Post by Piper

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Hi,
We are looking to retire to Malaysia from the United States in the next 6months.  We are a couple with a dependant daughter and under 50.  What is the least expensive way to do the MMSH now that only agents can apply?  Is there one (less expensive) agency than you can recommend?  Also, the financial requirement is very confusing.  Is it 300,000RM or 500,000RM?  If it is 500,000RM, do you have to deposit this amount in Malaysia or does it default to the 300,000 requirement?  Finally, after one year, how easy is it to withdraw the 240,000?  Do you have to apply it to housing, car, etc?  Do they have a method to monitor this activity?  Thank you for any advice you can offer and I'm sorry if this isn't in the right area of your forum.

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hi, Piper,

Thanks for the post. I've moved it over to this board, hope you don't mind.

For under 50 years, the current going level of sufficient funds (i.e. what you show that you have in cash to support your stay in Malysia) is RM500,000. You show this, via 3 months worth of bank statements (home country etc.), at the time that you make the initial application for conditional approval.

When conditional approval is obtained (about 12 weeks) you have 6 months to appear in person to get the visa stamped into your passport, and to show proof of the FD of RM300,000 with a bank in Malaysia.

You can withdraw the RM240,000 for property purchase. You need the "sales and purchase" agreement as proof. It is not difficult to apply for approval to purchase property.

You can also use part of the RM240,000 for educational and medical expenses. Again proof of expense needs to be submitted to motour (Ministry of Tourism).

You can't use any of the RM240,000 for other purposes, such as car purchase.

No-one has posted to give a comment on testing the degree of monitoring of the FD. The FD is stamped "Malaysia My Second Home" by the folks at Immigration. There is a form for applicants to complete allowing for checking of FD status.

As the agents-only ruling is new, there's not much information available on reliable, cheaper agents. There are some 150 registered agents of whom about 50 seem to be active. The average price that I have seen is between RM6,000 - RM7,000.

At the moment I can only suggest that you email around from the list on the motour site. And ask for a whopping discount (50%). And see what happens. I intend to do this when I have the time, but for me it will be a few weeks and you may need the info quicker.

As you are planning to retire here over the next 6 months, you could spend the next 3 months getting your "sufficient funds" (the RM500,000) in place and bargaining with agents.

Please keep in touch with the forum, and if you have any questions just ask away.

regards, Scott

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Thanks for the info Scott,

We are not in a rush to do the MMSH.  We'll do a few visa runs if we have to.  I was planning to do the application myself and it really irks me that they just took that option away.  I would certainly be first in line for a 90% DIY MMSH program.  If you find any bargain agents (or agents willing to bargain!), please post them-I'll do the same.  We are currently in the process of selling everything and organizing our move, so my investigations will be delayed a little while.  In regards to the fixed deposit, are you allowed to transfer the interest accrued into a different account?  Also, is there anything better than 3.7% or is that the going rate?  Thanks

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hi, thanks for the post,

Visa runs are OK. You can get 3 months, then a further month (RM50), then you need to leve Malaysia for a day or two. It's no big deal.

Yep, stopping the DIY option is bad news. The 90/10 DIY idea is progressing but will take a few weeks. It needs a company to be set-up, and this costs RM2,000. If anything gets going then I'll announce it here. I'll also be posting on agents charges as I get the information.

The FD's are normally for 12 months on auto-renewal. However, at the end of the 12 months you can simply cancel the FD, take out the interest, then place a new FD. The banks are supposed to have their own "Malaysia My Second Home" stamps so that they can stamp any new FD's. Some banks have the stamps, others don't. As long as the FD is continuous it's no problem, and stopping one FD, taking out the interest, and starting a new FD is a 1/2 hour job.

THe FD rates are all currently about 3.7% for 12 months. This has pretty much been the rate for the past few years. In early 2006 they went up to 4% (and 4.5% for 24 months) but came back down in late 2006.

regards, Scott

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Yep, stopping the DIY option is bad news. The 90/10 DIY idea is progressing but will take a few weeks. It needs a company to be set-up, and this costs RM2,000. If anything gets going then I'll announce it here. I'll also be posting on agents charges as I get the information.

regards, Scott

Hi Scott,
I sent you a PM a couple of days ago re this DIY setup, I wonder if you have received it?
Regards.
Al

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hi, Al,

Sorry, I've check my PM and there's nothing there. I'll ask Meek (technical support) to go through the system to make sure it's working Ok.

regards, Scott

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Don't think the PM function works?

Will send to ur scott7777@myfastmail.com         for now.

Regards.
Al