MM2H August 2024 Update With Andy Davison
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- Опубликовано: 18 сен 2024
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I'm from the Peninsula Malaysia, but I think Sarawak is quite nice place to settle down, laid back and rich in culture and nature..
To know Sarawak is to love Sarawak 🇲🇾👍☺️
We first heard of the MM2H visa just prior to it being suspended. The requirement to purchase a house is disappointing as we already own a home in Canada. The dealbreaker for us has been the way Malaysia treated visa holders during the COVID pandemic. People that were outside Malaysia were not allowed back to their Malaysian home. Now we see the way Malaysia is treating their MM2H agents. It’s not a good indication of how visa holders will get treated down the road. Until something better comes along we will be thankful for the ability to spend 90 days in Malaysia as a tourist. Mind you being a tourist is not our first choice. Thanks for the update.
actually 90 days are good enough. no need to be complicate yourself living in Malaysia. For those who really need it, they can ops for SMM2H which is much easier to apply
We are so disappointed. We sold our home and were ready to come to Malaysia for retirement. But as soon as it was announced that you HAD TO buy a property and keep it for 10 years....well, that broke it for us. We don't want to own a home, in Malaysia or anywhere. We sold our home to release the capital to spend in our retirement, and enjoy travelling the world. And the agent fees! That's a crazy amount of money. But its the property purchase that's the killer. We've moved to Thailand instead now.
I hope you enjoy your new life in Thailand and make many new expat and local friends. For others I'd point to the "odd-man-out" in the Malaysian long-stay visa programs.
Sarawak MM2H(a ten year visa with a midterm visitation, health and financial "check-up" required) seems to be the only program in Malaysia not to require a property purchase for those over 50 (although one always has the option to purchase). So for many applicants one can rent.
Younger applicants do have to buy a property - although that requirement is waived for those who enrol their children in a Sarawak international school. So Sarawak is still "retiree-focussed". There is no restriction on how long you need to hold a property although there is a Real Excess Profit Property Tax that exists - that will reduce progressively after year five of ownership. There is a minimum floor for those on S-MM2H that purchase landed property, but it is the lowest floor in Malaysia (RM600,000 [$134,000] in Kuching, RM500K elsewhere). There is no floor for "strata property (condos, apartments, etc.).
The Fixed Deposit is RM150,000 ($33,500 single) or RM300,000 (couple $67,000). One can withdraw up to 40% of that after a year for property purchase, vehicle purchase, children educational costs, or health expenses. Insurance is mandatory but it may be possible to include the insurance premium costs as health withdrawal from the FD.
They do require some proof of financial capacity although they have actually liberalised that (instead of making it more rigid). There is a requisite proof of salary/pension of RM7000/month (single) or RM10,000/month (couple) for expected cost-of-living. But recently they have also allowed those that can't demonstrate either of those to show a foreign bank savings account with a minimum of RM50,000 (single)/RM100,000 (couple). That base has to be demonstrated again at the 5 year point...so there must be some regular source of income...dividends, rents, interest...that some who could not demonstrate pension or salary could cobble together.
Also agent fees are reasonable, or those with a local connection (e.g. repeat tourists or expats that worked there) can apply through a sponsor. I've heard that about RM10,000 is standard.
The Federal government did temporarily muck about with Sarawak-based agents but that seems to have been resolved with some issues with bonds and other conditions.
Another advantage of the Sarawak MM2H is that there is only a one month/year visitation requirement. It is three months for the Peninsula for all programs. That makes Sarawak MM2H more flexible for those who only want Sarawak as a "base" for travel elsewhere, or who are still working or residing abroad until their lifetime move can be accomplished.
Many who move to Sarawak love it for its laid-back vibes, large English-speaking community, and stronger intercultural (Malay, Chinese, and indigenous Dayak groups) and inter-religious mix (majority Christian) than the peninsula. Beaches, rivers, rainforests, caves, mountains, and modern cities sit cheek-by-jowl. Lots of cultural and musical events, and very friendly people.
As a local, I do understand the situation
Thank you Andy for these updates. You and your agency have worked so diligently and reliably for all of these years and it is a pity to see new requirements placed upon seasoned, trustworthy MM2H agents. The new visas have made Malaysia far less desirable for retiree applicants but it is still such a lovely country that I hope many will continue to apply with you.
So glad we got in early and have apparently been grandfathered! But hoping to see new people allowed in and supporting the Malaysia economy over the coming years.
Thank you for the latest update on MM2H. Too many changes and inconsistencies. It's not giving the right signal for those who are interested with living in Malaysia.
Hi Andy, they need to bring back the Silver Hair Program for retirees 50 years and older, as it was i.e. 10,000 ringgit per month or fixed deposit. I have the cash flow, I eventually will put money in the bank and also buy a home. But to make it mandatory upfront, when I not sure, of the permanency of our stay since we are cruising the world. We love the region, actually will be stopping in Penang on our way to Singapore in November, and again in February, my wife and I have done 15 cruises since January, we are not ready to be stationary, committing 90 days in one location, unless I can’t travel. They should form a committee of experienced Agents and Administrators and finalized a plan for retirees.
Hi, We are still pushing for another tier aimed at retirees.
The Silver-Haired program seems a thing of the past. Sarawak stuck with it until 2020...but even they now require both the FD and a proof of income/pension (or foreign savings deposit). I never understood the benefits of the FD to Malaysia's economy vis--a-vis a more open savings deposit. Perhaps they could create a withdrawal card that allowed the use of that money for purchases of local goods and services. That would actually generate even more revenue for the government and the public than an FD that requires half of the deposit to remain in the account until the recipient withdraws from the program. Half the deposit leaves the country as a result.
Appreciate the update and commentary. I echo many of the comments here. I've been lined up for an MM2H since 2019 so had keenly anticipated the new scheme... and now looking elsewhere. Most of the investment requirements, agency fees, and the 10 yr no-sell requirement are just silly. The terms seem constructed on the belief that people have no choice but to come here. The illogical and bureaucratic hurdles (coming from a particular government mindset) simply do not meet current market needs. The pragmatic, simple and attractive offerings from Thailand, etc, show it is now a buyers market.
Malaysia is indeed a cracking place. I really hope the MM2H team take a hard look at what they are trying to achieve and the realities of the market, but no one is holding their breath anymore.
Measured, comprehensive, spot on. Excellent clear eyes assessment Andy, well done.
My main concern here and now as a long term working expat seeking to transfer to MM2H in due time for retirement purposes, is the exorbitant agents fee which I find unwarranted. I hope it’s a ceiling only, subject to individual negotiations and quickly finding a workable equilibrium
Agreed and hopefully, we can do something about that (when there are few dependents). Of course, in the case of a large family group, the immigration fees could be substantial
Have you considered the Sarawak MM2H? Everything is lower. Of course one may not be allowed to reside long term in the Peninsula.
Very professional and balanced assessment. As a potential MM2H retiree the need to buy a house is the biggest negative. As you say retirees want to downsize and after decades living in a very small number of houses look forward to renting in different parts of the country not to recreate a fixed position life (certainly at first). Also one looks for a stable program with certainty.
Many thanks for the update Andy. Much appreciated.
We missed you sir
Many thanks for the update
Thank you Andy. Very clear. For a single 60 year old man wishing to retire those agents fees are a bit over the top but the requirement to purchase property is the deal breaker. Especially considering the minimum purchase price and requirement to hold for 10 years. Its a shame as I had spent the last 3 years hoping for something fair and reasonable.
Keep up the good work.
We were planning to retire in Malaysia this year but were disappointed to learn the new rules. We are now looking somewhere else. If there are new terms and conditions for retirees with no condition to buy property and not huge FD we may consider Malaysia
Thanks for the update
👍👍👍
Thanks Andy
Concise and Clear as always
It will be interesting to see how successful what is now a property play visa scheme is?
Let’s hope we see a 4th tier appear that is a standard Retirement visa
Great video!
Hi I’m interested in applying for the S-MM2H. Are you one of the authorized agents to handle this process? I’ll be 60 in couple years and looking to retire. What are the latest requirements for this program and what is the approximate processing time? How do I start applying for it?
Been waiting for a month for your assessment. Thank you. MM2H is dead (until it's changed again).
Would appreciate if you could have set the Volume higher, or microphone closer to where you speak on your next show
Thanks for the info. Agree the options are odd and only the silver option is acceptable. Forcing me to buy a property within one year is definitely a big drawback especially any rational person would prefer to do so after landing and have a good understanding of the market before buying. Another frustrating point is they are doing things so slowly. I was given the impression that they knew there was something wrong with the program but they didn’t want to face it. Hence they were slow in response and didn’t really want to launch the program, fearing that it would be another disaster….
Andy , on your next meeting with the Immigration , could you ask them to clarify while new applicants must satisify the new rules/new requirementb; what about the current or previous MM2Hers who are due to renew ? Are this group of current mm2h people also are subject to the new requirements when come to renew ? At the time when we were granted mm2h for 10 years, they said we are allowed to renew .
Have been advised that existing participants will have no problem renewing and new rules do not apply. To date that is the case. Hopefully they stick with that.
for those existing holders. renewal will be following the old rules. good for them
The issue is property purchase.
its simple, have a separate 50+ visa along with what they have.... the 50+ would not affect whats in place
I dont like the new rule but what to do . I find it living in kuala lumpur is much better than living in Dubai. ( I am 18years residency in dubai) I am looking forward to buy visa and codo and move to kl .
Thank you for the helpful update. Is there any indication that there could actually be a proper retirement visa, or is that just wishful thinking at this point? Like many others, the requirement to buy a house/apartment has put me off.
so much for lowering the requirements
Or reducing the bureaucracy.
The program is complicated and details are still unclear, especially you still dont know what will be the accepted agents. And in addition it is expensive, not only the fees and fixed deposit, but also the property. They also raised the stamp duty to 4%, what foreigners always have to pay, whereas Malays can profit from discounts (this practice is not within the OECD standards though, so maybe affected foreigners should go for legal claim at OECD). In addition there are income taxes on foreign inocme in sight, especially as Thailand has already introduced.
As Europeans from Schengen Area, this program is no longer interesting. Schengen citizens will always be able to stay for 90 days without any visa and therefore pay nothing at all. And as a smart retiree, you should not stay more than 180 days per claender year, as this is the golden way to avoid tax on foreign income. So just visit twice a year for 90 days each and spend the rest outside. And there are a lot of good alternatives for the remaining 185 days.
It looks as if the new rules are against other citizens than europeans, especially the "big intruders" like China, Japan, Bangladesh or India. Despite that, the changes still decrease the attractiveness to European retirees what has negative impact to the countries economy. This comes in a time where Malaysia is positionning as an alternative to China in terms of clean energy technology exporter like EV's, batteries, PV-Panels and more.
Having that said, it is unlikely that this were the last changes to the program as it is not satisfactury to anyone.
I have a question, regarding this requirement to purchase property for the West Malaysia MM2H - if you already own a property, will that meet the property requirement for a successful application?
@@tg988 That seems to be true...provided it meets the RM600,000 baseline, but the transferred property will be treated as a new property regarding the "ten-year" requirement against resale. So if you have an older property it might end up being 20 years old before you can sell it again...unless you purchase a new property assessed at the same value (or maybe at the new State-set base floor value?).
Another question, on the RM40,000 fee per applicant, am I correct to assume this charge will be made again for a Silver Tier renewal of the 5 year visa? As it is essentially a new visa...
Yes, the RM40k fee is for the silver category. The others may have higher charges. We are forced to charge them.
The voice is always very very low, you might need to fix that.
The stupid tourism minister said " not to worry". As we became obsolete
Just get a Sawarak Visa, simple
Hi Andy the bank financial requirements, do they still allow 50% to be withdrawn after 1 year?
Yes. You can withdraw 50% of the fixed deposit for house purchase, children's education or medical expenses. We assume that is only possible after one year but the timing has not been confirmed.
@@tegmedia8756 thank you for your prompt reply. I was wondering how quickly one needs to buy a property as opposed to renting? Presumably one could put the bank deposit down & still rent for a period of time until one could use 50% of the collateral to assist in acquiring a property thereafter? Presumably using a tourist visa if one had a British passport?
@@MJB0110 I think they have stated that they will allow a period (one year? two years?) to demonstrate the paperwork that one has made the purchase. Presumably the down payment would have to be out of pocket. Some of the FD could reimburse that, or subsequently any mortgage payments that one has,
they need a retirement visa? plain and simple. who wants to lock into a house for 10 years. I had planned to retire and just spend all my money there and never take from them ..
A retiree is looking to scale down and lower investments to enjoy life (i.e. spend). They are generally not wanting to buy a house. Who would inherit it? Children who have careers abroad? Who may not qualify for the MM2H? You cannot rent it to another new MM2H applicant as they must buy a property.
Also many retirees (or others) who have never lived long-term in Malaysia would be averse to buying a property, They might buy eventually (particularly younger recipients) but they would almost certainly want to live a few years in Malaysia first to "test the waters".
Let’s face it, MM2H is no longer there in reality. It’s absurd, it’s laughable, it’s so Malaysian in a way. One really wonders who are these civil servants and bureaucrats at all these run down ministries and authorities, that they come up with such a ridiculous program? We are here now for 6 years, I am 60 years old, I am on a so called RPT talent pass since last year (9 more years to go), but I am not even going to look at MM2H if we were wanting to stay here longer. Wonderful country, wonderful people, but anything government related is just insane. Starting with mr. Anwar himself.
I agree, it is ridicolous and a kind of "lost face" of the Malaysian authorities in my eyes...
yes this problem is caused and created by the Prime Minister Anwar Ibrahim and his extremist and racist Muslim cronies in the government.
Malaysia is the worst place to move to as it will literally sink into the sea in the foreseeable future along with the entire region. Avoid that area if you want to live.
Please start recording with better equipment and place the microphone closer to you. Great content but awful quality.