Quote:
Originally Posted by Gloucesterguy
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  |
gloucesterguy,
"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'd best let aubella clarify [but you can too by Googling MM2H visa as posted by Malaysian government - it's all there. Of the MYR 150,000 for your MM2H retirement visa you use to be required to leave MYR 60,000 on deposit until you left Malaysia. That's been increased to MYR 100,000 - or an extra MYR 40,000. The same fools that run my government here must run the Malaysian MM2H visa program, ie "We're not happy until you're not happy". :|
The bank IS paying over 3% interest but who knows if they end up reducing that to holders of MM2H visas. There isn't any reason they couldn't. Governments that keep changing the 'rules' make me nervous - not a very good or stable sign in my opinion.
Serendipity2