MM2H - change of rules.

If that is the case, and if one hasn't already successfully applied for the MM2H, there are more interesting and less expensive places to live in Asia.

abdulkhalil wrote:

If that is the case, and if one hasn't already successfully applied for the MM2H, there are more interesting and less expensive places to live in Asia.

True enough, it would definitely make Malaysia a less attractive retirement option.

One rumour that I've heard that it will happen.  But if the application is in the system with the authority before the announcement, the old rules will apply  even though approval has not been granted.
Mind you governments are a law unto themselves............

It would not be the "application in the system" but approval before a change. Ive had rules change on me mid-course in things I was doing, but after an approval I have never had anyone try to re-adjust it. You wont know for sure until you do it. Come back and tell us what happened. It might be your lucky day. Have contacted the government to ask?

I have not heard any rumors about changes but that rumors sounds right. They have done it to real estate, to company capital requirements, and to MM2H also. I'd still like to punch that expat in the face who, once having received his MM2H, sought to push the requirements higher for future applicants. What kind of an a-hole would do that?

Philippines has the most reasonable MM2H program. Singapore is tough, Thailand is high too. They all follow each other because of ASEAN membership. I think Vietnam doesnt have a program. Malaysia always sees itself higher than it is so it ups requirements all the time. From the start, it never sought to make it easy, it wanted rich people in the country, not less fortunate expats. But what is here to attract rich people to retire or otherwise stay? Id say not nearly enough so if they want to up it again, go ahead and just lose more people. The requirements are already too high, IMHO.

Im eligible but i'll never do it. Its my own personal opinion but i think if you are going to ask so much from an expat there has to be better carrots dangled--like the path to citizenship and the right to vote, for example. The right to buy a car tax free or even just stay on temporary, renewable or revoke-able passes is no incentive for me. For big bucks I expect more.  If any of you follow financial people like Jim Rogers, you know that he went to Singapore, plopped cash in the bank and immediately got citizenship for himself and whole family. Same thing for Marc Faber in Thailand. Same thing for various celebrities, especially in Singapore.

Everyones hopes and needs are different. If a new expat finds value in the existing program, by all means plunge ahead. Me, I just see changing requirements as more nails in the coffin and the perfect excuse to look elsewhere--where you are appreciated and treated better and very well. That will never be one-sided, greedy Malaysia.

Im sorry to veer off the specific question. I think in the end you will have to contact the program directly and try to pry some answers out. But rumors aside, yes you can expect requirements to change. If the government tells you that applications dated before a certain date will follow old rules, then just hurry.

Just thinking about the money you need to spend on a child's education is something one has to carefully consider, since I think foreign kids cannot attend local schools...(correct me if I am wrong). Foreigners should be able to choose to send their kids to local schools as they can in Japan, instead of paying RM40k+ per year at an international school. In Indonesia you can pay as little as IDR7,000,000 per term at an International School at the lower end. That is equivalent to RM2,300 per term. But these schools still have lots of foreign students, native English teachers for language and IT and very well equipped.

Leaving 500k in the the bank that earns maybe 3% or 4% is a not interesting unless you have too much money.

And when the government says you can only buy a property in KL for a million ringgit or more, instead of the RM500k that it used to be and the RM250k that it was before that, well, they are just pushing foreigners investors away. I wonder if they are planning to increase that threshold too.....