Quote:
Originally Posted by aubella
The requirement for MYR 150,000 as a deposit for MM2H is still the same, but since 1st April 2009 all new applications will only be allowed to withdraw MYR 50,000 in a year's time, which means that you have to maintain at least MYR 100,000 for the whole duration of MM2H.
I am an "agent"
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aubella,
Wow, that's a HUGE change!
Instead of being able to draw down on the money from MYR 150,000 [MYR 300,000 for under 50 years of age] to MYR 60,000 at the end of a year and use the money to buy a home one now has to maintain MYR 100,000 in a Malaysian bank and thus only able to withdraw MYR 50,000? At the current exchange rate that means retirees would have to maintain, on deposit with a bank, about US$29,000. [instead of around $17,200 which is high enough] I guess that's to insure if they have to boot you they have the money to do it with or if you become ill or have an accident it will be your money that's paying the bills. I don't think that was a positive move by the Malaysian government to 'lure' expats to come to Malaysia and participate in the MM2H visa program. Better to come and rent until a more reasonable program is available.
Too bad a single guy can't bring a maid into Malaysia. Why do we single guys always get picked on? On the other hand, we could be married to a fat American wife and have ten screaming kids so things could be worse!
Serendipity2