MM2H: how long did it take for you?

I am wondering if there is any good clinic in penang that can issue medical report for MM2H?

yuecheung wrote:

Mine is 36xxx. I made the application by myself and they sent me the approval letter through registered mail.

Hi yuecheung - did you receive any email for the approval before you receive the approval letter?  If it is so, how long did they take to send you the letter after the email? Thanks.

Thanks for your update , hope I also get my confirmation letter soon too. All the best with your application !

yuecheung wrote:

Mine is 36xxx. I made the application by myself and they sent me the approval letter through registered mail.

Hi, not sure if reply you in time. I have completed my visa stamping process. Very easy.

only applicant need to go to MM2H office, dependents no need to get to the office.

Be sure you arrive before 7am, coz lots of agents queuing there.

For medical check, really recommend Dr Goh which someone should have recommended before. Only need to spend less than 1 hour for family of 4 to get the report done

I'm a bit confused - did you simply bring their passports?

Must one go as early as possible? IS there any issuance of limited queue tickets?

Is it possible to go there during mid day when the crowd is thinner?

Yes,  my husband only bring our passport plus the necessary document

Up to now I didn't see any ticket can be collected for selected timeslot

What we do in 2 days
Day 1 AM: Stamp duty ( very early morning like 8am)
             Medical Check
             Collect insurance letter
Day 1 PM: Bank FD ( this takes lots of time coz HSBC open premium account for us in Malay,  and need to listen to a 1 hr briefing!!!
Day 2 AM: mm2h visa stamping (arrive at 7:00, finish at 10:00)

Hope it helps!

Dear  KKfatsister,

Thank you so much for sharing information about MM2H further processing.
Would you please, if it is possible, give me the address of Dr. Goh who you said does
the medical check very quickly.
Also, please tell me, where did you do the Stamp Duty?

Again thank you very much for your kind assistance.

Zigfrit

Sure!  For stamp duty,  just any of the office of the below URL will do,  you can find one near where you stay:

http://incometax.my/incometax_offices.htm

(Of coz better you call them before you go there to check,  as long as the description say it handles stamp duty,  should be safe to go)

For Dr Goh,  he is at Sungei Wang Plaza :http://www.sungeiwang.com/stores/klinik-goh/

Call them before you go,  very helpful staff

Hope it helps!

Dear KKfasister,

Thank you very much, again. It's very helpful.

I was wondering if anyone got the approval letter for reference number  41xxx?

Dear KKfatsister,

Thanks for detailed info, I'm planning to go to KL next week to open a bank account and pay the insurance premium.

Hi

I am going to place with HsBc johore branch, FD for 5 years
Rate at 3.9%

This is the current rates
1 year now is 2.9%
2 years 3.4% p. a
3 years 3.5% p. a
4 years 3.8%p.a
5 years 3.9% p.a

My agent advised not to put a lump sump rm300k in a single FD deposit but to perhaps separate into 2 FD account of each rm150k.
In case you may want to apply for withdrawal to be used on allowable expenses, like buy house/ car etc

My number is 408xx I haven’t got anything yet.
Just pending committee approval.

I’ll let the board know when it changes or I hear something.

3.9% isn’t bad...

Doesn't make sense to me to divide into two accounts re. ALLOWABLE Withdrawals. After all one submits the documentation to the One-Stop center and gets reimbursed for the amount allowed from the account.

Unless the purchase was over RM150,000 the approved withdrawal would be some portion of this...not the full account. But even if one received approval for the full withdrawal limit...Would closing the account be less paperwork and hassle than removing some portion of the account?

Has anyone had any issue with this?

the HSBC staff also recommended us to open two FD and one expires in one year, he said most mm2h applicant do that.

Hmm...technically you are supposed to maintain the RM300,000 throughout the term of your MM2H Visa EXCEPT to make approved withdrawals. The rule is that you can’t draw down and top up later when you come up for reapproval. If you pulled this out without application and they found out it could be a big mess. You’d be in violation of the terms of your visa.

It absolutely makes sense to split into two FDs. Though you are *allowed* to withdraw after one year (pending approval) that doesn't mean that a bank will not charge you penalties for breaking your FD early. You want to structure it so that the amount you intend to withdraw will reach its maturity at the time you wish to withdraw it to avoid unnessecary cost. There's no overhead for having multiple FDs - all you need to ensure is that the total of all FDs at least equals the amount you need to be holding at any given time.

Just received the approval letter for Submission 384XX thru Agent. The letter , however, is dated back May 31st, 2019, so 5 months left to finalize all procedures. Thanks everybody for your inputs and assistance. Cheers

If I understood you well, in our case as we are + 50 y/o, we need to have a 150 K TD and it is advisable to break it down in one for 50 K (max withdrawal permitted after year 1) and one for 100 K (minimum to be maintained per the Program) ? In the latter case I can look for the highest rate extending maturity. Comments pls, TIA !

sebbyNZ wrote:

It absolutely makes sense to split into two FDs. Though you are *allowed* to withdraw after one year (pending approval) that doesn't mean that a bank will not charge you penalties for breaking your FD early. You want to structure it so that the amount you intend to withdraw will reach its maturity at the time you wish to withdraw it to avoid unnessecary cost. There's no overhead for having multiple FDs - all you need to ensure is that the total of all FDs at least equals the amount you need to be holding at any given time.

topazar wrote:

Just received the approval letter for Submission 384XX thru Agent. The letter , however, is dated back May 31st, 2019, so 5 months left to finalize all procedures. Thanks everybody for your inputs and assistance. Cheers

Congratulations!  So, just another 3K to go for me....

Thanks VWC ! Forgot to add that I submitted by end of August 2018 so it took 9 months to materialize, in line with all comments here

OK let’s say you have Medical Expense of RM 20,000 and you submit that to the MM2H one-stop center for approval. You are still going to have to make a partial withdrawal from the account. Now maybe later you have bought a property for RM 1 million and have initial expenses of RM120,000. You could then close out that one account...UPON APPROVAL. but it would still have some accrued interest unless you create a Third account to hold that.

Now compare that to having a single account (or preferably one account for the FD and another for the accumulated interest). You will still need to go to the one stop center for approvals and paperwork.

I see no no difference. Everything requires “approval” if you pull out money from your MM2H FD. Touch it otherwise and you could be faced with violation of your Visa requirements.

Hi topazar.  Good to know that your application took about 9 months.  I am hoping for a possible year's end notification then.

So, are your plans to ultimately stay in KL or perhaps another spot?

sebbyNZ wrote:

It absolutely makes sense to split into two FDs. Though you are *allowed* to withdraw after one year (pending approval) that doesn't mean that a bank will not charge you penalties for breaking your FD early. You want to structure it so that the amount you intend to withdraw will reach its maturity at the time you wish to withdraw it to avoid unnessecary cost. There's no overhead for having multiple FDs - all you need to ensure is that the total of all FDs at least equals the amount you need to be holding at any given time.

Maybe I don’t understand...will the MM2H allow one to establish an FD with a one year maturity? Can one simply roll over the account year-after -year?

If that’s true then maybe one should establish a whole bunch of FD’s with varying levels of deposits so that one can close them out in their entirety for those smaller “approved withdrawals” related to healthcare and child’s Education, Maybe in increments of Rm 20K, RM 30K, and RM 15 K and RM 35K. That would offer maximum flexibility if one needed smaller withdrawals (especially if one was not intending to use the FD withdrawal for a property purchase.

My understanding Cinnamon is that if you comply at any given point of time with the minimum threshold required (in my case initial 150 K, during my residence pass 100 K if withdrawal of 50 K is properly documented after 1 year) you can just open a TD for a year and roll it, so far at due date the monies are there.
Given the difference in TD rates as shown above I don't have any problem to extend maturity for the mandatory 100 K TD
Agree with you to open a separate account for the interest rendered.

Hi VWC , my initial plans are to stay in KL area, as I have my niece and husband living there, once I get a closer feel, I will decide what to do. I will start scouting for places to rent once I arrive in KL, fortunately I've got a basecamp from where to start 

VWC wrote:

Hi topazar.  Good to know that your application took about 9 months.  I am hoping for a possible year's end notification then.

So, are your plans to ultimately stay in KL or perhaps another spot?

cinnamonape wrote:

Maybe I don’t understand...will the MM2H allow one to establish an FD with a one year maturity? Can one simply roll over the account year-after -year?

If that’s true then maybe one should establish a whole bunch of FD’s with varying levels of deposits so that one can close them out in their entirety for those smaller “approved withdrawals” related to healthcare and child’s Education, Maybe in increments of Rm 20K, RM 30K, and RM 15 K and RM 35K. That would offer maximum flexibility if one needed smaller withdrawals (especially if one was not intending to use the FD withdrawal for a property purchase.

Yes, you can have as many FDs as you want on whatever terms you want. They just need to total over the minimum requirement. Here's a post on another forum which goes into more details around this: [link moderated]. The entire thread is a good read if want more information around banking with MM2H.

Good day, since the link was moderated and I guess includes valuable info can you repost a piece of the info included there in an acceptable format ? TIA

sebbyNZ wrote:

cinnamonape wrote:

Maybe I don’t understand...will the MM2H allow one to establish an FD with a one year maturity? Can one simply roll over the account year-after -year?

If that’s true then maybe one should establish a whole bunch of FD’s with varying levels of deposits so that one can close them out in their entirety for those smaller “approved withdrawals” related to healthcare and child’s Education, Maybe in increments of Rm 20K, RM 30K, and RM 15 K and RM 35K. That would offer maximum flexibility if one needed smaller withdrawals (especially if one was not intending to use the FD withdrawal for a property purchase.

Yes, you can have as many FDs as you want on whatever terms you want. They just need to total over the minimum requirement. Here's a post on another forum which goes into more details around this: [link moderated]. The entire thread is a good read if want more information around banking with MM2H.

topazar wrote:

Good day, since the link was moderated and I guess includes valuable info can you repost a piece of the info included there in an acceptable format ? TIA

Pasting from other source:

Hi Pat, from my understanding the reason why you open two FD is that it gives access to the funds you can withdraw for any allowed purchases without you having to lose any interest on the whole deposited amount.

So for example my initial FD was for 150,000 RM but I was allowed to withdraw 50,000 RM for approved purchases. By opening two FDs it means I can withdraw the 50,000 RM at anytime but only potentially lose early closure penalty costs on the 50,000 RM.

The 100,000 FD continues on the term I chose without any early withdrawal penalty risk. If it had opened a singular 150,000 FD and then wanted to withdraw 50,000 RM before it reached maturity I would potential lose interest on the full 150,000 FD not just on 50,000 RM.

You can still lose on early termination redemption on the 50,000 FD if you only withdraw 20,000 RM but better to lose it on 30,000 RM than 130,000 RM.

Your second point, my understanding is the bank cannot reject your request. However closing an FD early means you will be subject to early termination charges. It relates to the first point. If you have one FD then the total amount invested is subject to interest penalty if you withdraw early. So in your example on a 60 month FD if you withdraw after 24 months then you will pay a rebate penalty as you did not complete the remaining 36 months.

By the way splitting the FDs is no hassle at all.

Whichever bank you choose you have to read the FD terms and conditions for full knowledge of any potential early withdrawal charges.

Thanks a lot Sebby !! In any case this post confirms my reasoning about this issue. I forgot to ask for the details last time I visited with CIMB bank officer. Bregards

sebbyNZ wrote:

topazar wrote:

Good day, since the link was moderated and I guess includes valuable info can you repost a piece of the info included there in an acceptable format ? TIA

Pasting from other source:

Hi Pat, from my understanding the reason why you open two FD is that it gives access to the funds you can withdraw for any allowed purchases without you having to lose any interest on the whole deposited amount.

So for example my initial FD was for 150,000 RM but I was allowed to withdraw 50,000 RM for approved purchases. By opening two FDs it means I can withdraw the 50,000 RM at anytime but only potentially lose early closure penalty costs on the 50,000 RM.

The 100,000 FD continues on the term I chose without any early withdrawal penalty risk. If it had opened a singular 150,000 FD and then wanted to withdraw 50,000 RM before it reached maturity I would potential lose interest on the full 150,000 FD not just on 50,000 RM.

You can still lose on early termination redemption on the 50,000 FD if you only withdraw 20,000 RM but better to lose it on 30,000 RM than 130,000 RM.

Your second point, my understanding is the bank cannot reject your request. However closing an FD early means you will be subject to early termination charges. It relates to the first point. If you have one FD then the total amount invested is subject to interest penalty if you withdraw early. So in your example on a 60 month FD if you withdraw after 24 months then you will pay a rebate penalty as you did not complete the remaining 36 months.

By the way splitting the FDs is no hassle at all.

Whichever bank you choose you have to read the FD terms and conditions for full knowledge of any potential early withdrawal charges.

I am quoting myself as I am adding some info that might relevant for those waiting.

1/My approval took place thru Special Committee Nr 4/2019 dated 29 March 2019, for some reason the approval letter is dated May 31st, not sure which procedures were run for 2 months until letter issuance.

topazar wrote:

Thanks VWC ! Forgot to add that I submitted by end of August 2018 so it took 9 months to materialize, in line with all comments here

2/ The transfer for the TD, needs to be originated from an applicant's account under his/her name or can be deposited/transferred by someone else ? It is quicker and cheaper for me to do it through a third party and then settle with the party.

Comments welcome

topazar wrote:

I am quoting myself as I am adding some info that might relevant for those waiting.

1/My approval took place thru Special Committee Nr 4/2019 dated 29 March 2019, for some reason the approval letter is dated May 31st, not sure which procedures were run for 2 months until letter issuance.

topazar wrote:

Thanks VWC ! Forgot to add that I submitted by end of August 2018 so it took 9 months to materialize, in line with all comments here

2/ The transfer for the TD, needs to be originated from an applicant's account under his/her name or can be deposited/transferred by someone else ? It is quicker and cheaper for me to do it through a third party and then settle with the party.

Comments welcome

In regard to your second point, I personally think it doesn’t matter who make the transfer to your account in Malaysia for TD, the most important and I believe the Mm2h only look at the TD is under your name, that all they want.

But whoever transfer funds for you from overseas to Malaysia, just put the remarks for Mm2h, because above certain amount of funds crediting to account, the bank need to report to reserve bank of Malaysia ( Bank  Negara) about the crediting amount, that is preventing money laundering....

Alternatively, check with you agent, they are in better position to tell you . Congrats on your approval.

Thanks Calvin, yes I did put forward the question to my agent, answer still pending

For those who used Transferwise, I am not sure if it allows to put a header like "MM2H" or else. If I transfer from my local account it will take a long time to arrive and fees will be steep, so checking alternative ways. Best regards

Those who have already received mm2h approval letters: Can you please tell me the names of stages of the application process from submission to approval like "Received for Verification", ... ... ..., and how long each stage takes to be completed? Thanks.

fyi, i have already got the visa stamped....but the mm2h portal still shows "Pending Committee Approval" for our case this morning, hahahaha. So i dont think there is any update on the portal. Now sure if others have the same situation.

In my case from submission date it stayed 4.5 months under Received for Verification then it switched to Pending Committee Approval until it was approved 4.5 months more.
When u check online it still shows as Pending Committee Approval in spite of having already received the Approval letter

Many thanks, topazar, for the reply. Another query: Were you asked by MM2H to send them additional documents or you sent them unsolicited documents while your application was under the "Received for Verification" stage? What type of documents were they? Many thanks.