MM2H Moving Forward

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Hey Bob,
I agree with your list too but would also second Rag's idea of an adjustable monthly income figure in line with exchange rates.
I too am suffering with the Aussie dollar which is rubbish right now but I don't know why.
Maybe CA could add something to explain why the US dollar caused all the trouble, the UK quid is in dire shape, the Euro is about to hit the skids apparently and while we were sat quietly down this part of the world we got hammered. I know it's all about commodities but we still have gold and uranium and a sound banking system...life's a mystery to me sometimes.
Loopi.

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Hold on people! We sure are not going to send them a long wish/shopping list, are we? Let's do a divide and conquer plan, ok!
I am 100% certain such a long list will get thrown out the window outright. What's with these utility, stamp duty, tax free car - again? They are not new. We should just pick perhaps 2-3 items top and convince them to adopt these measures so that we can have a peace of mind living here for the long-haul.

peace.

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Hi Loopi

I used to put together some calculations on here to show how the currency fluctuations affect those applying for the MM2H program and those on the program from the UK, the link can be found here http://www.my2home.info/index.php?topic=471.msg4255#msg4255 its not totally up to date as the last calculation was based on 5.2rm to £1 but its close enough.

What the figures do show is how much of an impact the economic crisis has had and how a program that was aimed at financially adequate applicants now is moving towards 'retirees' that would be almost a financial class above. Because of the rapid drop in the value of sterling its always a good yardstick.

Cheers

Paul

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Hi Newvillage,
I considered this page to be just a brainstorming session and am happy for somebody with contacts in Motour or where ever to hack it to pieces. I think for the time being it would be good to get as many suggestions as possible and some of those may come from a completely new direction. They might all go nowhere but we can dream....plus many ideas won't affect us MM2Hers that have already gone through the process but may help some  of those following.

Thanks CA for the link...I will study it tomorrow as I do with all your links. I said in another post that I am an addict and probably need help. I  HAVE to read all your doom and gloom everyday.
I always feel like adding when it says 5% unemployment...'yeah, but that means 95% still in work' etc etc. I am waiting for the upturn and the rationalisation of the ringgit and My property (dreaming again)
I am guessing that you work in finance but it could be simply a keen interest in your own wealth...either way thank you for all your effort in finding and posting the articles.
Loopi.

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Hi Loopi

Thanks and I'm glad you like the articles, The main reason for me being so concerned about the economic crisis is I'm a young retiree (I retired in my 30s), and as I don't get a pension need to watch the finance bits like a hawk 

One of these days I'll put together an up to date spreadsheet that shows in multiple currencies how the currency exchange rate has impacted on the potential MM2H'ers over the last 12 months. Bob (I know him personally and he's a really good guy), can maybe use it in conjunction with the suggestion from Rag that the financial criteria/monthly income for joining be reviewed on a quarterly basis (for new applicants) to take into account the current wild variations in the exchange rates.

Cheers

Paul

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hi,

I also think that we could use this thread for a while longer as a wish-list, as suggested by others. Then we can take up Newvillage's suggestion and select a few items to forward to MoTour, in some way. We can get as many wishes as available and later have a few categories that reflect those on MoTour's own site.

I've always thought that the FD, financial criteria etc, should be linked to something Malaysian (average wage, bank definition of affluence, whatever).

I'd like to take my idea of more statistics off the list. I've had an epiphany.

My replacement suggestion is to state that FD switching between banks is allowed given that banks are tending to go belly up at very, very short notice. And to work out the mechanics for doing this.

It's all very well to have deposits covered by a government guarantee but when a bank goes bust (to be taken over by another equally troubled bank) it must take several months, if not a year or so, to resolve deposits. And a lot of hassle.

The Singapore Business Times today has an article headlined, "Maybank in for longest share slide in 22 years." So I'd like to have my FD in cash under the rice bin.

regards, Scott

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Hi Loop & Newvillage,

For the time being I just wanted to collect your thoughts on how the program could be improved.  Later we can shake this list into some kind of priority depending and what support each item had.

I dont have any false hopes for this but if the ministry can see what kind of issues we are concerned about then at least they will be aware. Personally I would like a poll of how many members would support and be involved in the idea of a user group. A recent poster said it had all been tried before but I didnt hear of it.

It may be helpful if we could get an agent to put the idea of a user group to the their association because their support would be invaluable. The agents need us and some of us need them. They would gain most because it would give them credibility but so long as we can open a channel of communication with the ministry then all parties would benefit. Of course we dont need the agents help but it would be better to move forward together (renovating a bridge is always easier than building a new one).

Hope that made sense, have been up all night watching the blues beat the vikings so might be a bit sleepy by now.

Regards

Bob

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Amended list to take note of Scotts suggestions, and one of my own (the user group)

• MM2H status to be recognised by utility companies
• Waiver or Reduction in stamp duty
• MM2H functions to be available in other parts of Malaysia
• Allow FD switching between banks
• Feedback channel by email (agreement for this to be done at approval time)
• Progression to full PR after qualifying period (e.g.10 years)
• Car purchase to be allowed after current 12 month limit
• Tax free car allowed for each Visa period
• Simplify and streamline the whole application and renewal process
• Time limit to collect visa to be extended from current 12 month limit for applicants in receipt of approval letter
• Cap the FD at current levels or scrap it (concern over RM500,000 level)
• Create online user group to liaise with Motour & Agents association
• Formula for financial criteria to allow variation due to current financial conditions

Need some more posters here,

Regards

Bob

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Hi Bob

re: Formula for financial criteria to allow variation due to current financial conditions

Perhaps you may need to emphasize the low yields in term deposit rates and share returns and bring attention to the reducing currency exchange rates under current climate.

Cheers

 

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hi,

"Ask not what MM2H can do for you, ask what you can do for MM2H."

We need to run something like a "I give" wish-list to go alongside the "I want" wish-list.

How about my2homers volunteering to hold "learn about MM2H chat/Q&A sessions" for a couple of hours, once per month, at local Tourist Offices, or hotels. Under the auspices of MoTour.

regards, Scott

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Hi Scott,

I was thinking that myself. We wont get much if we offer nothing. One thing we have in common with both the ministry and the agents is that we all want the program to succeed. We have to sell some benefits here.  If we can add something rather than just asking for things would be a great way to convince the government of our constructive intent.

I think we need to register a list of members who are passionate about Malaysia and can show the benefist of living here. Rather than just words on a website we could give real impetus to the program. I think we have a problem in that we don't count many Japanese, Gulf Staters and Koreans amongst our membership. Of course we can russle up a few kiwis, aussies, chinese, brits, yanks (excuse the expression), springboks. danes, french, dutch, taiwanese, canadians etc. etc EOE

Rag
Your right, Perhaps you could write this one up. We will need more than bullet points if we are to convince anyone.

Bob

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Hi Bob

People considering MM2H are already passionate about living in Malaysia if they are considering the program. Lets face it, great country, great friendly people, great food, cheaper living and certainly warmer weather and a fantastic place to retire and enjoy an active and wonderful life style. What's else to ask for??

We also know that Malaysia is keen to have retirees to consider Malaysia as their second home. Hence, I am sure the Govt well be happy to hear and will welcome our thoughts and contributions in improving the MM2H program. After all, the voice of the agents is known to them and the end-users' perspective may interest them.

What we need to do is to offer the summary of our suggestions with clear simple explanations. Perhaps, a rep from this forum could take it to them. As Scott is in constant communication with Motour, he may be the ideal person.

As for the dwindling monthly cash flow, the result of the current economic crisis, perhaps we could explain as such...

We suggest the lowering of the monthly RM$10k to RM$6k for MM2H participants as the present global financial crisis have seen the prospective MM2H applicants' income having almost halved due to the lower exchange rates and massive drops in share dividends and term deposit rates.

The Malaysian Govt is usually receptive to such views and will take them into consideration.

Cheers

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Very well put. However I fear that Scott may have a lot to do just keeping this forum going.

I think we need some more posters on this thread to discuss these issues, and to develop the detail.


Bob

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Hi

I read this thread with excitement, seeing every member is passion and eager trying to improve MM2H program. Bravo to all!

As a potential MM2H participant, I am hesitating due to some of the problems that mentioned in your link. I hope they will be looked at by the authority in order to attract more foreigh retirees.

We are from the US, with our portfolia we have no problem showing FD300,000 but to prove of RM10,000 monthly income its a problem. We have US Social security guarantee for life but it does not amount  to RM10,000 per month as required. How about the savings, bonds and mutual funds that we can spend while we are still alive. The RM10,000 per month should be scratched.

I fully agree with Loopi regarding the increase of VISA stamp time limit to 1 year. It would be a great help for people who need to sell their house after getting the approval and provide amble time to prepare for the move.

We are there to enjoy our old age and SPEND.........the rest of of our life savings in Malaysia!!!
So please don't impose so many restrictions!

 

Gin

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Hi Gin,

The income side of things always seems to be a problem.

If you are employed but will be retired when you arrive what figures do you quote?

I spent a lot of time getting all my income together and presenting it nicely for submission by the agent. I asked the agent if it was OK and their answer was yes no problem. Weeks later my application was "declined" on the grounds of "finance" no further info was given. After some infuriating delays the agent told me that this was normal and that I would have to re-present the financial information from the stand point of being retired. Many more weeks delay.

If I had all this to do again I would take the direct application method and communicate directly with the MM2H office. In the end my proveable government pension did not satisfy the requirement, however I quoted my private pensions and all my savings and investments. The answer came back "Approved". I think Motour was just using it sense and discretion to evalute the position.

I would drop them a line or give them a call. They all seem pretty sensible people to me.

Regards

Bob