Expatriate Forums in Malaysia

sniffy · Joined: 12 Jun 2007 Posts: 8 Home Country: NULL

Dear experts,

I'm new to MM2H forum,need more info before joining MM2H.
Need to know any latest changes in home acquisition.If under MM2H,Is it still limit 2 houses?DO i still have to go through FIC for purchasing 10 units condos each cost approximately MYR200,000, that's 2million in total?What if bought properties before joining MM2H programe, can $ in F.D be withdraw?Still need to bank in MYR150,000 or MYR60,000 for F.D during 1st year?Please enlighten me,because there are different stories around.Thank you in advance.

regards
Sniffy

DEVGRU72 · Posted: Tue Jun 12, 2007 9:06 pm Post subject: Re: House acquisition

amienleo · Posted: Tue Jun 12, 2007 10:15 pm Post subject: Re: House acquisition

sniffy

I'm new to MM2H forum,need more info before joining MM2H.
Need to know any latest changes in home acquisition.
If under MM2H,Is it still limit 2 houses?
You are no longer limit to 2 houses purchase. you can buy as many as you wish

DO i still have to go through FIC for purchasing 10 units condos each cost approximately MYR200,000, that's 2million in total?
You will not required to get FIC approval in order for you to purchase a house. The charges for FIC application is not that high as well!!!

What if bought properties before joining MM2H programe, can $ in F.D be withdraw?Still need to bank in MYR150,000 or MYR60,000 for F.D during 1st year?
Yes. If you have bought property in Malaysia before you join the MM2H, you will still have to bank in MYR 150,000 for the 1st year if you are 50 years ols and above.

Please enlighten me,because there are different stories around.Thank you in advance.

Lindyhopper3 · Gender: Joined: 30 Oct 2007 Posts: 20 Home Country: uk

Hi ameinleo, you answered:

" What if bought properties before joining MM2H programe, can $ in F.D be withdraw?Still need to bank in MYR150,000 or MYR60,000 for F.D during 1st year?
Yes. If you have bought property in Malaysia before you join the MM2H, you will still have to bank in MYR 150,000 for the 1st year if you are 50 years ols and above

My hubby and I have done exactly that... we are in the process of buying a freehold house; should be completed by October 2008. We will then apply for the MM2H status. Hubby and I are older than 50. Are you sure we can deposit RM60K? or have I read wrong? it will be nice to be able to enjoy the 90K!!

amienleo · Posted: Fri Jun 20, 2008 10:53 am Post subject:

Hi Lindyhopper3,

You will need to still place the deposit of RM150k in a FD account and withdraw RM90k 12 months later for property purchase. Else you should join now and buy a property later.

Lindyhopper3 · Gender: Joined: 30 Oct 2007 Posts: 20 Home Country: uk

OK.... no advantage to apply for MM2H now.... better keep the GBP25K=RM150K in my Guernsey offshore account for a little while more !! thumleft

better return.

amienleo · Posted: Sun Jul 06, 2008 11:03 am Post subject:

Hi... Ministry of Tourism has come out with a new announcement. For those who owned a property valued above RM1 million will just required to place a FD of RM60k. cheers!

Lindyhopper3 · Gender: Joined: 30 Oct 2007 Posts: 20 Home Country: uk

In fact Joy-Stay already emailed me.

Unless I have read it wrong, the alternate choice to the RM60k FD, is to proof earnings to support oneself. But I guess MY would still give preference if a lump of our money is left in FD.

mm2honline · Joined: 17 May 2008 Posts: 30 Home Country: malaysia

Hi.

If you are above 50 years old, then you will be given chance to show proof your government pension to MY. In this case, you will be exempted from placing a deposit.

Hope that I have answered to your question.

Thank you.