Leaving the Uk

[HIDDEN]

Hello Forum peeps,

I am a 30 year old male who has decided to up and leave this tiny island, no dependents which makes this so much easier and a little cash available from (poss) 2 properties.

I have been left the family home which if I sell will go for around 320 thousand pounds.

I have a 2 bed flat also which would go for around 110k but I can get around 600 pounds a month if i put it on rent.

My question(s)

Can i come to Malaysia on the MM2H?

If yes using the sale of the family home as the deposit and the money from the rented flat as a monthly income.

HOW much exactly is actually needed as the site states that you need 500,000RM if under 50 and also 300,000RM (of which you can withdraw 240,000RM after 1 year)

What I dont get is will I need TWO deposits the first which must remain and the second which can be removed after a year.

Also will I need to show a monthly income always OR will the fact my balance remians above 60,000RM be all thats required.

Finally....

I basically dont want to work, have been in the I.T field and well am simply sick of it and frankly dont wish to spend time dithering about with the idea of what I really want to do in life....no I simply want to semi-retire with the available funds I have even if it means a less than luxorious lifestyle.

I had though about maybe investing in a small property for myslef and then 2 extra properties which I could rent out, hopefully leaving me with more than 60,000RM in the bank and then i could live of the amount i get in rent from the 2 properties?
I guess after 10 years (or so) you are bound to make some sort of a profit on those properties...? no?

Thankyou for reading and any help you can be, I realise the post may have confused some but hopefully you all get the gist of my plan and if it makes sense or not

Cheers

Rik

[HIDDEN]

hi, anywherebutthere,

For someone under 50, at the application stage you'll need :

1). To show cash funds of at least RM500,000 (Stg 78,000).
2). To show that you have a monthly support income of at least RM10,000 (Stg 1,560)

The monthly support income is proof of your ability to fund living in Malaysia for the 10 years of the visa. Applicants have to show 3 months of proof (such as bank statements).

Once the visa is approved, you'll need to make a single Fixed Deposit into a Malaysian Bank of RM300,000 (Stg 46,800). After 1 year you can withdraw up to RM240,000 of this FD for property, health, and educational purposes.

You can buy any number of properties for rental.

If you have any further queries, please post.

regards, Scott

[HIDDEN]

hi, anywherebutthere,

For someone under 50, at the application stage you'll need :

1). To show cash funds of at least RM500,000 (Stg 78,000).
2). To show that you have a monthly support income of at least RM10,000 (Stg 1,560)

The monthly support income is proof of your ability to fund living in Malaysia for the 10 years of the visa. Applicants have to show 3 months of proof (such as bank statements).

Once the visa is approved, you'll need to make a single Fixed Deposit into a Malaysian Bank of RM300,000 (Stg 46,800). After 1 year you can withdraw up to RM240,000 of this FD for property, health, and educational purposes.

You can buy any number of properties for rental.

If you have any further queries, please post.

regards, Scott

Many thanks for the reply Scott.

I have been reading alot on the forums and actually think I feel somewhat better now.

Xe tells me that .....300,000.00 GBP = 1,901,306.49 MYR  (is that about right?) as well thats a heck of an amount.

I think I actually could keep my flat on rent on the very slim chance I decide to ever move back to the Uk permanently  never say never and all that....

Which should leave me with (after the Fixed Deposit) a very good sum of money and ontop of which I will still have the monthly amount from the flat coming in.

I was just unsure if the 500,000RM amount would be something you just needed to show them or an amount that had to be maintained and could not be spent, but I take it thats the 300,000RM sum which I'd be more than happy not to even touch.

The issue I have and one which has been raised is the 10,000RM monthly amount which seems silly if you have more than enough to show upfront, why oh why for the life of me I dont understand the need its not like you will go insane and blow all your money.

I just hope it is something they will reconsider, will it likely have any bearing should I choose to apply?
Speaking of which is now as good a time to apply than any, or should I wait for any changes to the program you may be aware of coming in the near future?

Many thanks for reading and on running this informative forum.

Slainte

Rik

[HIDDEN]

hi, anywherebutthere,

The RM10,000 support income requirement is part of an effort by the folks who run MM2H (Ministry of Tourism) to attract people of a certain financial worth. As far as I get feedback from agents, the RM10,000 will have a bearing if you apply - you'll need to show proof of this. Well, 3 months worth of proof.

There's nothing on any of the forums, or in the media, to indicate any changes soon. What has happened over the past 5 years is that application requirements have become more stringent. On this basis, sooner is better.

You're right. The RM300,000 FD is yours. You just keep it in the FD, and renew yearly. You can take out the interest.

You'll need an agent so look through the MM2H Agencies thread on this site. The best value for money agencies that we've found so far are : Poly-Travel (RM1250 but no refund if not successful, and the charge may have gone up this year)) and Joy-Stay (RM1500 basic with refund). There may be a few others with similar charges but there's no general listing.

regards, Scott