Terms and Conditions

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hi,

For the record this is the "Terms and Conditions" page from the MoTour website :
 

FINANCIAL REQUIREMENT

Applicants are expected to be financially capable of supporting themselves on this programme in Malaysia.

Upon application:

i. Applicants aged below 50 years are required to show proof of liquid assets worth a minimum of RM500,000 and offshore income of RM10,000 per month.

ii. Applicants aged 50 and above may comply with the financial proof of RM350,000 in liquid assets and off shore income of RM10,000 per month.   For those who have retired, they are required to show proof of receiving pension from government approved funds of RM 10,000 per month.

iii. New applicants who have purchased properties worth at least RM 1 million qualify to place a lower fixed deposit amount upon approval.
 
UPON APPROVAL

Successful applicants are required to comply with the following financial criteria upon receipt of the `conditional approval letter' from Immigration Department of Malaysia..

Upon Approval : Aged Below 50 years old

* Open a fixed deposit account of RM300,000.00.

* After a period of one year, the participant can withdraw up to RM150,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.

* Must maintain a minimum balance of RM150,000.00 from second year onwards and throughout stay in Malaysia under this programme.

Approved participants who have purchased and own property which were bought at RM1 million and above in Malaysia may comply with the basic fixed deposit requirement of RM 150,000 on condition that the property has been fully paid and ownership documents such as grant and land title have already been issued. This amount may not be withdrawn until the participant decides to terminate his participation in MM2H programme.
    
Upon Approval : Aged 50 years and above
    
* Can either choose to:
- Open a fixed deposit account of RM150,000.00 ; OR
- Show proof of government approved pension funds of RM10,000

* After a period of one year, participant who fulfills the fixed deposit criterion can withdraw up to RM50,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.

* Participant must maintain a minimum balance of RM100,000.00 from the second year onwards and throughout his/her stay in Malaysia under this programme.

Approved participants who have purchased and owned property which were bought at RM1 million and above in Malaysia may comply with the basic fixed deposit requirement of RM 100,000, on condition that the property has been fully paid and ownership documents such as grant and land title have already been issued.This amount may not be withdrawn until the participant decides to terminate his participation in MM2H programme.
 
MEDICAL REPORT

All applicants and their dependants are required to submit a medical report from any private hospital or registered clinic in Malaysia.
 
MEDICAL INSURANCE

Approved participants and their dependants must possess valid medical insurance coverage that is applicable in Malaysia from any insurance company.
However, exemptions may be given for participants who face difficulty in obtaining a medical insurance due to their age or medical condition.
 
SECURITY BOND
Direct Application only

Applicants applying directly are required to fulfill the security bond condition. Please refer to Personal Bond for rate per person by nationality, ranging from RM200-RM2000.00.
 
PERSONAL BOND
Application Through Agent

Licensed companies are required to provide the personal bond for their clients who have been approved under the MM2H Program.

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hello scott the rules in this forum are changing for MM2H new applicant... Please repost correct NEWS for over 50+ applicant.... what is the correct USD deposit requested for over 50+ and is this deposit MAY BE AT ANY BANK paying interest income? TERM DEPOSIT INCOME? WHAT currency? Is it iterest payment 2.5%USD or Malaysian ?% interest paid by Malaysian BANK offering investment TERM deposit return on investment?

What is the deposit question need answer is the deposit of 100000USD for example having 0% return on deposit for period of one year...Alternative deposit secured by alternate banking financial investments under Malaysian government controls?..

Please research new change of MM2H for 50year  older? For example raising new property purchase to 500000 lowest application approval for MM2H property purchase... If applicant
is over 63 years old and want a single room 50 square meter cash apartment purchase?

Not every foreigner wishes to purchase 3 bedroom ocean view 1000 square meter apartments
under the MM2H policy revision a qualified buyer must purchase a mansion starting 2010....   

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hi,

Welcome to the site, expatriot.

The "Terms and Conditions" as given on the mm2h.gov.my site today are exactly the same now as when the initial post on this thread was posted, 13th August 2009. So there is no need to re-post anything.

The Fixed Deposit requirement has to be in ringgit, not US$. You'll have to do the conversion rate yourself as it is changing weekly. At the moment it's 1US$ = RM3.380 or thereabouts.

As the FD is in ringgit, the interest of 2.5% (for 12 month term) is in ringgit.

The new minimum property threshold of RM500,000 applies to all foreigners, mm2h or not, over 50 or not.

I agree with you, not everyone wants to purchase a large house, apartment or mansion costing RM500,000 or over. This is a government decision.


 

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Please research new change of MM2H for 50year  older? For example raising new property purchase to 500000 lowest application approval for MM2H property purchase... If applicant
is over 63 years old and want a single room 50 square meter cash apartment purchase?

Not every foreigner wishes to purchase 3 bedroom ocean view 1000 square meter apartments
under the MM2H policy revision a qualified buyer must purchase a mansion starting 2010....   

Hi Expat, there's been a thread going on here recently ...

http://www.my2home.info/index.php/topic,857.15.html

where we're all saying much the same as you about the new 500K limit, so feel free to join in.  I think we're all pretty much agreed that it's a daft idea.

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Nothing but time can alter policy and procedures thrown on the tables.. The thinking behind as is the reasons for demographic, statistical financial resolutions take time to merit final benefits to the originator... I have one last hasty quest before deciding.. If one was to enter Malaysia next week and deposit present
financial applications.. can one retain the 2009 purchase limit extended over
2010?... i am considering Malaysia next week arrival if the grand father clause
permit 2009 property purchase limits validity over 2010 property purchase...

Also if above is possible do I have time to deposit and complete MM2H before January 1?

Thank you for all advice...       

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hi,

Arriving in Malaysia next week, applying for mm2h, and getting approval, and the visa stamped in your passport before the 1st January 2010 would be rather hopeful.

Anyway, as I understand it there is no carry over of the current minimum purchase level by getting a mm2h visa in 2009. As from the 1st January 2010 if you buy property in Malaysia as a foreigner (mm2h or not) the limit will be raised to RM500,000.

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I was told by an MM2H agent that if I buy property from a developer that the developer will arrange the MM2H visa without any fixed deposit.  But the minimum purchase value for this deal will increase to 500k the end of the year.  Does anyone have any experience with this kind of deal? 
The "terms and conditions" state that for property purchase of over 1 million the FD may be reduced.  Seems like I may be being fed misinformation by the agent?

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hi, phild,

And welcome to the site.

A nice deal if you can get it but it sounds more appropriate for MACC rather than MM2H.

Some developers throw in a free mm2h application if you buy a property from them. The application is free with the purchase, I can't imagine that the FD is.

There are about 162 agents. Maybe this particular one is giving you raw prawns     or maybe it's a misunderstanding over the RM1M property option     or maybe it's just something lost in translation 

The mm2h rules and regulations are clear and straightforward.

If you buy a RM1M property you'll still need an FD of RM100,000 as follows :

MM2H. GOV.MY
Approved participants who have purchased and owned property which were bought at RM1 million and above in Malaysia may comply with the basic fixed deposit requirement of RM 100,000, on condition that the property has been fully paid and ownership documents such as grant and land title have already been issued.This amount may not be withdrawn until the participant decides to terminate his participation in MM2H programme.

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I think it used to be that, if you bought a property RM 1 million + then the fixed deposit after one year could reduce to 60K only.  That changed earlier this year I believe.

I know I queried this somewhere on the forum and someone put me straight (probably Scott).  Maybe the developer had some old information?