Fixed Deposit - reduction in FD for 1MM+ property disappeared?

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Did I miss something?  I was under the impression, and wrote some notes earlier this year, that the FD was (for over 50s) RM 150K reducing to RM 100K after one year.  If a property has been purchased for over RM 1 million, you can reduce to RM 60K after one year.  Correct?

Our approval letter states FD of 150K and "applicant may apply to withdraw up to RM 50,000 after a period of one year for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.  A minimum balance of Fixed Deposit of RM 100,000 must be maintained from the second year onwards and throughout the duration of participation...."

I've also looked on MoTour website and can find no reference to the 1MM+ property purchase.  Also note that the deposit requirement does not automatically reduce to 100K after year one ONLY if you have purchased a property (or kids expense, medical expense).

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Hi Papaya

This comes from MM2H site:

Approved participants who have purchased and owned property which were bought at RM1 million and above in Malaysia may comply with the basic fixed deposit requirement of RM 100,000, on condition that the property has been fully paid and ownership documents such as grant and land title have already been issued.This amount may not be withdrawn until the participant decides to terminate his participation in MM2H programme.

http://www.mm2h.gov.my/conditions.php

It  used to be so that even when you fully own a 1M RM property you still have to keep a FD of 60K RM but it seems they brought the required FD in line with the amount for applicants above 50. I think that is the situation since 1st of April.

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Yes I just read that on the MoTour website too.  If it was April 1st (April Fools Day joke huh?), I'm a bit surprised as

(a) there seems to be no mention of the change on here, certainly not under Fixed Deposit sub-forum and Scott does not miss very much 

(b) I only started looking at this website in mid-April - initially as a result of mistaken identity by "someone" on here (bizarre I know) and only started looking seriously at the MM2H in about June.

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Did I miss something?  I was under the impression, and wrote some notes earlier this year, that the FD was (for over 50s) RM 150K reducing to RM 100K after one year.  If a property has been purchased for over RM 1 million, you can reduce to RM 60K after one year.  Correct?

Our approval letter states FD of 150K and "applicant may apply to withdraw up to RM 50,000 after a period of one year for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.  A minimum balance of Fixed Deposit of RM 100,000 must be maintained from the second year onwards and throughout the duration of participation...."

I've also looked on MoTour website and can find no reference to the 1MM+ property purchase.  Also note that the deposit requirement does not automatically reduce to 100K after year one ONLY if you have purchased a property (or kids expense, medical expense).

Papaya...for some reason I agree that it used to be a better deal...but cannot remember the detail. My MM2H now clearly states that a min of MYR100K FD is required....forever.

btw...we just arrived in Jakarta a few hours ago...the flight from Vancouver thru Hong Kong was long. I think we will be spending our time between RI and Malaysia from now on. Vancouver for us is home, but is on the wane; too far and too overtaxed. However, I still need to sell my boat.
Anyone looking for a Bayliner 3587 1995 twin diesel loaded, and moored in Vancouver city....Oh! and a 2005 Honda Odyssey minivan....just kidding...we will keep them as back-up in case funny things happen in Malaysia/Indonesia.....

Will need to use up our 60 day RI visa (it cost $45) before going to KL to have our MM2H visa in our passport, but that gets us to 27 December. So, methinks we will need a 30 day extension and go to KL before 27 January.

David

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Davita, we're vaguely aiming for picking up visa late January so, hey, might see you at PutraJaya 

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hi,

I'll split the topic into : (1) Tax, and (2) FD - Reduction in FD for 1MM+ Property Disappeared.

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hi,

Please refer to the April 1st Changes thread at : Changes : Ist April 2009

(a) there seems to be no mention of the change on here, certainly not under Fixed Deposit sub-forum and Scott does not miss very much 

Hey, nice of you to say that.  The Changes thread says :

3). Those on the RM1 Million Property/MM2H:
My2homers (above 50/below 50) who have bought property at/over RM1 million need to comply with the FD minimum balance of RM100,000 or RM150,000 respectively for the remainder of the stay under MM2H.

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Ah I missed it - I'll find my way around this forum one of these days.  Cheers Scott - or can I call you Popeye?