Maybe Changes : February 2009

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Hi, I'm in the process of making a MM2H application through an agent in Penang and just received an email today 18 Febrauary 2009 from the company (agent) that says:

" Hope all is well. Just to give you an update :

  There was a proposal put forward in the meeting at the Ministry at
12pm today. Note that this is just a proposal that needs to be
ratified by the government. We will try to resist this change. The
change is to increase the fixed deposit from RM150k to RM500k. We know
that this is ridiculously high. We certainly hope that it will not be
implemented as it will reduce the attractiveness of the program. This
is not a sales tactic as we are equally concerned that if it is
approved, it will be disastrous for this program. We don't like
surprises and neither do we want our clients or potential clients to
be surprised as well.

  If putting in RM500k is not a problem for you, then just treat this
email as "for information only".

best wishes, " end of message.

Can anyone on this blog advise me please if this is true??

Thanks.

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Hi rehunt2005

IMO, putting RM$500k as a deposit provided there is no requirement to prove RM$10k income is not a bad deal if fixed deposit rate is good and the income is tax free. One must also be allowed to take up to RM$440k for a home.

Let us see what transpires from the gossips!

cheers

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Hi Raghu,

Thanks for your message.  Forgot to mention that I am a retired pensioner aged 68 years. I thought that for us pensioners RM150K was a maximum input...or  did I get it wrong??

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RM500K?, I am scraping to get the Fixed Deposit, never mind the half a million! If there is any substance to this, it will sound a death knell to the MM2H programme and I will defo be weeded out

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hi,

I'll check around with the agents that I know and see if they have also received such an email.

hi, rehunt2005,

Many thanks for the post. Good to hear from you.

Well, that's a bit of news indeed. And as you post, it is just a proposal. Remember the newspaper report recently (Proof of Source of Income could be Abolished) where the Minister of Tourism was talking about privacy issues regarding applicants' incomes, and the minister asked for suggestions. Maybe this is such a suggestion.

Forgot to mention that I am a retired pensioner aged 68 years. I thought that for us pensioners RM150K was a maximum input...or  did I get it wrong??

For the over 50's using the Fixed Deposit option, then RM150,000 is right. However, in your application you'll need to show that you can support yourself in Malaysia for the period of the visa. What does your agent say about this?

regards, Scott

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Hi Scott,
Thanks for your message. I was told by the agent that I only needed MR150,000 for the Fixed Deposit. I have already informed him that I get a pension of about MR2,000 a month from overseas and use my personal savings as an extra input to get by each month. The best part of my personal savings will be used up to buy a future unit in Penang for about MR250,000. If I have to block MR500,000 in a fixed deposit account in Penang, my situation will change drastically. What to do?

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hi, rehunt2005,

Let's slow down.

If I have to block MR500,000 in a fixed deposit account in Penang, my situation will change drastically. What to do?

So far this is an email from your agent about a proposal. We need to wait and see what develops. Meanwhile myself, and other members, will check around.

Your agent is right. You only need RM150,000 for the FD. However you'll need to show that you have sufficient funds to maintain yourself during your stay in Malaysia.

How much is sufficient is not stated on the mm2h.gov.my site, or anywhere else. Guidance from the MM2H folk at the Ministry of Tourism indicates that for the over 50's cash-in-the-bank of at least RM350,000 is needed plus RM10,000 monthly income.

This needs to be shown at the initial application stage so the cash of RM350,000 includes the FD.

If I were you I'd ask your agent about this. And let all of us know. If he can currently get you the mm2h visa with less than the RM10,000 monthly income (as you seem to indicate) then plenty of us on this site have gotten upset or put-off for nothing. Something is not right and needs to be sorted.

regards, Scott

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Just for your info guys, One of the MM2H agents emailed me these proposals

Sorry for the mass mailing. We were informed that there was a
proposal put forward in a meeting at the Ministry of Tourism at 12pm
18th February 2009. For those who have the visa already, please let
your friends (who are interested in MM2H) know so that they can make
an informed decision.
 
 A few confirmed changes (goodies) that are beneficial to the program
 
1) Foreigners with Malaysian spouse are allowed to apply for the
program now. Previously, they are to join the spouse program.
2) No more cooling off period for those who are working in Malaysia
currently. They do not need to wait for 6 months.
3) For those with 5-year visa, you will get a 10-year visa on your next renewal.
4) Working in Malaysia (not full time) is allowed for certain sectors.
We have no details as yet.
5) Children's age has been increased from 18 to 21

The proposal is to increase the fixed deposit from RM150,000 to
RM500,000 (for those more than 50 years old) and RM300,000 to
RM750,000 (for those who are less than 50 years old)

Again, these are hearsay at the moment but the agents info are fairly reliable as they are in the trade.

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hi,

Given recent posts about proposed changes, I sent the following email to MoTour :

Perhaps you could help to clear up some rumours that have appeared on the my2home.info
forum, and on alloexpat.

Some folk have posted about :

a). An increase in the FD from RM150,000 to RM500,000, and RM300,000 to RM750,000?
b). The residual amount of FD being raised from RM60,000 to RM100,000 (over 50) and RM200,000 (under 50)?
c)  Removal of the RM10,000 income requirement?
d). Applicants being allowed to do active business, and work part-time?

And today I received the following response :

Please be informed that all changes with regard to the points you have raised will be announced on our website very soon.  There definitely is no confirmation on the monetary requirements at this stage. 
 

As I now check the mm2h.gov.my website daily, if anything changes I'll post on this thread. Meanwhile if you're planning to apply soon there's no reason for not doing so.

regards, Scott