An intelligent take on this matter. Many people comment on MM2H as if the Malaysian government owe them a cheap retirement visa, ignoring that the program was first introduced over 20 years ago when Malaysia was a very different place socially and economically.
As I noted in the video the program has morphed into an investment program. There's nothing wrong with that, of course, but many recall that MM2H was originally aimed at retirees and still think of the program in that way.
@@mohanrao6it’s meant for any person of any nationality… do you mean to say that only Chinese citizens are rich, as opposed to citizens of other countries?
The Tourism Ministry is aware of the big drop in MM2H applications the past 2-3 years. I agree that now it sounds more like an investment than retirement program but given the current economic situation, it's understandable. Like you said, many important details like monthly income, liquid assets, etc. are not known yet. We'll have to wait for more news and confirmation. Each foreigner has his or her own reason(s) to prefer Malaysia as a good place to retire (and/or invest). Everyone likes the affordability, variety and convenience of food, accommodation and transportation. Communication is also an important factor to consider. Westerners and non-Chinese speaking Asians (Japanese/Koreans) likes the fact that English is spoken widely whereas Chinese speaking Asians (China/Taiwan/HK) are glad that the Chinese traditions are preserved and Chinese Malaysians are able to communicate in Mandarin and Cantonese (in contrast to Thailand and Indonesia).
They simply want WEALTHY retiree investors. Same as Thailand and Indonesia. Forget about Malaysia as a retirement destination. Investigate countries in SOuth America, instead.
I think the focus on wealthy investors is because the govt wants to have MM2H'ers who will purchase property. The property overhang in Malaysia is a major concern and is a real drag on the economy. Under the original (and very attractive) rules for the program, applicants were not in the financial group who would purchase property, they would rent instead. But the government is not thinking clearly if it thinks that eliminating these 'budget' retirees will attract more wealthy investors. It seems like the govt is trying to increase the market size by raising the price of the product. It doesn't work like that.
@@fazbell I did... Exhaustively, and Ill take an asian country ANY DAY over Mexico or South America... Just my opinion after weighing everything ! Personal security and frugality especially...
Thank you so much for taking us on a walk and providing amazing insight on the new MM2H announcement. I, TOO, am very skeptical about the no proof of liquid assets as well as no monthly income. We'll see. I really want to move there and perhaps retire if possible. Hopefully one day soon! Really appreciate this video sir! Have a great rest of 2023! ♥ I hope hear more from you regarding the development of MM2H! =)
Times have certainly changed 2002 until now. They need families, skilled people and investors. I noticed the tourism minister rushing off to China just after the MM2H presentation in December. I think we can summise the market.
I agree. I've been thinking about the "whys" of the new regs and wondering just who they are trying to attract. Singaporeans are one obvious target, especially if reducing the property overhang in Johor is a goal. What a disaster that development is! China is another target market. When the new regs were announced I thought the government had lost its mind, but the more I think about it I realized that there must be some logic to the changes. It's just unfortunate that Malaysia no longer seems to have a true retirement visa.
@@InternationalBigshot Forest City is prime for Singaporeans but they are dragging their feet, indecisiveness and inactivity does not help. Also, how long have they been rolling out the new MM2H program this time - 10 months? Need an agency audit after 20 plus years?? Oh, waiting for an online portal?? Obviously, there's a lot of politics involved, now no PR (that would never have happened) plus all vested interests down in JB. Roll out the SEZ/SFZ program - get the ball rolling otherwise it'll be a new election soon enough! Sarawak seems far more in control or sane.
completely agree, there is nothing to celebrate for. The opposite, the communicational mess goes on. How come you announce 3 programs without the details and not even saying, when those programs will start. In addition they said, that it is under probation for one year. Therefore it is subject to change, but you dont know, if changes can be maid to existing holders or only new applicants are affected. Now some speculations are, that the program is not yet accepted by the cabinet and for that reason, they want the cabinet to set the details. No matter if that is true or not, you cannot rely on any annoncement anymore and that is the point, that makes the program the worst.
The real problem is that anyone interested in an actual retirement visa in Malaysia has no choices and will probably just choose another place like Thailand or some other location. Malaysia doesn't seem interested in attracting retirees. They are more interested in luring investors into the MM2H program. There's nothing wrong with that but MM2H has, in the past, been associated with retirement and many continue to see it that way. Using MM2H to help alleviate the property overhang is a legitimate use of immigration policy; it's just unfortunate that those hoping for relaxed retirement requirements are still hoping. Malaysia has removed itself from consideration for many.
@@InternationalBigshot This complete "absence of clarity" from the M-government... Coupled with the new UN-clarified Thai resident tax laws does not bode well for SE Asia retirements... I find it all nauseating... As soon as I get to the age where I "might" enjoy all my hard work I am F'd...
The issue is if buy property worth 1 million ringgit while selling difficult to get buyers and once the locals know you are desperate to sell you will get a much lower rate. Property overhang is there.Otherwise beutiful country ,people are nice ,clean good highways English speaking.
You almost have to sell to another foreigner to recoup any investment in property. Buying property in Malaysia is not a good idea. The deck is stacked against foreigners.
Not Evergrande but Country Gardens is the developer for Forest City in JB...no doubt other investments (shares, UT, properties, etc) has better returns than FD but comes with higher risk.
Take into account that you are not paying Malaysian income tax and are benefiting from the infrastructure of the Malaysian tax payers. Thailand remember is implementing income tax on any money coming into Thailand so it’s up to what works for you. I’ve been a MM2H guy for 11 years and it works great for me
If on the program for 11 years you must have applied under the original, attractive requirements. I'm guessing you're up for renewal soon, will you be able to renew under the original requirements or will you be subject to the new (2021) requirements?
@@InternationalBigshot just renewed no problem so going on year 11. I’ve been here in KL 30 years both working and retirement. My guess is that they threw out the mandatory income requirements and replaced it with the 3 tier system.
Congratulations on the renewal. I disagree about the monthly income requirement. If you consider the mechanics of the process, depositing RM500,000 or RM5 million that can't be touched for a specified period then the applicant has to be able to show that he can support himself day to day. It would be surprising if Malaysia eliminated a requirement like that.
I think that's great. Both Sabah and Sarawak would be wonderful places to retire to. My concern is that the federal government will pressure the Bornean states to eventually follow federal rules regarding MM2H-type visas. I know that Sabah and Sarawak are independent when it comes to most immigration policies but the federal government has many ways to get what it wants. This is something that will take a while to happen, if it does happen, because the federal requirements are still not settled.
That's ridiculous! Australians can stay in Malaysia for 3 months without a visa. All you need to do is cross over the border to Thailand or Singapore then return for another 3 months. Rinse and repeat.
In immigration circles "border running" is viewed as abuse of the social visit pass. Yes, lots of people do it without any problems but any immigration officer can put a stop to it at any time...without any warning. So, while it works for many Western visitors, it is not a long-term strategy.
@InternationalBigshot Ok, thanks for the heads up. To be on the safe side, how long do you think a person should leave Malaysia for after their 3 months tourist visa has expired before returning again?
@@totallyraw1313I don't think it's simply a matter of time but rather your history of travel to Malaysia. The immigration officers can see every instance of your entry into Malaysia when you give them your passport. If you're always bouncing out for a week or so only to come back for a 90-day stay this will raise questions. If you only show up once or twice a year it's not a big deal. They are looking for people who are obviously living in Malaysia using only the social visit pass.
I tend to agree with the replies below but still it is the right mindset. Retirees needs to be as flexible as nomad freelancers, after all they have no kids or obligations and if they are clever enough not to make any property investment in Malaysia, they are free as birds. Since there are now many retirement programs in the region, there are also many opportunities to move to Bali, the Philippines, Thailand or Cambodia easily...
If you're been following the MM2H saga over the past year or so then you know that attracting retirees is no longer a priority. The visa requirements now look like the government is looking for a way to reduce the property overhang.
This possible piecemeal approach is not at all helpful. My present understanding is that Sabah is part of the 15.123.23 announcement details and not a separate program. I presently working my later years in Malaysia and if the program becomes more difficult to comply with I will be pulling my investment funds etc out of Malaysia.
"My present understanding is that Sabah is part of the 15.123.23 announcement details and not a separate program." I hope this is not true but it wouldn't surprise me if it was. A lot is usually made about how Sabah and Sarawak are independent when it comes to setting their immigration policies, however it wouldn't take too much arm twisting to get the two Bornean states to follow along with the federal MM2H. So far this hasn't happened but it's a possibility that potential applicants should be aware of.
One thing is that this MM2H is not linked to an investment in real estate so it will probably not help their oversupply of properties in Malaysia and I would add that it is a good thing because real estate is not a good investment in Malaysia. Property prices are not going up and Ringgit is losing value against major currencies.
I agree. AND foreigners buying property are restricted by minimum prices on properties they're allowed to purchase. This complicates selling any property when they leave the country or pass away. Foreign ownership of residential property in Malaysia is not a good investment.
The MM2H Program is still void till now (mid May 2024). New opening is still pending till now. Do not be fooled by any current offerings as these are scam.
I've heard nothing from anyone. I'm starting to think that the ministers in the current government have no actual power to do anything, it all has to come from some kind of cabinet action.
NO link with evergrande. Country garden which is no 1 in china. Please tell the right info. The reason why forest city is half dead was the ex pm dr m, said something racists towards chinese investors and their status in malaysia a few years back. That really angered the johor sultan and current king.
Thanks for the info. I have noted the correct developer information in a pinned comment. Unfortunately, Country Garden is also in default; not as bad as Evergrand, but bad.
@InternationalBigshot the current king which is the sultan of johor will try to assist in whatever way possible as he surely has a small share in the project. 100b usd is not a small sum. I do hope country garden can solve those issue. Another option was the hsr to singapore can do a pit stop at forest city. This was suggested by the king.
Simply being able to meet the requirements for MM2H doesn't mean that a person wants to retire to Malaysia. The problem with the current requirements is that Malaysia wants to expand their market for possible retirees by making their product more expensive. This doesn't work as shown by the 85% drop in applications since 2021. There are probably a lot of foreigners who would enjoy retirement in Malaysia if the requirements were not as expensive. At the end of the day though Malaysia can do what it wants with its own visa regulations.
forest garden is a project by country garden group (which hold about 60 pct of the project and unfortunately currently also facing bankruptcy problem in Chna), but still can't figure out how did you related this to the evergrande group?
500K in a low interest account for a year... 4% ?? can withdraw some after a year? (50% for specifics) govt/bank guarantee of funds only RM285,000.00 (I believe) and you still need to support your stay, so must bring in bigger funds or regular income of which I believe we pay a tax on transferred funds into Malaysia. Secondly, expats generally spread their funds throughout the economy not just to airlines/hotels/travel companies.
There are many things that still need to be addressed. The announcement regarding the fixed deposit should not have been made without describing the full requirements for the MM2H. While a fixed deposit is usually a bad investment, the MM2H program at least lets the applicant keep the money. As I noted in the video there are many countries that simply charge the fee for 'residency or citizenship' and that money goes to the government.
It all depends on what you want. If you're looking for a low cost retirement visa then Malaysia is not a good choice right now, and it may never be but time will tell. The real problem is that no matter what rules or requirements the govt sets they can always change them. But if they do change them they will do it in a way that benefits them not the MM2H visa holder. As a general proposition, governments are not to be trusted. I would be very wary of investing any substantial amount of money in Malaysia right now, and as a foreigner, I would never buy property there.
If you're interested in the MM2H then I suggest that you subscribe to @tegmedia7656 . They are agents and have a stake in how the program is operated. They also know a lot more about what might be happening behind the scenes. They provide monthly updates if you're interested. You can also access previous monthly updates if you look through their videos.
No yet. In the announcement that sparked this video there was very little information shared. I'm waiting for the full requirements to be announced. I heard somewhere that they would be public this month (JAN24), so I'm hoping. As I said in the video I think it was a mistake to announce just the fixed deposit information.
Border runs are becoming seriously frowned upon. At this point I would not try to do, say, a one week turnaround time in Thailand. They are looking at patterns of prior entries. I know this from direct experience. Malaysia is a wonderful country. I have family there and have been studying Bahasa Malaysia since 2016.
The Malaysian Gov takes the Elon Musk approach with these visas it seems - design and build - run to watch it crash and burn - then repair and redesign to see if the new version flies. I guess that's a valid approach - but question - would you hitch a ride on one of Elon's prototype rockets? :)
Its certainly a valid approach because both Elon and Malaysia can afford to do it. Neither of them need to pander to random Joe from New Jersey’s every demand just to get to his modest retirement nest egg.
For platinum, when can i withdraw or use the remaining 50% of fixed deposit that is required to be in the bank account? Is that stuck forever with the malaysia bank? Will i get it back only if i revoke my permanent residency?
You do get interest on the MM2H deposit. But, as you noted, it is in local currency and the ringgit has been performing poorly for several years now. On top of local factors it is a fixed deposit so the rate of return is low anyway. Unless you have a real reason to move to Malaysia, it just doesn't seem like the MM2H visa is worth all the red tape and expense.
monthly income (and other key topics) was deliberately not mentioned as they can always lock in your fixed deposit, and after months of waiting for your application approval, then change the rules of any key items so to screw you over, meanwhile your funds are locked and you can't do a damn thing about it - the gov ALWAYS have full and complete control the banks. it is an "application" subject to their subjective "approval" where key considerations can be change in a wimp as many had discovered after both loss of time and money. It is too RISKY to consider Malaysia. Just visit maybe for couple months at most, but don't stay there.
I understand your skepticism. I think it is something a lot of people are thinking, especially after the drastic and unexplained changes to MM2H in 2021. It will take a long time for the government to recover from that blunder...if it ever does.
The applicants under the original program were not poor, not by any standard. By raising the financial cost of applying for the MM2H program, the Malaysian government has effectively eliminated a significant number of retirees who would gladly live in Malaysia, participating in the economy, and not being 'required' to stay for 60 or 90 days per year. As retirees they would be spending almost all of their time in Malaysia without rules requiring it.
No the inflation rate is rising at 1.5% as of November 2023 the lowest since 2018 and yup its true the government already get rid the monthly income requirements and no its turning into retirement program back
I would like to know your source for the info on the monthly income. No announcement has been made regarding that yet. The hope is that the govt will reduce the monthly income requirement (maybe back to RM 10,000 as it was in the original program). This would help make MM2H a true 'retirement' program again. You're right about the inflation rate. Thanks for the information.
You're right. Unfortunately the MM2H issue has turned into a bash Malaysia spark plug. Those most upset about the 2021 changes and now what they think might be coming in 2023 remember when MM2H actually was a retirement option for them. Now that it isn't, they're upset. Malaysia is changing MM2H, as it has every right to do, to meet what it needs in terms of immigration and investment.
Agreed with you MM2H is NOT for the retirees anymore. The aim is for investors.
An intelligent take on this matter. Many people comment on MM2H as if the Malaysian government owe them a cheap retirement visa, ignoring that the program was first introduced over 20 years ago when Malaysia was a very different place socially and economically.
As I noted in the video the program has morphed into an investment program. There's nothing wrong with that, of course, but many recall that MM2H was originally aimed at retirees and still think of the program in that way.
It is basically meant for rich chinese who want to park their money here.
@@mohanrao6it’s meant for any person of any nationality… do you mean to say that only Chinese citizens are rich, as opposed to citizens of other countries?
@@mohanrao6 mahathir boys need money to fuel malay economy
The Tourism Ministry is aware of the big drop in MM2H applications the past 2-3 years. I agree that now it sounds more like an investment than retirement program but given the current economic situation, it's understandable. Like you said, many important details like monthly income, liquid assets, etc. are not known yet. We'll have to wait for more news and confirmation. Each foreigner has his or her own reason(s) to prefer Malaysia as a good place to retire (and/or invest). Everyone likes the affordability, variety and convenience of food, accommodation and transportation. Communication is also an important factor to consider. Westerners and non-Chinese speaking Asians (Japanese/Koreans) likes the fact that English is spoken widely whereas Chinese speaking Asians (China/Taiwan/HK) are glad that the Chinese traditions are preserved and Chinese Malaysians are able to communicate in Mandarin and Cantonese (in contrast to Thailand and Indonesia).
They simply want WEALTHY retiree investors. Same as Thailand and Indonesia. Forget about Malaysia as a retirement destination. Investigate countries in SOuth America, instead.
I think the focus on wealthy investors is because the govt wants to have MM2H'ers who will purchase property. The property overhang in Malaysia is a major concern and is a real drag on the economy. Under the original (and very attractive) rules for the program, applicants were not in the financial group who would purchase property, they would rent instead. But the government is not thinking clearly if it thinks that eliminating these 'budget' retirees will attract more wealthy investors. It seems like the govt is trying to increase the market size by raising the price of the product. It doesn't work like that.
@@fazbell I did... Exhaustively, and Ill take an asian country ANY DAY over Mexico or South America... Just my opinion after weighing everything ! Personal security and frugality especially...
finally, someone calls it for what it truly is
Thank you so much for taking us on a walk and providing amazing insight on the new MM2H announcement. I, TOO, am very skeptical about the no proof of liquid assets as well as no monthly income. We'll see. I really want to move there and perhaps retire if possible. Hopefully one day soon! Really appreciate this video sir! Have a great rest of 2023! ♥ I hope hear more from you regarding the development of MM2H! =)
Thanks for the comment. I'm too am waiting for further information regarding MM2H.
Times have certainly changed 2002 until now. They need families, skilled people and investors. I noticed the tourism minister rushing off to China just after the MM2H presentation in December. I think we can summise the market.
I agree. I've been thinking about the "whys" of the new regs and wondering just who they are trying to attract. Singaporeans are one obvious target, especially if reducing the property overhang in Johor is a goal. What a disaster that development is! China is another target market.
When the new regs were announced I thought the government had lost its mind, but the more I think about it I realized that there must be some logic to the changes. It's just unfortunate that Malaysia no longer seems to have a true retirement visa.
@@InternationalBigshot Forest City is prime for Singaporeans but they are dragging their feet, indecisiveness and inactivity does not help. Also, how long have they been rolling out the new MM2H program this time - 10 months? Need an agency audit after 20 plus years?? Oh, waiting for an online portal?? Obviously, there's a lot of politics involved, now no PR (that would never have happened) plus all vested interests down in JB. Roll out the SEZ/SFZ program - get the ball rolling otherwise it'll be a new election soon enough! Sarawak seems far more in control or sane.
Thanks for your thoughts
completely agree, there is nothing to celebrate for. The opposite, the communicational mess goes on. How come you announce 3 programs without the details and not even saying, when those programs will start. In addition they said, that it is under probation for one year. Therefore it is subject to change, but you dont know, if changes can be maid to existing holders or only new applicants are affected.
Now some speculations are, that the program is not yet accepted by the cabinet and for that reason, they want the cabinet to set the details. No matter if that is true or not, you cannot rely on any annoncement anymore and that is the point, that makes the program the worst.
The real problem is that anyone interested in an actual retirement visa in Malaysia has no choices and will probably just choose another place like Thailand or some other location. Malaysia doesn't seem interested in attracting retirees. They are more interested in luring investors into the MM2H program. There's nothing wrong with that but MM2H has, in the past, been associated with retirement and many continue to see it that way. Using MM2H to help alleviate the property overhang is a legitimate use of immigration policy; it's just unfortunate that those hoping for relaxed retirement requirements are still hoping. Malaysia has removed itself from consideration for many.
Thank you for your careful and thoughtful analysis of the current MM2H program.
Glad it was helpful!
Thank you for this video. Merry Christmas.
Same to you!
@@InternationalBigshot 😀
FANTASTIC VIDEO 💪❤ Thank You !
Thanks for watching!
@@InternationalBigshot This complete "absence of clarity" from the M-government... Coupled with the new UN-clarified Thai resident tax laws does not bode well for SE Asia retirements... I find it all nauseating... As soon as I get to the age where I "might" enjoy all my hard work I am F'd...
I'm grandfathered in since prior to 2020 and it's a great deal for me, I'm going to keep it.
I believe the monthly deposit for Silver is 1.000,000 Ringgit in most areas. Malaysia has a very high debt that it cannot pay off.
The issue is if buy property worth 1 million ringgit while selling difficult to get buyers and once the locals know you are desperate to sell you will get a much lower rate. Property overhang is there.Otherwise beutiful country ,people are nice ,clean good highways English speaking.
You almost have to sell to another foreigner to recoup any investment in property. Buying property in Malaysia is not a good idea. The deck is stacked against foreigners.
Not Evergrande but Country Gardens is the developer for Forest City in JB...no doubt other investments (shares, UT, properties, etc) has better returns than FD but comes with higher risk.
Thanks for the information. I'll put it in the notes. Big mistake on my part.
Take into account that you are not paying Malaysian income tax and are benefiting from the infrastructure of the Malaysian tax payers. Thailand remember is implementing income tax on any money coming into Thailand so it’s up to what works for you. I’ve been a MM2H guy for 11 years and it works great for me
If on the program for 11 years you must have applied under the original, attractive requirements. I'm guessing you're up for renewal soon, will you be able to renew under the original requirements or will you be subject to the new (2021) requirements?
@@InternationalBigshot just renewed no problem so going on year 11. I’ve been here in KL 30 years both working and retirement. My guess is that they threw out the mandatory income requirements and replaced it with the 3 tier system.
Congratulations on the renewal. I disagree about the monthly income requirement. If you consider the mechanics of the process, depositing RM500,000 or RM5 million that can't be touched for a specified period then the applicant has to be able to show that he can support himself day to day. It would be surprising if Malaysia eliminated a requirement like that.
@@InternationalBigshot it’s a hunch it is what it is.
Hajiji Noor the chief Minister in Sabah stated recently that Sabah would be issuing its own MM2H program.....
I think that's great. Both Sabah and Sarawak would be wonderful places to retire to. My concern is that the federal government will pressure the Bornean states to eventually follow federal rules regarding MM2H-type visas. I know that Sabah and Sarawak are independent when it comes to most immigration policies but the federal government has many ways to get what it wants. This is something that will take a while to happen, if it does happen, because the federal requirements are still not settled.
@@InternationalBigshotcurrent tourism minister is from sarawak😂
Not sure when
Full details will be announced soon, so be patient. Don't jump to conclusion before the announcement to dampen the spirit of potential applicants.
That's ridiculous!
Australians can stay in Malaysia for 3 months without a visa.
All you need to do is cross over the border to Thailand or Singapore then return for another 3 months. Rinse and repeat.
In immigration circles "border running" is viewed as abuse of the social visit pass. Yes, lots of people do it without any problems but any immigration officer can put a stop to it at any time...without any warning. So, while it works for many Western visitors, it is not a long-term strategy.
@InternationalBigshot Ok, thanks for the heads up.
To be on the safe side, how long do you think a person should leave Malaysia for after their 3 months tourist visa has expired before returning again?
@@totallyraw1313I don't think it's simply a matter of time but rather your history of travel to Malaysia. The immigration officers can see every instance of your entry into Malaysia when you give them your passport. If you're always bouncing out for a week or so only to come back for a 90-day stay this will raise questions. If you only show up once or twice a year it's not a big deal. They are looking for people who are obviously living in Malaysia using only the social visit pass.
I tend to agree with the replies below but still it is the right mindset. Retirees needs to be as flexible as nomad freelancers, after all they have no kids or obligations and if they are clever enough not to make any property investment in Malaysia, they are free as birds. Since there are now many retirement programs in the region, there are also many opportunities to move to Bali, the Philippines, Thailand or Cambodia easily...
They should change the name of the program from "My second home" to "My second bank". 🤣😂
If you're been following the MM2H saga over the past year or so then you know that attracting retirees is no longer a priority. The visa requirements now look like the government is looking for a way to reduce the property overhang.
This possible piecemeal approach is not at all helpful. My present understanding is that Sabah is part of the 15.123.23 announcement details and not a separate program. I presently working my later years in Malaysia and if the program becomes more difficult to comply with I will be pulling my investment funds etc out of Malaysia.
"My present understanding is that Sabah is part of the 15.123.23 announcement details and not a separate program." I hope this is not true but it wouldn't surprise me if it was. A lot is usually made about how Sabah and Sarawak are independent when it comes to setting their immigration policies, however it wouldn't take too much arm twisting to get the two Bornean states to follow along with the federal MM2H. So far this hasn't happened but it's a possibility that potential applicants should be aware of.
What a change from hot msia to freezing cold usa.
You can say that again!
One thing is that this MM2H is not linked to an investment in real estate so it will probably not help their oversupply of properties in Malaysia and I would add that it is a good thing because real estate is not a good investment in Malaysia. Property prices are not going up and Ringgit is losing value against major currencies.
I agree. AND foreigners buying property are restricted by minimum prices on properties they're allowed to purchase. This complicates selling any property when they leave the country or pass away. Foreign ownership of residential property in Malaysia is not a good investment.
The MM2H Program is still void till now (mid May 2024). New opening is still pending till now. Do not be fooled by any current offerings as these are scam.
I've heard nothing from anyone. I'm starting to think that the ministers in the current government have no actual power to do anything, it all has to come from some kind of cabinet action.
also, the 3 levels specify 30-49 yrs of age... has to be something coming for 50+ yrs
NO link with evergrande. Country garden which is no 1 in china. Please tell the right info. The reason why forest city is half dead was the ex pm dr m, said something racists towards chinese investors and their status in malaysia a few years back. That really angered the johor sultan and current king.
Thanks for the info. I have noted the correct developer information in a pinned comment. Unfortunately, Country Garden is also in default; not as bad as Evergrand, but bad.
@InternationalBigshot the current king which is the sultan of johor will try to assist in whatever way possible as he surely has a small share in the project. 100b usd is not a small sum. I do hope country garden can solve those issue. Another option was the hsr to singapore can do a pit stop at forest city. This was suggested by the king.
I believe foreigners in US, Australia and HK that have million dollar property can meet the Silver and Gold threshold.
Simply being able to meet the requirements for MM2H doesn't mean that a person wants to retire to Malaysia. The problem with the current requirements is that Malaysia wants to expand their market for possible retirees by making their product more expensive. This doesn't work as shown by the 85% drop in applications since 2021. There are probably a lot of foreigners who would enjoy retirement in Malaysia if the requirements were not as expensive. At the end of the day though Malaysia can do what it wants with its own visa regulations.
enjoyed your video..thanks
Glad you enjoyed it
forest garden is a project by country garden group (which hold about 60 pct of the project and unfortunately currently also facing bankruptcy problem in Chna), but still can't figure out how did you related this to the evergrande group?
500K in a low interest account for a year... 4% ?? can withdraw some after a year? (50% for specifics) govt/bank guarantee of funds only RM285,000.00 (I believe) and you still need to support your stay, so must bring in bigger funds or regular income of which I believe we pay a tax on transferred funds into Malaysia. Secondly, expats generally spread their funds throughout the economy not just to airlines/hotels/travel companies.
There are many things that still need to be addressed. The announcement regarding the fixed deposit should not have been made without describing the full requirements for the MM2H. While a fixed deposit is usually a bad investment, the MM2H program at least lets the applicant keep the money. As I noted in the video there are many countries that simply charge the fee for 'residency or citizenship' and that money goes to the government.
@@InternationalBigshot 👍
Shpuld we cross maylasia off our list?
It all depends on what you want. If you're looking for a low cost retirement visa then Malaysia is not a good choice right now, and it may never be but time will tell. The real problem is that no matter what rules or requirements the govt sets they can always change them. But if they do change them they will do it in a way that benefits them not the MM2H visa holder. As a general proposition, governments are not to be trusted. I would be very wary of investing any substantial amount of money in Malaysia right now, and as a foreigner, I would never buy property there.
Do you have any updates to share so far ?
If you're interested in the MM2H then I suggest that you subscribe to @tegmedia7656 . They are agents and have a stake in how the program is operated. They also know a lot more about what might be happening behind the scenes. They provide monthly updates if you're interested. You can also access previous monthly updates if you look through their videos.
Merry xmas to u..can u do a video abt ur thought on comparison of living in kl vs singapore vs bangkok
Thanks for the idea!
There was no mention of people 50 and older
No yet. In the announcement that sparked this video there was very little information shared. I'm waiting for the full requirements to be announced. I heard somewhere that they would be public this month (JAN24), so I'm hoping. As I said in the video I think it was a mistake to announce just the fixed deposit information.
surely you can still get a couple tourist visa's back to back or a border run for at least a 6 months stay? i wouldn't want to stay year round anyways
This is still possible but only because Malaysian immigration has not shut it down. The social visit pass is not intended to be used this way.
Border runs are becoming seriously frowned upon. At this point I would not try to do, say, a one week turnaround time in Thailand. They are looking at patterns of prior entries. I know this from direct experience. Malaysia is a wonderful country. I have family there and have been studying Bahasa Malaysia since 2016.
The Malaysian Gov takes the Elon Musk approach with these visas it seems - design and build - run to watch it crash and burn - then repair and redesign to see if the new version flies. I guess that's a valid approach - but question - would you hitch a ride on one of Elon's prototype rockets? :)
Its certainly a valid approach because both Elon and Malaysia can afford to do it. Neither of them need to pander to random Joe from New Jersey’s every demand just to get to his modest retirement nest egg.
People retiring in a foreign country have to have some sense of stability. Since the disastrous 2021 changes nothing about MM2H is stable.
@@fadhlimn5276 Only those with a 1MDB EPF need apply.
If Malaysia is as successful as Elon's many amazing disrupting companies Malaysia will do fine 😊
For platinum, when can i withdraw or use the remaining 50% of fixed deposit that is required to be in the bank account? Is that stuck forever with the malaysia bank? Will i get it back only if i revoke my permanent residency?
I don’t know. There has been complete silence on MM2H since the tiers were announced.
It seems money is stuck until you use this visa. 0% interest and in their local currency...
You do get interest on the MM2H deposit. But, as you noted, it is in local currency and the ringgit has been performing poorly for several years now. On top of local factors it is a fixed deposit so the rate of return is low anyway. Unless you have a real reason to move to Malaysia, it just doesn't seem like the MM2H visa is worth all the red tape and expense.
monthly income (and other key topics) was deliberately not mentioned as they can always lock in your fixed deposit, and after months of waiting for your application approval, then change the rules of any key items so to screw you over, meanwhile your funds are locked and you can't do a damn thing about it - the gov ALWAYS have full and complete control the banks. it is an "application" subject to their subjective "approval" where key considerations can be change in a wimp as many had discovered after both loss of time and money. It is too RISKY to consider Malaysia. Just visit maybe for couple months at most, but don't stay there.
I understand your skepticism. I think it is something a lot of people are thinking, especially after the drastic and unexplained changes to MM2H in 2021. It will take a long time for the government to recover from that blunder...if it ever does.
Malaysia does not need poor foreign retirees.
The applicants under the original program were not poor, not by any standard. By raising the financial cost of applying for the MM2H program, the Malaysian government has effectively eliminated a significant number of retirees who would gladly live in Malaysia, participating in the economy, and not being 'required' to stay for 60 or 90 days per year. As retirees they would be spending almost all of their time in Malaysia without rules requiring it.
it's one of the cheapest in the world
No the inflation rate is rising at 1.5% as of November 2023 the lowest since 2018 and yup its true the government already get rid the monthly income requirements and no its turning into retirement program back
I would like to know your source for the info on the monthly income. No announcement has been made regarding that yet. The hope is that the govt will reduce the monthly income requirement (maybe back to RM 10,000 as it was in the original program). This would help make MM2H a true 'retirement' program again. You're right about the inflation rate. Thanks for the information.
I’m already in bros
Monthly income - people complained
Now investment - people complained
You're right. Unfortunately the MM2H issue has turned into a bash Malaysia spark plug. Those most upset about the 2021 changes and now what they think might be coming in 2023 remember when MM2H actually was a retirement option for them. Now that it isn't, they're upset. Malaysia is changing MM2H, as it has every right to do, to meet what it needs in terms of immigration and investment.
@InternationalBigshot then apply for borneo sarawak mm2h. Sabah's not out yet. The peninsula mm2h is stricter