The goal posts have moved

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I have just received an interesting piece of information from the Malaysia My Second Home Centre in KL.

Aside from restating a lot of information that will be familiar to readers here, there was one paragraph that caught my eye, viz.

However, at the initial application stage, applicants must show proof of liquid asset worth RM 350,000 (minimum) and monthly income of RM 10,000 if they are  actively working compare to retirees who may comply to  the requirement of RM 350,000 in liquid asset without show proof of  monthly income.

The above paragraph points to a subtle distinction, at the initial application stage, between those applicants who are still working and those who have already retired.  In the latter case, the suggestion is that no proof of monthly income is required.

I hope that this information is both accurate and useful, although sadly it will not change my decision to abandon the idea of retiring to Malaysia, recently confirmed during another visit to Penang.

It would be interesting to see the reference to the above quote as it does not concur with the current information on the Malaysia My 2nd Home website.
However, I hope it is true for future applicants as the RM10,000 for some retirees to show, including myself, was a hurdle.
Most retirees utilize financial plans to minimize taxable income, therefore, evidence of income can be difficult to produce.

I agree with papaya except to add that, on acceptance, retirees over 50 who can show RM10,000 per month from recognised Government Pensions , do not need to deposit RM350,000. Correction RM150,000.!

edit: sorry typo.... Scott has the correct figure...I should know...I have it on deposit and 350,000 would be a lot.

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hi,

I agree with papaya except to add that, on acceptance, retirees over 50 who can show RM10,000 per month from recognised Government Pensions , do not need to deposit RM350,000.

The required deposited FD is RM150,000.

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I have just received an interesting piece of information from the Malaysia My Second Home Centre in KL.

Aside from restating a lot of information that will be familiar to readers here, there was one paragraph that caught my eye, viz.

However, at the initial application stage, applicants must show proof of liquid asset worth RM 350,000 (minimum) and monthly income of RM 10,000 if they are  actively working compare to retirees who may comply to  the requirement of RM 350,000 in liquid asset without show proof of  monthly income.

The above paragraph points to a subtle distinction, at the initial application stage, between those applicants who are still working and those who have already retired.  In the latter case, the suggestion is that no proof of monthly income is required.

I hope that this information is both accurate and useful, although sadly it will not change my decision to abandon the idea of retiring to Malaysia, recently confirmed during another visit to Penang.

For the record, this was my source for the above information (shown in italics).

Lai Shevren
Malaysia My Second Home Centre
Level 23, Menara Dato' Onn,
PWTC, No. 45, Jalan Tun Ismail,
50695, Kuala Lumpur,
MALAYSIA
 
Tel :  603 - 2696 3352
Fax : 603 2698 8533
www.mm2h.gov.my

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Hello to all!
I have just joined this great forum as I am going for my MM2H...
I was at the PWTC Centre last month and was also given the same information: that retirees over 50 do not need to prove monthly income. Just FD of RM350,000 (plus all the other docs referred to on here).

As this is a very major point for applicants, I wonder if any other members have been told the same thing? Or would an email to Ms. Cindy Lim clarify matters?

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G'day Luke,

Cindy Lim has retired.

However we got our MM2H late last year and we didn't have to show a government approved income, only the assets test.  I wish I did have RM10,000 a month pension as it would have saved the FD. Where I come from  Government pension is asset tested and if you can get that good a pension, you are otherwise broke. If you saved all your life as well as paid taxes and over the assets test, you get sweet nufink Wot 2 do lah!
Tink

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Thanks so much for your input!
I just emailed Cindy Lim and she came straight back to say she was retired - but she has forwarded on my enquiry on this point to her (ex-) colleagues at the MM2H Centre. So I will post any reply here.

My problem is that I have assets and am not worried about the FD but I have not RM10K of income that I can show - just some rental and investment income.

My goal is to deplete my capital so that I have nothing left on the precise day I shuffle off the mortal coil!!

The staff at the Centre clearly said retirees over 50 would not need to show monthly income as long as they had 350K in cash. But so many confusing comments made me want to check before I finalize the application.

Thanks so much for your help!

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Yep I was in the same boat and no problems. Thank goodness Cindy had not retired last year when we did our own application.

I spite of my kids warning me not to spend all their inheritance, I have every intention of doing as you aim to do.

Good luck with it all.

Tink

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As I was told & understand it: if you are over 50 but still working (when you apply) you need to show you have the funds but not the pension because naturally you are (at that time of application) still working so no need to prove RM 10.k pension, thats what we did, very simple really. I agree if you are already retired then having to "prove" RM 10.k a month for many maybe a problem ? hope this helps.

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Love your avatar! Don't let the ******** get you down!
Do you know if they expect people to have an address/residence/own property in their home country? My situation is that I sold my business and property in UK and bought a house in Bangsar (KL) in 2008. So I have a landed property property here all paid for. Just wonder what address I should apply from......

I also own stocks on the Kuala Lumpur Stock Exchange which produce dividend income which helps to support my living costs (and which I pay tax on!). Just wonder what they will make of that.....

Sorry to the mods if I should post this elsewhere.....but Noobie here......so any pointers welcome as I am a bit concerned about the uncertainty....

 

PS Did you use an agent or DIY??

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As I was told & understand it: if you are over 50 but still working (when you apply) you need to show you have the funds but not the pension because naturally you are (at that time of application) still working so no need to prove RM 10.k pension, thats what we did, very simple really. I agree if you are already retired then having to "prove" RM 10.k a month for many maybe a problem ? hope this helps.

Many thanks for that. 
So, I just wonder what happens to people who are retired but who have no "pension" in the traditional sense? Is it 10K pension income they want to see, or 10K from any source (off-shore or otherwise?) or does it not matter as long as there is enough dosh in the country??

The official website still is mentioning the 10K per month for everyone which is at odds with what I (and others) were told at PWTC and the experience of our fellow posters on here.....hence my confusion....

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I suggest you all check the following.

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

It very clearly states the following:-

Applicants are expected to be financially capable of supporting themselves on this programme in Malaysia.

Upon application: 
 

i. Applicants aged below 50 years are required to show proof of liquid assets worth a minimum of RM500,000 and offshore income of RM10,000 per month.

ii. Applicants aged 50 and above may comply with the financial proof of RM350,000 in liquid assets and off shore income of RM10,000 per month.   For those who have retired, they are required to show proof of receiving pension from government approved funds of RM 10,000 per month.

Cheers & Beers, JAYDEE

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Hi Luke,

We did DIY and had a initial hassles, where the Dept. tried very hard to get me to use an agent...which made me even more determined to DIY. Anyhow we had an overseas address but used a local one for all correspondence. Regards where you have money, we had some here but mostly overseas. I found initially they couldn't read a bank statement, but once I got a bit stroppy they must have pushed it up the line and then I got the wonderful Cindy Lim and everything worked smooth as silk.  Perhaps if Cindy is still monitoring her fax or email, it may be worth asking her for a contact person to assist with DIY. As long as you have a contact in the Dept. there really is no problem and simply takes a bit of time.
The biggest hurdle seemed to be the proof of funds, but after that straight forward. I did have problems getting health insurance as we are over 60. But I took an insurance rejection letter to Immigration, after approval was granted and that requirement was waived.
Tink

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Luke I should add, although I have no pension, the bank statements I sent did show income from rentals and investments in excess of RM10,000 a month and this was accepted. I did a covering letter detailing the income over a 12 months period. It was not a  requirement, but I think assisted in their deliberations.
Tink

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I suggest you all check the following.

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

It very clearly states the following:-

Applicants are expected to be financially capable of supporting themselves on this programme in Malaysia.

Upon application: 
 

i. Applicants aged below 50 years are required to show proof of liquid assets worth a minimum of RM500,000 and offshore income of RM10,000 per month.

ii. Applicants aged 50 and above may comply with the financial proof of RM350,000 in liquid assets and off shore income of RM10,000 per month.   For those who have retired, they are required to show proof of receiving pension from government approved funds of RM 10,000 per month.

Cheers & Beers, JAYDEE

Many thanks..yes....that is what it says - and is why I am confused:

That is not what I was told at PWTC and TC mentioned in his/her post:

"However, at the initial application stage, applicants must show proof of liquid asset worth RM 350,000 (minimum) and monthly income of RM 10,000 if they are  actively working compare to retirees who may comply to  the requirement of RM 350,000 in liquid asset without show proof of  monthly income. "

The above paragraph points to a subtle distinction, at the initial application stage, between those applicants who are still working and those who have already retired.  In the latter case, the suggestion is that no proof of monthly income is required.

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There is no need for confusion Luke.
I went through the whole process to get my approval letter on April 23 and I can assure you that you need to show RM10,000 per month INCOME, regardless of source.
I suggest you use Joy-Stay, Yvonne Lim as your agent. She will confirm that what the web site says is correct.
No 10K, no visa.
Cheers & Beers,
JAYDEE