has low population but don't try to find a job there if u are not spanish.
Indeed, so cheap flights, only 2hrs flight from UK to Spain, Portugal. There’s also Greece, Corfu, Italy, Malta, etc and much less humidity and so easy to fly there 3 - 4 times yearly, not have to uproot.
@@rolandskelcher3774 , Yes, hopefully those knuckle head in our western govt, does not trigger a nuclear exchange with Russia over Ukraine. I think right now I am planning to go as far as I can from this part of the world after moving from USA
Yes many countries around the globe are offering long stay visa for digital nomads or travellers. Do not confuse it with IMMIGRATION VISA. I don't see any government loosening immigration visa. All of them want tourist to come and spend lots of money to boost their economy but eventually they want you gone. Let's be real, very small percentage of travellers stay more then 1 month. It's main target is retired and backpackers.
I have an old friend who is a Malaysian architect... last I heard he had dozens of condos and homes that there was no market for and couldn't sell. No way I'm going to invest in a home or condo that will have little resale value. Cheers!
@@brianfeeley6140 yup, plentiful in msia n more is being built, ppl are lowly paid, so most cannot afford to buy that why house is a depreciating asset in Msia, opposite of wat property agents been telling foreigners, loads of lies!
Thanks so much for the update. I had commented on that situation on your last posting. Right after that i found what you have just talked about, and i understood it the way you laid it out. Sigh... I was hoping for some kind of retirement category as we are different from the digital nomads and business foreigners. Hopefully, it will develop further, but thank you for your take on it.
I’m sure you are happy that you were able to live there under the program in place when you did. This kind of contraction in programs is happening in many countries and is not terribly surprising. Thanks for the update. Cheers!
There is also a SEZ (Special Economic Zone) category! The requirement is you hv to purchase a property in this SEZ which is in the johor iskandar region. One has to placed USD32k in FD only. Good news for Singaporeans. Haha!
@@emmafournier6903I dont think so. However recently the Tourism minister is trying to set rules that all states must follow the federal government MM2H criteria. It's ridiculous. Hands down he is the worst tourism minister in recent memories. Can't even make up his mind what he wants with MM2H. Every few months he changed the requirements. Time for Anwar to get rid of him.
yes better to stay in Sarawak instead of West Malaysia bcos there is a lot of racist, extremist shit in west malaysia and the Sarawak government is better than the West Malaysia government
I know it’s frustrating but people interested in the MM2H must also look from Malaysia’s point of view. The program aims to bring in foreign investments into the country and it does not make sense if the amount coming in do not help to achieve anything substancial. Those interested to live in Malaysia can always seek employment as expatriates to add to our talent pool and if this country is where you want to set up permanent roots, MM2H can be be an option later on. As for retirees, you should wait to see if the program allows you to buy commercial properties which can be rented out instead of purchasing homes. As for comparison with other countries in the region, I do believe that they are also looking at tightening their programs and in the end most countries might basically be similar in their financial requirements. Best of luck to everyone ❤
humble opinion, it seems like the system is going to exclude many middle-class applicants (not particularly rich but able to spend in the country). let's say the rules of MM2h are relaxed and additional 50,000 people come in to spend average RM200 a day, that translates to RM10Million a day, more than RM300Million per month.
@@animahussin France is 1000% better and cheaper. You never have to buy real estate. Health care in France is superior. SS and IRA's 401Ks are not taxed there.
Thanks for the news, Taylor. Honestly, this just looks like Malaysia is saying, ‘No’ to ex-pats. Big deposits, property investments and no clear path to residency - a bad deal all around. Thailand is looking better and better!
Thank you for the video, it is unfortunate most people can't do this now, it was supposed to be 500k RM of fixed deposit, now they changed it to 150k USD, and top of that buying a property is mandatory. There is no way we can deposit the money and buy a property, can only do one or the other. So, goodbye Malaysia.
It's probably supply and demand. Cashed up people maybe from china are probably doing both so immigration thought why not make it mandatory. You know it's like a guy tips a waitress 5 dollars and now the waitress expects it.
Apply Sarawak MM2H. It’s affordable for age 50 and up. No need to purchase any property. Only required to stay 30 days in a year. You may live anywhere within West Malaysia not Sabah. It’s a great deal.
Are you aware that theres also a FOURTH tier in the federal MM2H program now? Its for the SEZ / SFZ zones in Malaysia. It has the most attractive terms versus the other 3 tiers now. However you still have to purchase a property. Looks to me that the Malaysian government is trying to push foreigners to go and snap up the excessive properties in those areas in exchange for residence visas there.
property purchase as a foreigner an incredibly risky move; so is putting a huge chunk of your nett worth in Ringgit - note, the Ringgit USED TO BE AT PARITY with the Singapore dollar; look at the difference now.
you cough up RM600k but by the time you complete the transaction plus stamp duty it will be RM650K. Then your visa isn't renewed after 5 years and you have to leave. What do you do with the house? tell agent to rent it while you are overseas and the renter refuses to pay. You are really screwed.
For me as a local, this is an attempt to clear up the overhang new property sales ... by forcing MM2H participants to buy those unsold property units. Plus, this will negatively affect locals because property speculators will try to markup property price again due to the "new demand". The only winner is those developers. They decided to build properties that is out of reach of most locals, they should bear the brunt instead of government forcing MM2H participants to buy it.
Razi.... True. I do not want the local population to be mad at me if I buy a condo. I'm sure the developers have a strong say in any laws affecting their sales. Sad but true.
Isn't it very silly for this revised MM2H policy to require a mandatory purchase of a rather hefty property, and cannot sell it within the first 10 years ? 1) A Silver applicant's validity is only 5 years . What will happen to his property when the validity expires ? 2) Don't expect the property price to appreciate after 10 years, given there are and will be plenty of new developments with so much land space in Malaysia. You will likely forced to sell it at a fraction of what you had paid 10 years ago. With frequent change of governments in Malaysia, you will not know what changes to this MM2H policy will surface along the way. No doubt, one will be very tempted to stay in Malaysia, given the very affordable daily cost of living and very nice food, but I will rather rent a place and stay , rather than choose this MM2H route.
Sarawak MM2 H is the best. We are absolutely interested to apply retirement visa under Sarawak program. It’s much affordable. The housing rental is reasonable. Foods are cheap. Sarawak is peaceful. Airfare for seniors is pretty reasonable. Health care system is way much affordable than in America. And So the Dental and Vision care are very affordable even without insurance.
Lots of Chinese want to come for their kids education and westerners want to retire here running away from high inflation……I am a Chinese American planning to retire here . But now I have to think about it again . I hate the idea of buying the property when I have no experience of living there .
@@angooredcow157 thank you ! Yes 👍 . I planned to take my husband there this winter . But the new rules may make this trip just an ordinary trip . We can afford anywhere. But we love the multi-cultural atmosphere. Esp for my Chinese background.
I’m Malaysian Chinese. Retired. Own a property in Malaysia. Life is good. Slow pace. Penang island - Large population of Malaysian Chinese, good food KL - Large population of Malaysian Chinese, international city, metro transport, large international malls JB - Large population of Malaysian and Singaporean Chinese, half an hour to an hour trip to Singapore
I think they will change it again. I don't think this will increase investment. I think it will have a detrimental overall effect on the over development with many more empty properties. The requirement to hold a property for longer than a visa is worth will cause a lot of pushback.
Hi Andrew. It sort of seems like the only sensible choice is the silver one, renewable every five years. However, you have to be in Malaysia 90 days a year, and cannot sell the property for 10 years. Not that good for retired folks. Plus you have to hdve a fixed deposit of $150,000 USD AND a minimum property purchase of $120,000 USD, for a total commitment of $270,000. Most people won't bother with this arrangement, especially when Cambodia doesn't have anything like this. That's my two cents. It looks like Malaysia wantseto discourage expats. Especially if you have to have a monthly income of at least $8,000.
There's an additional category you left out, linked to Special Economic Zone in Johor, where the hurdle on deposit is very low but you have to buy a property directly from a developer, not on the secondary market. Overall, the Malaysian government wants a program that fits their objectives, and supporting the property market is a big one given the oversupply.
SEZ should encompass Iskandar, of which Forest City is a part. That's my understanding, but it needs to be clarified and I'm waiting for feedback from the agents I talk to. Even so, the low hurdle on the SEZ MM2H limits what property you can buy as there is more choice and price flexibility on the secondary market. Interesting times!
@@andrewtaylor4558 Hehe, I was wondering what was it, and it turned out to be Earl Grey so engrossed with something, hehe. Hope that he'll be your lucky charm retiring in Malaysia. As for the MM2H, hmm, I'm not sure where the policy makers are heading to, especially for the people who have committed to the earlier MM2H, the new one should only involves the new applicants, don't you think so. Well, anyway, stay tuned for the latest update from the local daily newspapers. 😀
This is very useful information, i will keep tuning in, interesting, sounds out of reach for most though, the only reason we have bought here is my hubby is Malay, & i am a westerner, so slightly easier, we didn't consider the program, we thought out our retirement plan,for long term here, but the plan is changing lol .... (although sorting out my visa for one year has been expensive & long winded affair). When a lot of money is involved on this program, it's going to deter people from coming here unless your very very rich which most of us arenot. For outsider's wanting to make a retirement plan, it's a shame, if considering Malaysia, nothing is easy, no free lunch, i suppose for the more wealthy not an issue, but every country has it's own rules, reason behind the changes, who knows, most likely to attract wealth, I have been here for months, but find it too hot, so maybe returning to the west. Maybe renting for most is an option or be a nomad, & visa run's, lot of people are doing that. I suppose everyone's circumtances vary, there is no such thing as a silver lining, or a free lunch, wherever you choose to live or retire to. Life can be complicated and a challenge. BTW Earl Grey was having a lovely wash 🐾🐾🐾
Sadly, the latest MM2H is even more difficult requiring Real Estate purchases in addition. Also the very expensive Platinum no longer leads to Permanent Residency ? Basically screening out low income Expats who will go to Laos, Cambodia,Thailand and the Philippines now.
100% correct. If one wishes to live in an Asian country where English is a second language, Philippines is the best choice. The permanent visa options here are also very inexpensive. The visa category called the Special Resident Retirement Visa (SRRV) costs $1400 to apply, and is renewed annually for $10. The required deposit depends upon the visa sub-category, and mine (Expanded Courtesy, which includes ex military, retired engineers, artists, physicians) is only $1,500. Other subcategories, which depends on the number in your family and your age, have deposit requirements that may be higher, but there is ZERO requirement for retiree property purchase, which is just a Malaysian govt racket. In addition , should you wish to sign up for the health plan here, PhilHealth, this option exists after you’ve had the SRRV for at least 1 year. Finally, Philippines is further north, so the weather can be less intense than Malaysia. Notably , Philippines does not tax expat worldwide foreign income, unlike some countries. The Philippine govt simply wants retirees to move here and spend money within the country, which helps the economy.
Obligation to buy a property is no-go for me. And what about dividend, interest, and capital gains from my overseas assets and securities? Many are still confusing, because they are changing constantly…
Initially I read the property value as the minimum value of a property if an applicant does desire to purchase a property. In other words, you are not allowed to buy cheaper properties, in case too many foreigners rush in and then jack up the local property prices for average Malaysians, so foreigners are restricted to high priced properties only. But seems most youtubers explain that all applicants are REQUIRED to buy a property at that value or higher. If the later is true, Malaysia will be off the list for majority of the people, even for those can easily afford it. How many people want this large sum of money tied up in Malaysia and become dead money? For sure I don't.
imo their govt doesn't want too many chinese people moving there or in your case retired people they don't want to disrupt the balance between the ethnic groups anyway, in a few years, they'll probably change the rules again...depending on how many come in = if too many come in, they'll tighten it, if not many come in, they'll loosen it
Retired people fully fund themselves and so are an asset to Malaysia. As for mainland Chinese, all Malaysia has to do is ban then from the visa program and/or put them in a separate category. See what happens if an Israeli applies for a visa here. The Malays have been messing around with ethnic groups and manipulating statistics since 1957 in attempts to claim Malaysia belongs to them and is an Islamic country. It's long beyond time they stopped playing these childish games and repealed their racist laws.
I was really looking forward to applying but I am priced out. I wish I had applied earlier but I was not 50 and was waiting to apply after 50. Oh well! Let’s see where I land.
Shame, we do not want to buy a place and cannot afford it with that deposit on top. Going to need £218000 just to get the Silver at least. We were so looking forward to the new rules giving us entry to Malaysia, we can get the deposit but we were then planning to rent, so we could move around Malaysia. This is for our retirement, we don't need property or land. Will have to look at the Sarawak MM2H.
I read through the comments and many are pointing out the requirement to purchase property is to help developers with many unsold condos. If that is really the case they should lower the fixed deposit so applicants can use the money as down payment for the property purchase. In addition they should increase the term as well. I mean if I buy a property then wouldn’t it make more sense to allow me to stay in Msia for 10 years versus 5? I feel like whoever made the rules weren’t really thinking carefully. Hopefully the number of new applicants significantly decreases forcing the government to make changes again in a couple of years. One final thought I wonder if these new rules are set up to attract Hong Kong people.
I can't imagine anyone would want to purchase property in order to get 5-year residency and not be able to sell it for 10 years. Although I was disappointed they changed the requirements, now I'm quite relieved I chose a different path.
Which path did you choose- Sarawak mm2h? They too could enforce the "cannot stay in peninsula Malaysia" rule at anytime. It's so difficult to plan when everything seems so up in the air and the frequency of rule changes is scary
Buying property in good location like Desa Park City, Mount kiara and Bangsar will surely make money after 10 years. Malaysia is the only country allow foreigners to own property without paying exorbitant stamp Duty and price. If you own a property, you can save a lot on rental.
I disagree. I can get ~20% per year in return in long term (>=10 years) in the market. I don’t think Malaysia apartment can get such high return, not even close! However, MYD 600K is not that bad!
I have been living in Mont Kiara since 2012 and know the area very well There are many vacancies here so what you said is NOT true. I was forced to move out as the new owner wanted to raise rent and I did move out on 27/6/2023. Up to today (19/6/2024) it is still empty. How do I know that? I moved 3 floors up and can see / view the vacated unit. Even the condo where I am living now was empty for over 5 months before the landlord agreed to my offered rental price. My point is before posting check the facts.
@@valentinorossi7771 I owned a few properties in Mount kiara bought 10 years ago . I sold my Residensi 22 3 years ago and make some good profit . The rest I rented out and yield is pretty good. Currently all the properties have increase in value .
lol, meanwhile both the country's currency looses value and inflation rises and paying for taxes, maintenance, fees for the real estate ownership that can not be sold is insane! no one wants to stay in 1 places during their golden years!
I'm truly aghast at the idea of being forced to purchase a home, and that we no longer are able to use the same funds as before. I wanted to rent to better understand the areas before deciding on a place to buy a home, this is such an odd requirement. I truly hope there is something lost in translation. Isn't this the fourth time they have changed the policies in around 5 years? I really want to settle in Malaysia, but the lingering fear of instability with my visa status worries me. The silver lining that I see in the change is the minimum purchase prices for homes changed for the silver lining, allowing more people to purchase cheaper homes. I truly hope that they are some referendums to the requirements, and they solidify them. I understand protecting your country and home opportunities for your people, we all want to protect our homes, but cutting off the hand because of a single bad finger is not the answer.
@@byteme9718 Absolutely! I'm confused why they are changing the policies so often, and it comes off intimidating to somebody who has to worry about a long term visa. My wife and I want to be there legally, not border hop. I hope we get that chance.
@@aaronreed8402 Don't even consider moving here unless you've spent at least a full 90 days experiencing Malaysia. Even that isn't enough because you really need to see how the weather changes over a year which even then may not represent the norm. Malaysia is not endless blue skies and rain and pollution can cause real problems. Slash and burning in Indonesia causes annual problems to much of Malaysia and this is exacerbated greatly in El Niño years. 90 days is enough to become conversationally fluent and long before you arrive you should read the Malaysian newspapers to give you a good idea of what Malaysia is like. It will, over time, give you some idea of the political views across the country including how extreme Islam, in some states, is. One canes young women in public and three want to execute apostates. A good idea of how westerner friendly Malaysia is would be to look at how the votes at the last election were cast and to understand those results are dominated by Malays because of the skewed system that favours them. Malays are friendly but as with any group, the overall opinion is different but there is a generally an anti western, anti Muslim and anti American sentiment that's becoming increasingly apparent. Especially so if you speak the Malay language. You'll likely never have a bad experience with Chinese, Indian or other Malaysians. Too many people concentrate on KL but it's truly the last place I'd live. It's a small parts of a much wider, poorly designed urban sprawl. It's not worth contemplating a long term visa unless you can find a place you'll be happy in. Suffice to say, whatever you think Malaysia is, the reality is very different.
There are no free lunches. Countries like Thailand, Malaysia, Vietnam can choose what sort of people it allows to migrate. Situation is the West is worensing specially with high inflation. This is the prime reason why many flee to such countries. Government of these countries are not dumb. They don't a burden in fact they want the cream del a cream. Those who can help their economy. It's not a free for all. Expect rules to get tougher as things worsen in the West.
You are correct. However, we are headed towards a global recession/depression. As things get "worse" globally, many foreign countries will loosen their visa policies (BOOK IT). For example, Thailand recently coming out with a new Destination Thailand Visa (DTV). When overseas travel stalls out, unemployment hits remote workers..etc tourism will slow down and some of these higher financial requirements will be reduce to attract foreign money/investments (imho). Be patient
Meanwhile the West and the U.S. are flooded with the undesirable bottoms of other countries that want free stuffs and probably commit criminal acts towards legal citizens
Retirees not interested can study the other 2 MM2H regions of Sabah and Sarawak. They are autonomous regions of Malaysia. Also Johor state near to Singapore has another option(due to the king is from Johor)
It seems to me, they really don't want people coming there lol. And that's okay. There are plenty of other countries offering better visas with comparable if not better lifestyles. Go where you're wanted is what I say!
Another alternative might be registering a company in Luban with a fixed tax of $5000 per year and you can get a 2-year work visa for dependants as well. The total cost is $15k to $20k with no paid-up capital. That's what I am looking into. Seems to be a better option. Just a thought.
Thanks for update but Is there an extract from any formal government doc? You show a piece of local newspaper, which could be prone to mistyping, incorrect details, incl rumour etc
@@mafarnsims UHNW & HNW are basically wealthy people. UHNW = Ultra High Net Worth (individual with at least USD30 million investable asset) HNW = High Net Worth (individual with USD1 - 5 million investable asset)
@@mafarnsims UHNW & HNW are basically wealthy people. UHNW = Ultra High Net Worth (high-net-worth individual with at least USD30 million investable asset) HNW = High Net Worth (high-net-worth individual with USD1 - 5 million investable asset)
@cleanenergyinside1921 who cares buying real estate anywhere in the world is a horrible investment It's not the 199p anymore So many manalysian bots saying this same line it's pathetic
@@VirtousStoic If you are American, you would say that. For Asians however, secure money is more important than speculative high risk money. Thats why Asians have more savings while the west accumulates debt.
@cleanenergyinside1921 I will simplify this for u. Me and other people here are foreigners (i.e not from the continent of asia) because Why would someone from signature go to malaysia. Or Thailand go to a similar country economically job wise etc malaysia. Use logic Forcing foreigners to buy real estate in malaysia is a scam Why Because it's like donating money to malaysia Why Because the expat will never be able to sell the condo again Why Because malaysia keeps building buildings and so many of these modern buildings no one is living in because local Malaysians can't afford them Therefore the only way to sell is to a new expat Therefore this is a scam, a donation to malaysia Meaning no one with a brain will ever come until they change this Ciao lol
Best to do a video on SMM2H. MM2H is a dead program unless you are grandfathered. The new program is even worse than the prior program. Who will spend 350k for an illiquid house and have to hold it for 10 years. Reality is that you can never sell it. Thanks for the video.
@@paulhefner2813I suppose property is generally illiquid all over the world but in my neighbourhood, transacted prices have gone up 20% in 2 years and sellers are certainly able to sell. Not all neighbourhoods are the same of course but I’m a happy real estate investor in KL.
@@paulhefner2813 In addition, the poor construction standards make property a liability and even if you can sell, depending on the economic circumstances, the government could prevent the money from leaving the country. The same would apply to the deposit that even under the best scenario could take forever to refund. The government often takes well over a year to pay it's contractors so a foreigner leaving is hardly likely to be treated better. If/when that happens there's pretty much nothing that can be done apart from spending a fortune suing the government.
Nope - I want to rent. I am retired, and if I die suddenly I don't want my relatives to have to deal with selling my property overseas. Having to purchase a property with a substantial portion of my life savings is a deal breaker. Deposits are fine.
Thank you for letting us know.
I understand. i am 56 and planning for retirement too. Maybe part time job.
There is one alternative MM2H program that does not require property purchase for those over 50 years of age. That's the Sarawak MM2H. One has the option of buying, renting or not dealing with property at all. They have a one month/year mandatory visit requirement. The FD is either RM150,000 (single) or RM 300,000 (couple).Ringgit, not DOLLARS! If you do buy property you can use 40% of the FD for reimbursing you for property costs. The "floor" for purchasing a landed property is RM600,000 but there is no limit on the purchase of Strata property (condos, Flats, apartments). You can buy cheap, middle, high. Property purchase is only mandatory for those 30-49. And there is a waiver for those who put kids into a Sarawak international school.
So are there any other financial requirements? If you are single you should be able to show you have pension or salary income of RM7000 /mo. (at current exchange rates thats about US$1475). For couples it's RM10,000/month (@$2105). Recently Sarawak has opened up a proof of consistant overseas savings option which is @ RM50,000 single and RM 100,000 couple).
So for the basic financial proofs there is the pension/salary (or savings), Plus the FD. Only those under 50 need to buy a property...waived if you have a kid in school.
MUCH better program. And the vibe in Sarawak is very laid back and welcoming. Not like a metropolis, but it has a great Museum and lots of Nature tourism.
I'm 41 British Bangladeshi. I want to buy an apartment and rent out for the next 21 years until I retire.
I'm sure a lot will change until I retire.
No. Don't purchase any property here ever. Rent. Period. If not no go
Only reason anyone should buy property abroad is, you have Residency, Citizen status of that country. Any other person buying property abroad is just gambling. As policies can change anytime.
If you are dedicated to renting them you will not be eligible for any of the new MM2H tiers. All require the purchase of a residential property.
The only MM2H program that currently does not require a property purchase is the Over-50 Sarawak MM2H. Under 50 years the SMm2H does require a property purchase of RM600,000 but that can be waived if you have a kid enrolled in a Sarawak international school. Or if you are undergoing treatment for an ongoing medical issue in a Government certified clinic or by a Govt certified Sarawakian.physician
@@gerrelldrawhorn8975 Go Sarawak, nicer ppl there,🙂
Why would anyone get this? Ignore the absurd real estate requirement for a moment. $150k invested in an index fund will return around $15k/year. That's enough to pay for annual rent in another SEA country. You could get 2 places in different cities you like and fly back and forth every 3 months. Maybe somewhere a little cooler to escape the heat and city life for a bit like Baguio or Dalat.
This is a complete bummer. Paying 150,000 USD is a pretty hefty sum for many retirees but is manageable. However, being forced to part with a further 600,000 (plus) Malaysian Ringgit to purchase some condo is crazy. Many retirees prefer to rent for the simple reason they are short of years to see their investment grow (and would it??). I have a feeling Vietnam, Laos, Cambodia and the Philippines may be the winners here.
nah, other than the phillippines, the rest of those countries have lower english ability and are less developed
@@yux.tn.3641but at least other retirees could still afford to retire there. Malaysia is again out of reach.
@@yux.tn.3641 Have you seen the state of development in the Philippines? It's even fallen behind Cambodia, which was decimated entirely during the Khmer Rouge regime. The only thing Philippines excels at is producing children and exporting work force to other countries.
@@KeepingItRealBro ah, i mentioned the philippines, because they speak good english
but yeah, malaysia and singapore is still the best in SE Asia
@@yux.tn.3641 Have you been to Penang, Malaysia and Singapore? Their English is hardly poor. In fact, many can speak three languages.
On graduation, the high school kids go to universities in developed countries. They end up as physicians, engineers, lawyers, accountants, and physicists from outstanding universities such as Harvard, Oxford, Imperial, and Sydney University.
Some graduates return home to work in lucrative jobs. Politics, however, is bad in the home countries, so many opt to stay overseas.
As you can see, your blanket statement, “…lower english ability and are less developed” is inaccurate and misleads. People are educated and thriving. Folks you meet in the market places are naturally less educated but it is the same everywhere. The cashiers in my western supermarkets are not very literate.
I think bouncing around between different Sth East Asian countries is more appealing than staying in just one country. Personally, I'd spend 3 months in Malaysia, then 2 months in Thailand, then 1-2 months in Vietnam or Indonesia, then repeat. The main downside is the extra cost for accommodation and travel. It would still be way cheaper than living in a Western country, however and more interesting too.
Good plan!
Impossible to that so frequently when we aged.
Yeah, it would be a lot cheaper than staying still in Malaysia with these visa costs.
How do you intend to do that?
Make constant visa runs? That is so exhausting.
Unless you are moving there alone, by yourself.
Your plan won't really work for those with families.
Having children won't be ideal but retirement yes (running around)
Thanks for this info....enjoyed from Toronto Canada
Hi Andrew. We both enjoy your vlogs. We know Malaysia very well, my partner is Malaysian, but we live in the UK. We visit the country as often as we can and our next visit is 2025. It would be lovely to meet up with you when we are next over in Malaysia and have a coffee with you. You are probaby in your new apartment by now. Hope you are well and happy. Ashley x
Just moving today!
Just moving today!
The compulsory property purchase is a big twist. Many expats like renting for the flexibility, mobility and financial. Buying a property is a big commitment.
I just don't understand how that's a compliance? You have such a small window to be legally there while applying for the paperwork, and your expected to find and close on a property as well?
Hopefully they will retract this requirement.
I sense a business opportunity.
@@aaronreed8402 No they will not as they will lose face. If they do then it will be in the future (next year at the earliest). Que sera sera. Let them dictate the conditions and once they figure out not many apply then it gives them a second thought. If they change it again then they will lose credibility.
is it compulsory? I am not so sure about that part. I am malaysian. Coz withdrawal can be used for travelling or medical too.
There is a MASSIVE glut of unsold properties in Malaysia, ever heard of Forest City? Its just the tip of the ice-berg. It makes zero sense for foreigners to buy properties in Malaysia. You end up paying property taxes for nothing besides cracking your heads over frequent poor maintenance and security issues for property that depreciates over time. Its a zero sum game. Don't read too much into Malaysian policies because they keep changing, the country is run by a bunch of clowns who cannot pass junior high school exams even if they tried.
A deposit of $150k and then buying a home for RM600k ($130k) to stay for 5 years is kind of exorbitant. It’s going to be no can do for a lot of retirees. Most people would want to rent rather than buy
Yep
What if they made it a 20 year visa . Would you buy then ?
Not surprised by M’sian government to roll out confusing and absurd policies or requirements. Knowing for forty years how the people run the government sloppily there, I have always set low expectations on the M’sian government. They never get things right the first time.
It was nice to see your cat relaxing in the background
As a viewer now unhappily retired in Bali this is very disappointing news! I was really getting excited to move to a place with less pollution, less traffic, more open space and less chaos! I was very excited about the low price of a luxury condo rental. But now, having to move half of my retirement income to a Malaysian bank and then spend half (or more) of that in a property makes the plan an egregious no-go! Cheers!
can you share why you are unhappy in bali?
Forget about Malaysia!
Have you considered Argentina? There are cities that offer all of the above at lower costs than Malaysia.
@@keangwooichoo6138 Too much pollution, traffic and lack of open space. Uncontrolled development with no planning for traffic, no solid waste systems and no regard for the environment. Cheers!
@@brianfeeley6140Don’t expect anythiong but air pollution in KL / Malaysia too. Unfortunately the whole of SE Asia is in high air pollution levels.
Thanks for the update Andrew. What a PIA these regulations are! Makes me think the Malaysian government has little interest in attracting foreign retirees. Seems like a money grab with no permanent benefits.
I'll email you with an update to our plan. Cheers.
It's always been about the Money..
Wow…this law passed for mandatory requirement for the purchase of property is really, really steep.
They need to get rid of the property that builders overbuilt.
Buying property is compulsary and on top
Of that not allowed to sell it for 10 years.
This is not fair
How about buying the property without the MM2H?
With a British passport I can stay 3 months. I'm thinking to buy in UAE and Saudi Arabia aswell so I could spend a few months in each country. No permanent home, just a traveller.
50% of the fixed deposit can be withdrawn once mm2h is approved, no need to wait for one yr after as the old mm2h. Once mm2h is approved, must buy residential property from developer, not any property vendors.
The 50% FD can be used to buy property and all expenses in Malaysia.
Max agent fees of Rm40k is for the purpose as the yardstick of 1st payment of agency fees ie the max of initial agent fees can be no more than 20% of 40k ie rm8k. Once mm2h is approved, including all documents and pass of dependants, then balance of agency fees is payable.
Also all mm2h must be applied thro approved licensed agents, no longer be allowed to apply personally.
Thanks your information. So USD 150K fixed deposit
If one buys an apartment which worths MYD 600K=~USD125K.
I can withdraw USD75K once the application is approved.
Additional USD125K-USD75K=USD55K one needs to pay.
The minimum one needs is USD150K+USD55K=USD205K (excluded Agent fee)
It is not too bad but I prefer not to invest in any housing in Malaysia. The return is no good.
i dont know about property returns. However came across there are some area with good returns, guess some research needs to be done on that. However, property in malaysia comes with indefinite land ownership, unlike other country with only certain period of land ownership.
me is not making profit on mm2h, just read the Malay document posted by an agent you tuber. AS i m a retiree, understand the difficulties of living abroad,
@@fc5520 if you want to buy properties in Malaysia that have higher chance to be sold back with profit, buy only landed properties. Don't ever buy high-rise. It's over built and overpriced. I see a lot of high-rise value plummet below original buying price. But even landed houses above MYR600K are not so liquid, it will take quite some time to sell back.
really? however comments here is they want to rent and not buy properties. I feel it is misunderstood, they can buy or use it for other stuff eg medical or travelling. Not necessary to buy a property. This is my understanding.
@@keangwooichoo6138 well, the new rules of mm2h is that one must buy property after approval of ones mm2h. Hence, if one does not comply their rules, one risk of having their mm2h right taken away.
My friend, no one wants to buy a property given a choice, as having a property deprive one of the cash flow flexibility.
Hoping your medical check up went well! I had a procedure at Gleneagles Hospital in Penang - superb service.
Yes medical tourism is strong here too.
Absolutely ridiculous! Such greedy policies. Philippines here I come. Thank you Taylor.
Cambodia is far better than ANY other country.
@@LJ-jq8og Malaysia has the most stable government in all the SE Asia countries though
@@BangNguyen-ux4ie YES it is super-stable BUT Cambodia is by far the best and easiest in terms of 12 month no hassle VISAS... AND, the serious crime rate in places like SIEM REAP is virtually non-existent ! That is an irrefutable FACT.
@@BangNguyen-ux4ie AND I can visit Malaysia all the time when I want to.
@@BangNguyen-ux4ie no you are wrong.malaysia is politically unstable, very unstable and there are tons of racism and extremism in malaysia committed by the malays and muslims.this is the main reason why this crap is happening in malaysia.there is a lot of racist, extremist shit happening in malaysia.
The more updates, the more confusion. Welcome to Malaysia!😂
Yep. Hi Eric!
Thanks for the update!
Just be patience and wait for more clarifications.
Thank you for sharing Taylor. It is disappointing to see. I was hoping that Malaysia would be more welcoming to retirees of more modest incomes. It’s such a wonderful country.
I'm 41 and still got 20 years left until I retire but I'm also interested. Such a disappointment. They should just let us buy any property instead of putting a threshold.
These folks in the govt have no clue and are playing with the rules every 6 months. With such uncertainty & plan rule changes, the interest level among aspirant retirees will be low and not trustable. The mandatory rule to buy property as a part of the visa may be the way or outlet to get rid of surplus inventory (and help property developers), and help sell at premium prices to foreign suckers. And Finally a NO SELL RULE for 10 years is the biggest bummer. Once very desirous- NOW NOT ANY MORE.
You hit the nail on the head.
I can manage all their requirements but buying a property is a deal breaker for me. I don't want to own property in my retirement age. If they get rid of the property requirement for applicants of certain age will make the program more attractive.
I hear you.
Go to Malaysia for 3 months holiday, then Thailand, etc, back to M’sia again instead of buying property
Why is it bad to own property in retirement age?
@@Koala-jj7go Home ownership comes with responsibility. Who wants that, especially when you are in a foreign country. What if you are no longer able to renew your visa? What if you want to move elsewhere? The change in the exchange rate will also affect the value of your property. There is too much to think about. When I retire, I do not want any stress. Renting is a much better option. Peace of mind is very important to me.
@suey1031 thanks very much for your reply. Do you mean owning a home overseas or even owning a home in your home country ?
Finally MM2H Out For Application 🎉
Thanks for bringing this info to us Taylor, appreciate the time you took to make the video 😊
Taylor- the chart is pretty accurate. I was a BBB levto get the Mb slay language version of the new regulations (why they didn't publish an English language or Mandarin version is beyond me...do they only want Malay speaking applicants,😂). I speak some Malay and ran the version through a couple of Malay-English translators to see if I was getting anything wrong...and double checked with my large Malay-English dictionary where there were discrepancies. Nuance is important.
As I see it the new conditions are almost as bad as the version previously called the PVIP. Actually they not only announced the three tiers (Platinum, Gold and Silver) but one more additional program to assuage the King of Malaysia, the Sultan of Johor) for those buying property in Forest City and some other developments in his State.
No new applicants can simply rent, they must buy a residential property. They MUST hold that property or a more expensive purchased substitute for a minimum of ten years. Otherwise they will cancel your visa. Mind you, the silver category only gives you a fiver year visa, although it is renewable EVERY five years. Yes they use the Malay term for EVERY..implying that one can repeatedly renew. But in essence, until that ten years end you can only sell if you Buy-Up. Once the ten years passes it seems you can completely sell the property (and then move into a rental).
None of the categories offer a pathway to Permanent Residency or Citizenship. BTW Malaysia requires renunciation of ones prior citizenship(s) to become Malaysian. They want to see documentation that you have done so.
The years you spend under MM2H do not count as years accrued towards the eventual granting of PR (PR can work, set up a business, invest, and do everything but vote, in Malaysia). The ONLY work/invest category is the Platinum Plan. One still must show one is not taking away a potential job/business from a Malaysian competitor and/or demonstrate that you are creating jobs for Malaysians)
The amount of the Fixed Deposit is definitely in US$, it's not a typo.
The amount for the residential property "floor" is in Ringgit. The floor is the minimal price of property you are allowed to buy. You can go above that. However, it's unclear if the State "floors" can supersede the MM2H floors.
Thus Malacca has a floor of RM 600,000 for a strata property, but if you are on the GOLD (15 year) MM2H you are required to purchase a property of at least RM1 million. So which has priority?
An important Point to make clear is that there is no information on whether or not those already on previous versions of MM2H will be grandfathered. Or will they be compelled to convert to the new versions when they have to renew. It will be important to see how the Ministry of Tourism deals with this issue.
Sarawak and Sabah have autonomy over their MM2H programs and so they are unaffected by these new rules. Sabah was set to announce their new Program on June st but the MM2H set up new agent requirements and suspended licenses for all MM2H agents in Malaysia. So Sarawak and Sabah agents are not allowed to proceed with applications until they re-register under the more expensive requirements or until Sarawak and Sabah set up their own licensing rules. Agents in Borneo do not generally deal with the Peninsular MM2H and so it's absurd that they'd need to be licensed there.
I should point out that there is no mention about the fact that some on the Sarawak MM2H have moved to live on the Peninsula. That is not discussed in the new regulations, although it could come up in the near future since buying a residential property is now a condition of MM2H and Sarawak does not require this. One can buy, rent or simply transient like a Nomad. The only residency rule for Sarawak SMM2H is spending 1 month a year in the State. In the New MM2H rules there is a required THREE month residency rule.
I'll post more about the Special Economic Zone-Johor visa in a separate post. It's similarly in some ways to the tiered visa requiring a property purchase in Johor (but at the floor price of >RM1 million). You can only purchase the property from a developer, not from an independent seller or property agent. So that raises issues about choice, and how easily you can sell the property. But the FD is lower. So that option may appeal to some.
Maybe there are too many empty unsold properties and they are trying to solve that problem using retirees
So confusing. Appreciate you staying on top of this subject.
Thank you, Taylor for yoir update. All of sudden, Spain and Portugal are the options now.
spain sounds cool
@@Am-jg1fj , You don't have to move to Barcelona and Madrid, where most of the problems of city living are. Spain has low population but don't try to find a job there if u are not spanish.
Indeed, so cheap flights, only 2hrs flight from UK to Spain, Portugal. There’s also Greece, Corfu, Italy, Malta, etc and much less humidity and so easy to fly there 3 - 4 times yearly, not have to uproot.
@@rolandskelcher3774 , Yes, hopefully those knuckle head in our western govt, does not trigger a nuclear exchange with Russia over Ukraine. I think right now I am planning to go as far as I can from this part of the world after moving from USA
Yes many countries around the globe are offering long stay visa for digital nomads or travellers. Do not confuse it with IMMIGRATION VISA. I don't see any government loosening immigration visa. All of them want tourist to come and spend lots of money to boost their economy but eventually they want you gone. Let's be real, very small percentage of travellers stay more then 1 month. It's main target is retired and backpackers.
Thanks for the update!
I have an old friend who is a Malaysian architect... last I heard he had dozens of condos and homes that there was no market for and couldn't sell. No way I'm going to invest in a home or condo that will have little resale value. Cheers!
The new rule says you are not allowed to sell the property unless for a upgrade, otherwise you lose the MM2H visa
🤔
@@KOP1031 😮
@@brianfeeley6140 yup, plentiful in msia n more is being built, ppl are lowly paid, so most cannot afford to buy that why house is a depreciating asset in Msia, opposite of wat property agents been telling foreigners, loads of lies!
Love your upbeat vids. Sadly that's not what I was hoping to hear. Can you do a Sarawak MM2H soon? Tks!
Next Video! 🤗
Thanks Taylor! Great help
Thanks so much for the update. I had commented on that situation on your last posting. Right after that i found what you have just talked about, and i understood it the way you laid it out. Sigh... I was hoping for some kind of retirement category as we are different from the digital nomads and business foreigners. Hopefully, it will develop further, but thank you for your take on it.
Check out our country, the Philippines.
Easier and more flexible options: pra.gov.ph/srrv/
Thanks Taylor. Disappointing news but important to know.
Thanks for the video! Also we hope your medical check up went well and your in great health!
Details to come. 🤗
I’m sure you are happy that you were able to live there under the program in place when you did. This kind of contraction in programs is happening in many countries and is not terribly surprising. Thanks for the update. Cheers!
There is also a SEZ (Special Economic Zone) category! The requirement is you hv to purchase a property in this SEZ which is in the johor iskandar region. One has to placed USD32k in FD only. Good news for Singaporeans. Haha!
Better apply Sarawak MM2H. It’s much much reasonable and affordable.
Yes … Do you need to buy a property there too ? I wonder if they will change the rules too ?
@@emmafournier6903I dont think so. However recently the Tourism minister is trying to set rules that all states must follow the federal government MM2H criteria. It's ridiculous. Hands down he is the worst tourism minister in recent memories. Can't even make up his mind what he wants with MM2H. Every few months he changed the requirements. Time for Anwar to get rid of him.
and only 30 days stay in borneo
@@secrets.295 idiotic minister from sarawak. Maybe he drank too much
yes better to stay in Sarawak instead of West Malaysia bcos there is a lot of racist, extremist shit in west malaysia and the Sarawak government is better than the West Malaysia government
I know it’s frustrating but people interested in the MM2H must also look from Malaysia’s point of view. The program aims to bring in foreign investments into the country and it does not make sense if the amount coming in do not help to achieve anything substancial.
Those interested to live in Malaysia can always seek employment as expatriates to add to our talent pool and if this country is where you want to set up permanent roots, MM2H can be be an option later on.
As for retirees, you should wait to see if the program allows you to buy commercial properties which can be rented out instead of purchasing homes.
As for comparison with other countries in the region, I do believe that they are also looking at tightening their programs and in the end most countries might basically be similar in their financial requirements.
Best of luck to everyone ❤
humble opinion, it seems like the system is going to exclude many middle-class applicants (not particularly rich but able to spend in the country). let's say the rules of MM2h are relaxed and additional 50,000 people come in to spend average RM200 a day, that translates to RM10Million a day, more than RM300Million per month.
@@animahussin France is 1000% better and cheaper. You never have to buy real estate. Health care in France is superior. SS and IRA's 401Ks are not taxed there.
Thanks for the news, Taylor. Honestly, this just looks like Malaysia is saying, ‘No’ to ex-pats. Big deposits, property investments and no clear path to residency - a bad deal all around. Thailand is looking better and better!
Thank you for the video, it is unfortunate most people can't do this now, it was supposed to be 500k RM of fixed deposit, now they changed it to 150k USD, and top of that buying a property is mandatory. There is no way we can deposit the money and buy a property, can only do one or the other. So, goodbye Malaysia.
🥲
It's probably supply and demand. Cashed up people maybe from china are probably doing both so immigration thought why not make it mandatory. You know it's like a guy tips a waitress 5 dollars and now the waitress expects it.
Apply Sarawak MM2H. It’s affordable for age 50 and up. No need to purchase any property. Only required to stay 30 days in a year. You may live anywhere within West Malaysia not Sabah. It’s a great deal.
Are you aware that theres also a FOURTH tier in the federal MM2H program now?
Its for the SEZ / SFZ zones in Malaysia.
It has the most attractive terms versus the other 3 tiers now.
However you still have to purchase a property.
Looks to me that the Malaysian government is trying to push foreigners to go and snap up the excessive properties in those areas in exchange for residence visas there.
Thank you so much for the update, Taylor! ☕
thanks for sharing us the information .
property purchase as a foreigner an incredibly risky move; so is putting a huge chunk of your nett worth in Ringgit - note, the Ringgit USED TO BE AT PARITY with the Singapore dollar; look at the difference now.
you cough up RM600k but by the time you complete the transaction plus stamp duty it will be RM650K. Then your visa isn't renewed after 5 years and you have to leave. What do you do with the house? tell agent to rent it while you are overseas and the renter refuses to pay. You are really screwed.
Put it on airbnb
@@fishing-gardening-travelling yes in theory. In retirement at over 65 years, people want to live in comfort, hassle free.
For me as a local, this is an attempt to clear up the overhang new property sales ... by forcing MM2H participants to buy those unsold property units.
Plus, this will negatively affect locals because property speculators will try to markup property price again due to the "new demand".
The only winner is those developers. They decided to build properties that is out of reach of most locals, they should bear the brunt instead of government forcing MM2H participants to buy it.
🥲
Follow the money trail and it always ends up with Malay politicians who've been robbing Malaysia since 1957.
Razi.... True. I do not want the local population to be mad at me if I buy a condo. I'm sure the developers have a strong say in any laws affecting their sales. Sad but true.
It won't even make a dent of a difference considering how many people qualify vs number of overhang properties.
Makan suap?
Even the native Malaysians (MM1H) are not required to buy a place, why MM2H have to?
Good question
Well, they're not inviting the whole world to come stay for free....
MM1H will probably not be extended after expiry. MM1H will have to apply the new MM2H
Most people retire to other countries because they are more affordable. If not, few people will go there.
Isn't it very silly for this revised MM2H policy to require a mandatory purchase of a rather hefty property, and cannot sell it within the first 10 years ?
1) A Silver applicant's validity is only 5 years .
What will happen to his property when the validity expires ?
2) Don't expect the property price to appreciate after 10 years, given there are and will be plenty of new developments with so much land space in Malaysia.
You will likely forced to sell it at a fraction of what you had paid 10 years ago.
With frequent change of governments in Malaysia, you will not know what changes to this MM2H policy will surface along the way.
No doubt, one will be very tempted to stay in Malaysia, given the very affordable daily cost of living and very nice food, but I will rather rent a place and stay , rather than choose this MM2H route.
Malaysia is crossed off my list. But if I come to that area of the world I will definitely visit!!
Thank you for the interest in visiting my country.
Thanks
Sarawak MM2 H is the best. We are absolutely interested to apply retirement visa under Sarawak program. It’s much affordable. The housing rental is reasonable. Foods are cheap. Sarawak is peaceful. Airfare for seniors is pretty reasonable. Health care system is way much affordable than in America. And So the Dental and Vision care are very affordable even without insurance.
Lots of Chinese want to come for their kids education and westerners want to retire here running away from high inflation……I am a Chinese American planning to retire here . But now I have to think about it again . I hate the idea of buying the property when I have no experience of living there .
Visit as a tourist before making the big decision to live there or any country.
@@angooredcow157 thank you ! Yes 👍 . I planned to take my husband there this winter . But the new rules may make this trip just an ordinary trip . We can afford anywhere. But we love the multi-cultural atmosphere. Esp for my Chinese background.
I’m Malaysian Chinese. Retired. Own a property in Malaysia. Life is good. Slow pace.
Penang island - Large population of Malaysian Chinese, good food
KL - Large population of Malaysian Chinese, international city, metro transport, large international malls
JB - Large population of Malaysian and Singaporean Chinese, half an hour to an hour trip to Singapore
@@tg988 Why are you even commenting in this thread since you are a citizen there and MM2H is not relevant to you at all.
@@tg988 thank you very much for your information❤️
Buy a property (does it even have to be residential?) , rent or lease it out and stay somewhere else at a cheaper place. Andrew does it.
Not sure
I think they will change it again. I don't think this will increase investment. I think it will have a detrimental overall effect on the over development with many more empty properties. The requirement to hold a property for longer than a visa is worth will cause a lot of pushback.
The good news is that there is no more income requirement
Hi Andrew. It sort of seems like the only sensible choice is the silver one, renewable every five years. However, you have to be in Malaysia 90 days a year, and cannot sell the property for 10 years. Not that good for retired folks. Plus you have to hdve a fixed deposit of $150,000 USD AND a minimum property purchase of $120,000 USD, for a total commitment of $270,000. Most people won't bother with this arrangement, especially when Cambodia doesn't have anything like this. That's my two cents. It looks like Malaysia wantseto discourage expats. Especially if you have to have a monthly income of at least $8,000.
Where does it say you need a monthly income of 8000 dollars a month? There is no mention of monthly incomes, just fixed deposits.
@@jimbo1480 I guess I misunderstood that along the line.
There's an additional category you left out, linked to Special Economic Zone in Johor, where the hurdle on deposit is very low but you have to buy a property directly from a developer, not on the secondary market. Overall, the Malaysian government wants a program that fits their objectives, and supporting the property market is a big one given the oversupply.
Yes
Forest city
SEZ should encompass Iskandar, of which Forest City is a part. That's my understanding, but it needs to be clarified and I'm waiting for feedback from the agents I talk to. Even so, the low hurdle on the SEZ MM2H limits what property you can buy as there is more choice and price flexibility on the secondary market. Interesting times!
Great update!
govt of msia want to use mm2h as a tool to solve unsold properties problem😅
ah , you have a point!
Hope that the latest update works for you. Hehe, I spotted Earl Grey playing something in the background.
Yes, I only noticed him while I was editing 😂
@@andrewtaylor4558 Hehe, I was wondering what was it, and it turned out to be Earl Grey so engrossed with something, hehe. Hope that he'll be your lucky charm retiring in Malaysia. As for the MM2H, hmm, I'm not sure where the policy makers are heading to, especially for the people who have committed to the earlier MM2H, the new one should only involves the new applicants, don't you think so. Well, anyway, stay tuned for the latest update from the local daily newspapers. 😀
Whatever the outcomes with the MM2H regulations, i still bet Msia is the best place to retire n residing for a harmonious n calm living😊
Absolutely
This is very useful information, i will keep tuning in, interesting, sounds out of reach for most though, the only reason we have bought here is my hubby is Malay, & i am a westerner, so slightly easier, we didn't consider the program, we thought out our retirement plan,for long term here, but the plan is changing lol .... (although sorting out my visa for one year has been expensive & long winded affair). When a lot of money is involved on this program, it's going to deter people from coming here unless your very very rich which most of us arenot. For outsider's wanting to make a retirement plan, it's a shame, if considering Malaysia, nothing is easy, no free lunch, i suppose for the more wealthy not an issue, but every country has it's own rules, reason behind the changes, who knows, most likely to attract wealth, I have been here for months, but find it too hot, so maybe returning to the west. Maybe renting for most is an option or be a nomad, & visa run's, lot of people are doing that. I suppose everyone's circumtances vary, there is no such thing as a silver lining, or a free lunch, wherever you choose to live or retire to. Life can be complicated and a challenge. BTW Earl Grey was having a lovely wash 🐾🐾🐾
Its probably showing a problem. Too many unsold apartments..
Sadly, the latest MM2H is even more difficult requiring Real Estate purchases in addition. Also the very expensive Platinum no longer leads to Permanent Residency ? Basically screening out low income Expats who will go to Laos, Cambodia,Thailand and the Philippines now.
Real Estate purchase was there last year. No difference. There is a minimum limit to purchase depending on platinum, gold, silver.
Actually they're screening out all but the filthy rich. Even someone with a good income can't easily comply with these requirements.
100% correct.
If one wishes to live in an Asian country where English is a second language, Philippines is the best choice.
The permanent visa options here are also very inexpensive. The visa category called the Special Resident Retirement Visa (SRRV) costs $1400 to apply, and is renewed annually for $10. The required deposit depends upon the visa sub-category, and mine (Expanded Courtesy, which includes ex military, retired engineers, artists, physicians) is only $1,500. Other subcategories, which depends on the number in your family and your age, have deposit requirements that may be higher, but there is ZERO requirement for retiree property purchase, which is just a Malaysian govt racket. In addition , should you wish to sign up for the health plan here, PhilHealth, this option exists after you’ve had the SRRV for at least 1 year. Finally, Philippines is further north, so the weather can be less intense than Malaysia.
Notably , Philippines does not tax expat worldwide foreign income, unlike some countries. The Philippine govt simply wants retirees to move here and spend money within the country, which helps the economy.
@@dr.michaellittle5611 SSRV is USD 10K bank deposit for typical retiree....reasonable!
Obligation to buy a property is no-go for me. And what about dividend, interest, and capital gains from my overseas assets and securities? Many are still confusing, because they are changing constantly…
Initially I read the property value as the minimum value of a property if an applicant does desire to purchase a property. In other words, you are not allowed to buy cheaper properties, in case too many foreigners rush in and then jack up the local property prices for average Malaysians, so foreigners are restricted to high priced properties only. But seems most youtubers explain that all applicants are REQUIRED to buy a property at that value or higher. If the later is true, Malaysia will be off the list for majority of the people, even for those can easily afford it. How many people want this large sum of money tied up in Malaysia and become dead money? For sure I don't.
Yep, it’s that value or higher.
imo their govt doesn't want too many chinese people moving there
or in your case retired people
they don't want to disrupt the balance between the ethnic groups
anyway, in a few years, they'll probably change the rules again...depending on how many come in = if too many come in, they'll tighten it, if not many come in, they'll loosen it
Retired people fully fund themselves and so are an asset to Malaysia. As for mainland Chinese, all Malaysia has to do is ban then from the visa program and/or put them in a separate category. See what happens if an Israeli applies for a visa here. The Malays have been messing around with ethnic groups and manipulating statistics since 1957 in attempts to claim Malaysia belongs to them and is an Islamic country. It's long beyond time they stopped playing these childish games and repealed their racist laws.
I was really looking forward to applying but I am priced out. I wish I had applied earlier but I was not 50 and was waiting to apply after 50.
Oh well! Let’s see where I land.
Best of luck! 🤗
Shame, we do not want to buy a place and cannot afford it with that deposit on top. Going to need £218000 just to get the Silver at least. We were so looking forward to the new rules giving us entry to Malaysia, we can get the deposit but we were then planning to rent, so we could move around Malaysia. This is for our retirement, we don't need property or land. Will have to look at the Sarawak MM2H.
Best of luck!
Need to buy property there too
@@KOP1031 not if you are over 50 I think ?
You had a lucky escape so don't be disappointed.
I am ignorant. What does Sarawak mean?
I read through the comments and many are pointing out the requirement to purchase property is to help developers with many unsold condos. If that is really the case they should lower the fixed deposit so applicants can use the money as down payment for the property purchase. In addition they should increase the term as well. I mean if I buy a property then wouldn’t it make more sense to allow me to stay in Msia for 10 years versus 5? I feel like whoever made the rules weren’t really thinking carefully. Hopefully the number of new applicants significantly decreases forcing the government to make changes again in a couple of years. One final thought I wonder if these new rules are set up to attract Hong Kong people.
I can't imagine anyone would want to purchase property in order to get 5-year residency and not be able to sell it for 10 years. Although I was disappointed they changed the requirements, now I'm quite relieved I chose a different path.
Best of luck Linda!
@@VirtousStoicif you know where to buy, the gains are at minimum 10% a year. I’m a real estate investor in KL and not disappointed with returns.
Which path did you choose- Sarawak mm2h? They too could enforce the "cannot stay in peninsula Malaysia" rule at anytime. It's so difficult to plan when everything seems so up in the air and the frequency of rule changes is scary
u get 4th choose need to buy property @ at Sez zone 60/35K USD /.still get need wait real confirm.
I saw chinese and korean young families made use of education as a means to stay here (education for children)
Yes!
Buying property in good location like Desa Park City, Mount kiara and Bangsar will surely make money after 10 years. Malaysia is the only country allow foreigners to own property without paying exorbitant stamp Duty and price. If you own a property, you can save a lot on rental.
And you get headaches when the purchased property is vacant if you return home or go on a cruise for a month or two- maintenance fees, security,
I disagree. I can get ~20% per year in return in long term (>=10 years) in the market. I don’t think Malaysia apartment can get such high return, not even close!
However, MYD 600K is not that bad!
I have been living in Mont Kiara since 2012 and know the area very well There are many vacancies here so what you said is NOT true. I was forced to move out as the new owner wanted to raise rent and I did move out on 27/6/2023. Up to today (19/6/2024) it is still empty. How do I know that? I moved 3 floors up and can see / view the vacated unit. Even the condo where I am living now was empty for over 5 months before the landlord agreed to my offered rental price. My point is before posting check the facts.
@@valentinorossi7771 I owned a few properties in Mount kiara bought 10 years ago . I sold my Residensi 22 3 years ago and make some good profit . The rest I rented out and yield is pretty good. Currently all the properties have increase in value .
lol, meanwhile both the country's currency looses value and inflation rises and paying for taxes, maintenance, fees for the real estate ownership that can not be sold is insane! no one wants to stay in 1 places during their golden years!
I'm truly aghast at the idea of being forced to purchase a home, and that we no longer are able to use the same funds as before. I wanted to rent to better understand the areas before deciding on a place to buy a home, this is such an odd requirement. I truly hope there is something lost in translation.
Isn't this the fourth time they have changed the policies in around 5 years? I really want to settle in Malaysia, but the lingering fear of instability with my visa status worries me.
The silver lining that I see in the change is the minimum purchase prices for homes changed for the silver lining, allowing more people to purchase cheaper homes.
I truly hope that they are some referendums to the requirements, and they solidify them. I understand protecting your country and home opportunities for your people, we all want to protect our homes, but cutting off the hand because of a single bad finger is not the answer.
You don't understand Malay politics and won't unless you've been here for a long time.
@@byteme9718 Absolutely! I'm confused why they are changing the policies so often, and it comes off intimidating to somebody who has to worry about a long term visa.
My wife and I want to be there legally, not border hop. I hope we get that chance.
@@aaronreed8402 Don't even consider moving here unless you've spent at least a full 90 days experiencing Malaysia. Even that isn't enough because you really need to see how the weather changes over a year which even then may not represent the norm. Malaysia is not endless blue skies and rain and pollution can cause real problems. Slash and burning in Indonesia causes annual problems to much of Malaysia and this is exacerbated greatly in El Niño years.
90 days is enough to become conversationally fluent and long before you arrive you should read the Malaysian newspapers to give you a good idea of what Malaysia is like. It will, over time, give you some idea of the political views across the country including how extreme Islam, in some states, is. One canes young women in public and three want to execute apostates. A good idea of how westerner friendly Malaysia is would be to look at how the votes at the last election were cast and to understand those results are dominated by Malays because of the skewed system that favours them. Malays are friendly but as with any group, the overall opinion is different but there is a generally an anti western, anti Muslim and anti American sentiment that's becoming increasingly apparent. Especially so if you speak the Malay language. You'll likely never have a bad experience with Chinese, Indian or other Malaysians.
Too many people concentrate on KL but it's truly the last place I'd live. It's a small parts of a much wider, poorly designed urban sprawl. It's not worth contemplating a long term visa unless you can find a place you'll be happy in. Suffice to say, whatever you think Malaysia is, the reality is very different.
There are no free lunches. Countries like Thailand, Malaysia, Vietnam can choose what sort of people it allows to migrate. Situation is the West is worensing specially with high inflation. This is the prime reason why many flee to such countries. Government of these countries are not dumb. They don't a burden in fact they want the cream del a cream. Those who can help their economy. It's not a free for all. Expect rules to get tougher as things worsen in the West.
You are correct. However, we are headed towards a global recession/depression. As things get "worse" globally, many foreign countries will loosen their visa policies (BOOK IT). For example, Thailand recently coming out with a new Destination Thailand Visa (DTV). When overseas travel stalls out, unemployment hits remote workers..etc tourism will slow down and some of these higher financial requirements will be reduce to attract foreign money/investments (imho). Be patient
@@kevinstrong7520totally agree
Meanwhile the West and the U.S. are flooded with the undesirable bottoms of other countries that want free stuffs and probably commit criminal acts towards legal citizens
malaysia joined bricks
@@kevinstrong7520 DTV is not gonna be good for long term retirement.
So far, it appears the Phlippines has the best options.
Thank you for your efforts 🙏🏼
Some people go for education visa(PhD, Masters)
Retirees not interested can study the other 2 MM2H regions of Sabah and Sarawak. They are autonomous regions of Malaysia. Also Johor state near to Singapore has another option(due to the king is from Johor)
Absolutely!
Not interested at all in that level of deposit.
It will be good for Sabah and Sarawak MM2H program who will get more and more foreigners
Yes 👍
Wait.... Purchase property but NO permanent visa😮
It seems to me, they really don't want people coming there lol. And that's okay. There are plenty of other countries offering better visas with comparable if not better lifestyles. Go where you're wanted is what I say!
Another alternative might be registering a company in Luban with a fixed tax of $5000 per year and you can get a 2-year work visa for dependants as well. The total cost is $15k to $20k with no paid-up capital. That's what I am looking into. Seems to be a better option. Just a thought.
Do you still need to employ two people for the duration of your visa and pay for an office in Labuan?
such a smart man.
You do not need to employ 2 ppl. But you need a virtual office in Luban
Doesn’t really work for retirees.
I wish they didn't remove the monthly income over the lumsum deposit. I will never have $150k laying around 😢
Yep 😢
Like. From. Los Angeles
How to attract foreigners to invest in Malaysia if the plans is confusing and not much help. The minister of tourism have explains more in details.
the aim is high worth retirees(nomad capitalist) not normal retirees like me and you.
Thanks for update but Is there an extract from any formal government doc? You show a piece of local newspaper, which could be prone to mistyping, incorrect details, incl rumour etc
Plenty out there to see. It’s not speculation
There’s also MM2H Special Economic Zone category too.
SEZ aimed at singapore industries.
Unfortunately, the new rules rule out majority of retired people.
Sadly
For UHNW and HNW
@@tg988what do these abbreviations mean?
@@mafarnsims UHNW & HNW are basically wealthy people.
UHNW = Ultra High Net Worth (individual with at least USD30 million investable asset)
HNW = High Net Worth (individual with USD1 - 5 million investable asset)
@@mafarnsims UHNW & HNW are basically wealthy people.
UHNW = Ultra High Net Worth (high-net-worth individual with at least USD30 million investable asset)
HNW = High Net Worth (high-net-worth individual with USD1 - 5 million investable asset)
5 year visa must buy property can’t sell for 10 years. Lol. Tell me you have a problem with excess property construction without telling me. 😅
Good point
I want to pet your cat so bad!
Purchase property is disappointing
But where else can you buy and own landed property in Southeast Asia? Only Singapore, but its way too expensive.
@cleanenergyinside1921 who cares buying real estate anywhere in the world is a horrible investment
It's not the 199p anymore
So many manalysian bots saying this same line it's pathetic
@@VirtousStoic If you are American, you would say that. For Asians however, secure money is more important than speculative high risk money. Thats why Asians have more savings while the west accumulates debt.
@cleanenergyinside1921 I will simplify this for u. Me and other people here are foreigners (i.e not from the continent of asia) because Why would someone from signature go to malaysia. Or Thailand go to a similar country economically job wise etc malaysia. Use logic
Forcing foreigners to buy real estate in malaysia is a scam
Why
Because it's like donating money to malaysia
Why
Because the expat will never be able to sell the condo again
Why
Because malaysia keeps building buildings and so many of these modern buildings no one is living in because local Malaysians can't afford them
Therefore the only way to sell is to a new expat
Therefore this is a scam, a donation to malaysia
Meaning no one with a brain will ever come until they change this
Ciao lol
Purchasing property is the 'easy part' - try selling it after 10 years (to the locals?)
MM2H is certainly not affordable for most anymore
Sadly
It is for money launderer's and drug dealers and that's precisely who'll take advantage of this.
Best to do a video on SMM2H. MM2H is a dead program unless you are grandfathered. The new program is even worse than the prior program. Who will spend 350k for an illiquid house and have to hold it for 10 years. Reality is that you can never sell it. Thanks for the video.
Why can’t you sell it? After 5 years the capital gains tax (called RPGT) drops to the minimum.
@@chiahuei no one will buy the overpriced property. mm2h has a new 10 year rule, but that does not matter. Real estate in malaysia is not liquid.
@@paulhefner2813I suppose property is generally illiquid all over the world but in my neighbourhood, transacted prices have gone up 20% in 2 years and sellers are certainly able to sell. Not all neighbourhoods are the same of course but I’m a happy real estate investor in KL.
They will change the requirement for the existing MM2H as well, such as property ownership. No doubt
@@paulhefner2813 In addition, the poor construction standards make property a liability and even if you can sell, depending on the economic circumstances, the government could prevent the money from leaving the country. The same would apply to the deposit that even under the best scenario could take forever to refund. The government often takes well over a year to pay it's contractors so a foreigner leaving is hardly likely to be treated better. If/when that happens there's pretty much nothing that can be done apart from spending a fortune suing the government.
So i cannot use that 150k USD to purchase a property. What an f-ed up system.
PR is disappointing as a government.They should make the platinum package a permanent resident
🤔