Changes : 1st April 2009

[scott]

hi,

It's no joke.

At yesterday's agents/ MoTour meeting, the following changes were announced effective 1st. April 2009.

Announcement (By the Ministry of Tourism, with effect from 01 April 2009)

Regulation Changes for Fixed Deposits

1). Those below 50 with FD of RM300,000:
After 1-year, the my2homer can withdraw up to RM150,000 for approved expenses. A minimum balance of RM150,000 must be maintained for the remainder of the stay under MM2H.

2). Those over 50 with FD of RM150,000:
After 1-year, the my2homer can withdraw up to RM50,000 for approved expenses. A minimum balance of RM100,000 must be maintained for the remainder of the stay under MM2H.

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.

Direct Application (only)
(This is an announcement of what is already on the revamped site: Scott)
DP's need to fulfill the Security Bond conditions for each participant and dependent :

1).  The completed Security Bond Form with stamp (hasil) duty paid.
2).  The Security Bond can be in the form of a Banker's Guarantee/Bank Draft/Money Order placed with a bank in Malaysia and made payable to the KETUA PENGARAH IMIGRESEN MALAYSIA.
3).  The Security Bond can be withdrawn if the participant/dependent exits from MM2H.
4).  The amount chargeable is according to Country of Origin of the participant : Please obtain Rate of Security Bond by country from the Ministry of Tourism. (Ranging between RM200-RM2000 )

I guess the last sentence means check the website (?).

I also guess that the changes in the residual FD amounts refer to new applications (?). Up to now new rules apply to new applicants.

regards, Scott

[scott]

hi,

The meeting yesterday was in fact the launch of, "The Re-branding of Malaysia My Second Home."

MoTour have printed a brochure for the event.

regards, Scott

[GusTheHippo]

I know that I am stupid at times and I guess that this is one of those times! But where have the down loadable forms gone?
If it is obvious sorry but I can't find them, maybe it is a "senior moment" Thanks, Gus

[Qjumper]

Under the UK PC rules you are forbidden from calling yourself "stupid", "cerebrally challenged" may however be permitted.
The documents are available under "How to apply - New Application" they are all PDF's at the bottom of the page.

I came across this item currently on the new website:
 

Can I open a restaurant, book shop or clinic in Malaysia under this programme?
 
No. Participants under this programme are NOT allowed to have their own businesses.

However, they are allowed to invest in local companies as an inactive partner. They are allowed to attend Company’s Board Meetings as one of the company directors but they are not allowed to have an office in the company. Participants can participate in the local share market.

This was always the case, so what's new about opening a business??

Regards

Bob
 
 

[fizzychickensoup]

Not sure what you are getting at here Bob. Nothing has changed on that score, so they are just reiterating the 'status quo'!

[Qjumper]

Prior to 1st April you could only invest in a local company. One of the changes was that you could now set up a new business. Presumably this also means that you could be actively involved. The web site FAQs appear to be out of date as they clash with the information in Incentives - Business & Investment

Well spotted Mary;
See information from the MoTour website below:
ANNOUNCEMENT
In line with the Immigration Circular No. 6 of 2009, the following improvements have been made to the Malaysia My Second Home (MM2H) Programme, with effect from 13 February 2009:

2. MM2H participants are allowed to invest and actively participate in business, subject to existing Government policies, regulations and guidelines which are in force for the relevant sectors.

If I am reading it wrong could anyone else provide enlightenment.

[fizzychickensoup]

Hmmmmmm. Yes indeed. A complete contradiction.
Suspect this bit has not been updated yet

[GusTheHippo]

Bob, as I thought a "senior moment"  Many thanks for your patience. Gus. Never was one much for PC!!

[Duriancake]

Has anyone tried the online application??

[Qjumper]

Hi Gus,

No problem, I have had one or two myself

Regards

Bob

[rag]

Hi Duriancake

The online application works only with IE (internet explorer) and I use only linux. I must borrow a Windows OS computer to try that out and that's a hard task for me!

cheers

[scott]

hi,

I'd also think that the "not allowed to open a cafe, bookshop" etc. is out of date and needs to be changed following the new rules. I'll email Cindy.

The raising of the amount required to be left as a residual FD is hardly going to increase the number of my2homers investing in larger property. Simply less money available from the FD.

The forms are also available on this site. They are fairly up-to-date except for the latest changes. I'll shortly copy all the forms from the MoTour site and keep them here as a reference.

regards, Scott

[marcyt]

Hi
New to all of this and have just completed forms and in process of collecting all the paperwork.

Re the security bond / sponsor??....is this something that is done at a later stage ie after approval and when you are actually living in Malaysia?

Thanks

[scott]

hi, marcyt,

Welcome to the site. Many thanks for the question.

1). If you are using an agent then the Personal Bond/Sponsor applies. The agent is the automatic sponsor and will sign the Bond form. The amount of the bond should be inclusive in the overall agents fee. Check that it is and if it isn't get another agent.

2). If you are applying as a Direct Applicant you do not need a sponsor or a Personal Bond. You need to complete the Security Bond. This is done once you have received Conditional Approval.

This is the relevant bit for the www.mm2h.gov.my site :

For Approved Participants:

• Each participant and dependent must submit the Security Bond. *

* The Security Bond must be stamped (RM 10.00) by The Stamping
Office in Inland Revenue Board of Malaysia

* The Security Bond can be in the form of a Banker’s Guarantee/Bank Draft / Money Order placed with bank in Malaysia and made payable to the KETUA PENGARAH IMIGRESEN MALAYSIA .

* The Bond can be withdrawn if the participant/dependent decides to exit from the MM2H Programme.

* The amount chargeable is according to Country of Origin of the participant; refer to Rate of Security Bond/Personal Bond by Country.

If you have any other queries, please ask.

regards, Scott