MM2H Impact Update Part 1 of 2
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- Опубликовано: 19 сен 2024
- Andy Davison, CEO of TEG Media shares news and other updates about recent developments in Malaysia especially those affecting people with MM2H visas.
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Thanks to Andy Davidson for providing this valuable info. I lived in Malaysia from 1994-1998 as an Expat from USA but had to move to Singapore in 1998. Without this information, I would be lost. I had filed for MM2H in 2019 but application was rejected with a statement "You did not respond to our e mail promptly". I never received any e mail from any government source. After completing all the Paperwork for 2 months, it was very disappointing to get a reply like that....
We were all set for MM2H before the current covid emergency. Following the recent unfortunate MM2H changes we are now actively persuing Portuguese residency and we are currently in Portugal looking at property.
Good luck with your search
@@annoyedcat9291 we are happy with our decision
@@tinglestingles Glad to know things are looking up. Good luck for your future endeavors!
@@annoyedcat9291 and for yours! One step at a time!
So are many other people which is unfortunate.
Well said!! touched every point
We were just thinking of opening a business in Penang, a place we know we'll and have often enjoyed visiting many times over three decades. The government's recent change to residency certainly cancel any idea that we would ever invest in Malaysia. Currently we're in Thailand. It's so easy and we feel accepted. There is no religious animosity. And if Malaysia is concerned about non Muslim party goers upsetting locals....my goodness the border towns of Thailand are packed with low moral Malaysians doing 'bad things'.
Well said I agree with you. 😊
The very smart and clear minded commentary👌
Nicely said and well presented … with concise facts of the benefit for Malaysia , here’s hoping but only after GE 15
A new government will come to realise the damage done by the last two backdoor governments and policies , and put in a corrective action To try to restore malAysia reputation and trustworthiness . Till then best gathering their so called “ improvements and financial benefit ‘ statistics might encourage a new ge15 government to act more quickly … but currently it serves to shows their foolishness and will keep their doors firmly closed to everyone to any advice .
Very informative, thank you!
Great video. Appreciate if you can throw some light on taxation(overseas income) announced in recent budget.
The 2022 budget proposal included a tax on foreign sourced income - not yet passed into law so no details. It would probably mean any remittances into Malaysia being taxed as personal income at the various applicable progressive rates. Currently one pension is free of tax under the local tax rules so this may happen with foreign remittances if they come from a pension. Will advise when I learn more.
As eloquent as ever Andy. Many thanks for all you do. Hang on in there But remember logic does not apply. ;-).
Sadly some of the decisions do seem to lack logic
It would be appreciated if you could address the plan to tax remittances.
I think David mentioned that negative events related to MM2H would be discussed in part II. That said, we don't fully know if the proposal to tax remittances on foreign INCOME will apply to non-income remittances, or if there will be protections against double-taxation. The Director of Hasil has said the intent as he understood it was simply to prevent the avoidance of taxation and that he was formulating policies to prevent double taxation.There are also questions as to how they will document remittances, and if earnings from exempt categories in Malaysia will be taxed even if they are drawn from abroad. But much of the issue remains unclear until the actual plans are published.
Done above
Very good.
Please what is your general view of the Smm2h (Sarawak MM2H)? Do you see this as a good alternative to MM2H as their application requirements are very attractive to >50 persons.
The Sarawak programme is very attractive and the terms are reasonable. The visa is currently valid in west Malaysia but not sure if that will continue
I am from Seattle Washington USA arrived here in Jan of 1966. Looks like the one's who make the most noise is the 6 percent and others. The japanese are the ones who made the U turn happen quietly .
As David mentioned below, could you please advise on the taxation of foreign currency brought into the country by Malaysian residents of which many of us are classified?
Good question. Deserve answer
Done above - will advise further when I have more info
Thanks for sharing your experience and thoughts of MM2H. I think you said 40,000 income a year, but shouldn’t that be per month? Apologies if I miss heard that comment.
Thank you.nice video
As an MM2Her living permanently in Malaysia the 90 days minimum requirement doesn't effect me but this new rule is ill thought in my opinion. I would think that the clue is in the programs name, Malaysia My SECOND Home i.e. a lot of people probably joined the program to actually use it as their second home and spending a minimum of 90 days here would not be feasible.
It seems there's been no updates for 5 months. Any plans to provide a new update--especially since the elections? What prospects do you see now for the MM2H program to either be corrected to become attractive again or remain deeply unattractive as it currently is?
all that the malaysians have to do is freely give mm2h to singaporeans. thats 300,000 mm2h applications already. and is the right thing to do. 300,000 malaysians enter singapore evveryday and work without any work permit. malaysians and spoereans are like brothers and sisters.
When will Part 2 be released?
Makes one wonder what the consultants employed by the government (one of the big 4 I think) reached this ludicrous solution.......or perhaps they didn't and just gave the government the answer it wanted!
I am doubtful the new rules were proposed by the consultants - but I may be wrong.
Another channel “international big shot” summed up the least appealing elements of the revised mm2h. A large fixed deposit yielding ~2% in a weak currency and the 90 days mandatory stay. Using part of the deposit to buy property is also unattractive because rents in Malaysia are low vs real estate prices (and the government denied access by MM2h holders before..the pandemic). In addition they have had capital controls in the past (so a foreigner might not be able to get their money out, if they sour on the country).
These new regulations have made MM2H an impossibility for anyone but the 1% of society. Such a pity. Therefore I had to choose the best alternative to retire: Pattaya, Thailand.
I've had an MM2H visa for 10+ years and unable to renew because of Covid travel restrictions. I fall into the category of getting the visa while younger in anticipation of retirement so that I could make plans and be insulated from more onerous requirements if, as I anticipated, the program became more popular and restrictive. I'm now gobsmacked by what has happened.
My thought, moreover, is from my knowledge of UK's Brexit from the EU and the manifold unintended consequences caused thereby, with 2020 being the first time European immigration into the UK was negative and has left catastrophic gaps in the labour market - nurses, doctors, hospitality, building and farm labour etc. This has had/is having serious unintended consequences to the British economy which is much poorer in the result; the BOE says minus 4% of GDP but I suspect it's higher.
My point? Politicians banging the anti-immigrant, 'them and us' drum may have short-term political benefits and advance certain political careers but looking at the recent UK-Brexit experience, nobody would seriously argue that it has not damaged the economy and thereby caused politically generated suffering within British society. And, respectfully, there may be lessons for the MM2H program to be learnt from parallels with recent British Brexit mistakes?
Indeed