Quote:
Originally Posted by aubella
The process of getting into MM2H is pretty simple actually:
1) You need to prove that you have MYR 350,000 as cash asset
2) You have sufficient income (either pension or even rental income, investment income etc) to support yourself, if you are single and over 50 years old, usually it means an income of over MYR 7,000 and close to MYR 10,000 per month
once you have shown documentary proof of the above, we can get an approval from the government, of which then the MYR 150,000 fixed deposit requirement applies.
The MYR 150,000 fixed deposit requirement only apply to applicant over 50 years old. For applicant below 50 years old, MYR 300,000 fixed deposit is required initially, and will be allowed to withdraw MYR 150,000 subject to certain conditions.
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AuBella,
OK it seems simple, BUT
does the MYR350,000 have to be literally CASH or can it be a house with a cash equity value of at least that amount.
Surely I would not have to sell my UK property just to get that amount of liquidity in a UK bank? If so, the the Malaysian government is expecting too much in my case
So, now it seems from your posts that, because I am 65 years old, the whole of the MYR150,000 has to remain on deposit in a Malaysian bank until I decide to leave the country. Previously it appeared that 50% would be returned after 12 months. Then a new ruling reduced that to 33%. Which is correct?
I find that Lloyds TSB (My Bank) has a branch in Malaysia and so I could, it appears possible, open a seamless overseas account for my needs in both Malysia and the UK. Am wondering if the Lloyds TSB in Malaysia qualifies for the MYR 150,000 deposit. Do you know?
As far as the income requirements are concerned, I qualify, so long as I combine pension and rental incomes.
As far as the MYR 150,000 deposit is concerned, that too appears possible for me to comply following other enquiries.
Once the MYR350,000 cash assett requirement is clear, then I will know if the MM2H is suitable for me or not.
You input is greatly appreciated
