MM2H: how long did it take for you?
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Just an update as I am in KL completing the MM2H process. In previous posts I asked if the monies for TDs needed to be originated in same account of applicant abroad.
To save on intermediate middlemen, commissions, etc I have one of my parties transfer on my behalf from US and this worked ! It took only 1 day to get to CIMB , which by the byte is paying right now 3,8% p.a., best I could find
Question: on the Medical checkup , any recommendation close to Mt Kiara ? I have been offered fees as high as 200 R which I find too much for a simple standarized medical report, any suggestions ?
As far as the passport stamping my agent is telling me it takes up to 4 working days to get ready after Bank letter acknowledging TD is ready as well as Medical checkup is performed, is that so ? I need my passp for a trip abroad. Thanks for yr input
topazar wrote:To save on intermediate middlemen, commissions, etc I have one of my parties transfer on my behalf from US and this worked ! It took only 1 day to get to CIMB , which by the byte is paying right now 3,8% p.a., best I could find
What do you mean "one of my parties"? And "on my behalf"? You didn't do this under your own name from your own bank???
What were the Dollar <> Ringgit rates? When I transferred via a ban to bank transfer they got me me on the bank fees, the Western Union fee, and the currency exchange rate...which was 2.5% below what transfer wise or a moneylender was offering for much lower amounts.
I would like to know how you did the money transfer also? Very vague with out details.
I heard transferwise is the best. But can also be held up too the receiving bank blocking it some way. Depends on which bank you open it with I guess. 3.8% is that for 5 years?
topazar wrote:Just an update as I am in KL completing the MM2H process. In previous posts I asked if the monies for TDs needed to be originated in same account of applicant abroad.
To save on intermediate middlemen, commissions, etc I have one of my parties transfer on my behalf from US and this worked ! It took only 1 day to get to CIMB , which by the byte is paying right now 3,8% p.a., best I could find
Question: on the Medical checkup , any recommendation close to Mt Kiara ? I have been offered fees as high as 200 R which I find too much for a simple standarized medical report, any suggestions ?
As far as the passport stamping my agent is telling me it takes up to 4 working days to get ready after Bank letter acknowledging TD is ready as well as Medical checkup is performed, is that so ? I need my passp for a trip abroad. Thanks for yr input
Just an FYI for others. Timed Deposit of 13 months - 60 months at Affin pays 4.15%. https://ringgitplus.com/en/fixed-deposithttps://www.affinonline.com/save_on_your_terms
To clarify my point:
It came under my name but originated in a third party and not from my bank
Of course I was duly penalized by CIMB Forex , but compared to Transferwise the effective rate was 4,12 vs 4,156 net one with Trfw , % wise and spread over 10 yrs....nothing that would break my bank
YES, the rate was lower than Trfw, but I got the monies in 1 day from Chase. But honestly I see it the long term way
Does Affin bank accept Americans mm2h Deposits?
I guess I clarified further in my answer above.
Transferwise is the best, but as was not coming from my account , was not a true option for me, in any case I did the comparison, just to know how much more the local bank charged me to convert USD to Ringgit, turns out not a killing difference
On the TD rate, that is for 1 yr, they are not allowing me to lock it in for longer tenors, and they also offer that for monthly payouts under Islamic Banking, maybe some others get a better rate
On the other hand the Bank offered me a preferred Acc that pays interest on current acc. relative to minimum amounts to be kept on them. For those interested TD in USD pays 2,25 p.a. for 6 months, not bad in todays environment
1openmind wrote:I would like to know how you did the money transfer also? Very vague with out details.
I heard transferwise is the best. But can also be held up too the receiving bank blocking it some way. Depends on which bank you open it with I guess. 3.8% is that for 5 years?
Just hit me a question I forgot to ask ....
We are a couple > 50 yrs old, I learnt that when you open the Acc and start the TD , there's no right of survivorship or ITF clauses , so the only way to transfer the TD if something unexpected happens is through a will. Anyone has a notary to recommend to perform this with reasonable fees ? TIA
Hi everyone, I am from Taiwan.
I just submitted my application(by myself) and sent all the files to Malaysia last week.
DHL tracking history revealed successful delivery on the next day! But after reading all comments here now I know I have to wait for many months!
May I ask a question, if I have to wait for 9 months, am I allowed to withdraw the fix-deposits in the banks which gave me bank statement? (I am not allowed to "touch" the money that was used to be my proof of minimum liquid asset? )
I started to feel anxious after reading all the posts here!
But thank you everyone! Very useful information!
bounder wrote:Just an FYI for others. Timed Deposit of 13 months - 60 months at Affin pays 4.15%. https://ringgitplus.com/en/fixed-deposithttps://www.affinonline.com/save_on_your_terms
Thanks for the links...On the Affin Online website where the interest rates are displayed there is an item for mm2h:
Product Type: FD My 2nd Home Period: 12-60m Interest Rate (% p.a.): 3.45
My conclusion/assumption is that for mm2h you cannot use the "normal" term deposits (with the higher yields).
IF in MALAYSIA...You've already established the Fixed Deposit? Without you MM2H acceptance letter? How'd you do that?
The usual sequence is 1) Pre-Submission, 2) Submit your Application,
3) Receive Conditional Letter of Approval (what everyone is waiting for)
4) Arrive in Malaysia,
5) Submit remaining documents (Health Check Up, Fixed Deposit, Medical Insurance Policy, Stamped Bond Document) http://www.mm2h.gov.my/index.php/en/app … s-to-apply
6) Collect Your Visa
I'm not sure if you can withdraw a FD you established without the Conditional Letter and waiting a year after approval But if you somehow set up a FD without the letter they (the bank) likely did it wrong. They might refund it. But if you established a non-MM2H FD it's like any other FD...there might be a penalty.
I'm not allowed to touch the item that was used to fulfill my proof of liquid asset
The Proof of LIQUID ASSETS is prior to the establishing the MM2H Fixed Deposit. It's used to determine your financial capability to apply. A liquid asset is an asset that is quickly available to you (savings, checking accounts, a matured CD).
Because a FD is not available without a penalty MM2H does not generally consider it a "liquid asset" (also property, stocks, bonds, and other assets where you might have to take a loss in a "fire sale") .
So FIRST you have to PROVE you are eligible by meeting the Financial Requirements. This has nothing to do with the Fixed Deposit. In fact it's best if it isn't a fixed account unless it has reached its maturity.
http://www.mm2h.gov.my/index.php/en/hom … conditions
"-Applicants aged below 50 years are required to show proof of liquid assets worth a minimum of RM500,000 and offshore income of RM10,000 per month.
-Applicants aged 50 and above may comply with the financial proof of RM350,000 in liquid assets and off shore income of RM10,000 per month. For government pensioners, they can show proof of receiving pension of at least RM 10,000 per month."
Three months of bank accounts/warrant slips (they now want both) and or other necessary proofs of $$$ must be provided.
Oh BTW the proofs of Liquid Assets cannot be from sources in Malaysia.
Of course there are sorts of other documents you need to submit in the application...but at this stage Malaysia has no money.
****Wait for 8+ months***
Now- once your application is submitted (with the 3 months proof) you should be able to withdraw for reasonable use. One risk is that they may check with your bank to see if you have an account. I don't know what would happen if they asked for amounts. I would seem ridiculous. After all you have provided the proof.
Upon Approval (After Getting the Conditional Letter of Approval) - THAT'S when you have to establish the Fixed Deposit.
chenshihhsuan wrote:Hi everyone, I am from Taiwan.
I just submitted my application(by myself) and sent all the files to Malaysia last week.
DHL tracking history revealed successful delivery on the next day! But after reading all comments here now I know I have to wait for many months!
May I ask a question, if I have to wait for 9 months, am I allowed to withdraw the fix-deposits in the banks which gave me bank statement? (I am not allowed to "touch" the money that was used to be my proof of minimum liquid asset? )
I started to feel anxious after reading all the posts here!
But thank you everyone! Very useful information!
Hi chenshihhsuan,
If you don't mind, can I ask you why you are wanting to move to Malaysia at least on a part time basis (or maybe full time)? The reason why I ask is because my big brother said he would join me or visit me more if I retired semi-annually in Taiwan. He liked it there on many vacations. I have not gone there to know, but I suspect the language difference would stop me (I don't speak Mandarin, and I don't believe English is as prevalently spoken as it was in Malaysia). What are the pros and cons of living in Taiwan?
Thanks in advance!!!
thank you so much for your reply, cinnamonape,
sorry to confuse you, I am talking about my FD in Taiwan. and I am worried if they will just check the existence of my bank account, or if they will check the amount in my accounts. 9 months! Wow!
also, I have no idea that FD was not considered "liquid asset", hope they accept my proof! If not , do you think I still have chance to give them more supporting documents?
thank you, sincerely.
Dear VWC,
You are welcome! I love your question!
Actually Taiwan is really a nice place to stay after retirement! Food, climate, people here, and well known "extremely not expensive while high quality" health care coverage!
I have to apply for MM2H visa is basically because my wife is a Malaysian citizen, however, since my wife and I both work in Taiwan, I am not eligible to apply for a spouse visa. My kids and I are not allow to stay in Malaysia for a period as long as we wish to. MM2H makes it possible! The kids will be allowed to stay in KL to visit their grandparents for more 3 months during summer vacation, only if we want to!
That's the reason, not too complicated.
The major problem in Taiwan, I think, is mostly political. As you may already know, terrible things are happening in Hong Kong, many Taiwanese, including me, worry those things may some day happen in Taiwan. I am just telling the truth, I think you have no reason to worry about that.
Come to Taiwan and see if you will love here! Actually I am sure you will! This country is especially friendly to foreigners, and if you stay around Taipei, most people speak English. (but please be patient!)
Just an update I did my medical test and I have to say this Forum is great with recommendations.Performed by Dr Goh at Sungei Wang Plaza
chenshihhsuan wrote:thank you so much for your reply, cinnamonape,
sorry to confuse you, I am talking about my FD in Taiwan. and I am worried if they will just check the existence of my bank account, or if they will check the amount in my accounts. 9 months! Wow!
also, I have no idea that FD was not considered "liquid asset", hope they accept my proof! If not , do you think I still have chance to give them more supporting documents?
thank you, sincerely.
Hello! I think I'm a little confused or that the terms used in your question are mixed.
Fixed Deposit - The FD is money you are required to place into an account here in Malaysia after you have been approved for MM2H. You keep the FD in place until you withdraw from MM2H.
Over 50/RM150,00
Under 50 RM300,00.
When I read your comment/question, I feel like you're referring to the liquid assets and or proof of monthly income required to demonstrate you are qualified for MM2H:
Over 50 RM350,000 Liquid Assets and RM10,000 Monthly Income.
Under 50 RM500,000 Liquid Assets and RM10,000 Monthly Income.
If you're referring to Liquid Assets my GUESS is that you need to keep it in place until they have verified the assets at a minimum. So if that is done during the "Received for Verification" phase you know you need to keep the assets where they can find them. If you are advanced to the "Pending Committee Approval" stage does that mean they have checked off the box for this requirement and they won't look again? I don't know. I have no line of sight into their process so this is really not based on factual knowledge. Maybe someone else can chime in on this matter.
Dear bounder,
yes, I am talking about my "time deposit" in Taiwanese banks. I use the time deposit certification to prove "I have enough money", I thought that is liquid asset.
I gave them another salary statement which was issued by my company. Since my payslips and 3-month bank statement were only partly in English(also sent to them), not sure if that works.
I guess I have to just wait until they contact me..
Thank you for your help!
Everything I sent them was in English and the application was accepted..
PM: Foreigners with RM600,000 homes will not get citizenship
Read more at https://www.thestar.com.my/news/nation/ … Xxd8Uj6.99
LANGKAWI: Prime Minister Tun Dr Mahathir Mohamad said the decision to lower the threshold on high rise property prices in urban areas for foreign ownership from RM1mil to RM600,000 was meant to reduce supply overhang of condominiums and apartments.
The decision does not mean that foreigners who bought the property would be given Malaysian citizenship, he said.
“If the locals want to buy the property, they can buy it at the same (reduced) price, but we still have supply overhang.
“We have built so many houses, but they were not sold. When a housing project is not sold, it causes the country to suffer losses.
“We want to get rid of this property overhang... so that we can raise the price back to RM800,000, RM1mil or RM2mil.
“This is another way to encourage the sale.
“But if foreigners buy the property, we will not give them Malaysian citizenship. They can only use it as their holiday home, ” said Dr Mahathir, who is also Langkawi MP, after attending a briefing on Langkawi’s development here.
In Kuala Lumpur, Lim Guan Eng said the lower threshold for foreigners to buy condominiums and apartments in urban areas was only applicable to existing unsold units.
The Finance Minister said the measure announced in Budget 2020, effective from Jan 1 to Dec 31 next year, will not cover new projects that are yet to be launched.
“Existing units that have not been sold are the residential units that do not interest local buyers. Hence, the relaxation in the form of lower foreign buying threshold for condominiums and apartments will not deny the rights of local buyers, ” he said in a statement yesterday.
Lim said the move was expected to benefit the property sector without being detrimental to Malaysians’ interest.
“Local buyers who wish to buy are not being denied their rights, they can buy now and the units will not remain as unsold properties, ” he said.
He explained that the proposal was made to reduce the supply overhang in condominiums and apartments amounting to RM8.3bil as at the second quarter of 2019.
“If the units are able to be sold, it will produce a direct spillover effect on the country’s economy, ” he said. — Bernama
1openmind wrote:PM: Foreigners with RM600,000 homes will not get citizenship
Read more at https://www.thestar.com.my/news/nation/ … Xxd8Uj6.99
LANGKAWI: Prime Minister Tun Dr Mahathir Mohamad said the decision to lower the threshold on high rise property prices in urban areas for foreign ownership from RM1mil to RM600,000 was meant to reduce supply overhang of condominiums and apartments.
The decision does not mean that foreigners who bought the property would be given Malaysian citizenship, he said....
“We want to get rid of this property overhang... so that we can raise the price back to RM800,000, RM1mil or RM2mil....
“But if foreigners buy the property, we will not give them Malaysian citizenship. They can only use it as their holiday home, ” said Dr Mahathir, who is also Langkawi MP, after attending a briefing on Langkawi’s development here.
In Kuala Lumpur, Lim Guan Eng said the lower threshold for foreigners to buy condominiums and apartments in urban areas was only applicable to existing unsold units.
....
Lim said the move was expected to benefit the property sector without being detrimental to Malaysians’ interest.
“Local buyers who wish to buy are not being denied their rights, they can buy now and the units will not remain as unsold properties, ” he said.
This idea that the foreigner could get citizenship through buying a house or applying to MM2H was never true...it was used as a campaign ploy by Mahathir.
Almost no foreigners gain citizenship in Malaysia, unless it is through some political hanky-panky or bribery of officials. The biggest case of this was the wholesale granting of MyKads to Muslim Philippinos and Indonesians in Sabah to bolster the ranks of UMNO voters. That's where the citizenry should focus upon. It has nothing to do with the property law or MM2H.
In terms of legal naturalization, Malaysia is probably one of the most difficult countries in the globe to obtain that status. It practically requires the sponsorship of a Sultan.
I also get the impression that Mahathir thinks the properties themselves are being discounted. The reduction is simply the floor that foreigners can purchase property at...raising the floor back up will reduce the number of non-MM2H foreigners buying at the lower (460K-$1 million) range (because it is not legal) but it won't impact the property price for a unit itself. Very likely once the floor is raised again the overhang will again increase at that price range. That's because many expats can't afford the higher price range...and neither can Malaysians. To prevent overhang hey have to stop building homes that cannot sell....to either group.
BTW overhang indicates that Malaysians still have access to homes at that range...there are plenty around. The problem is that they can't afford it.
If it's just the floor they want to lower to allow foreigners to buy property (vacation property) good luck.
They should lower it for MM2H. Not many people want to tie up 1-2 million in a condo or house they can't sell if they needed too. Lowering it for mm2h I have no problem buying a condo from say 500k-750k. Above that I'd really have to make sure that was the location I wanted to live for the next 10 years.
There are pro's and cons to both buying and renting. $500-650$ a month rent over 10 years and your out $60k-$78k. Put that into a property you own you bought for $500k MR-750k. You can still sell the property for a loss and minus what you would paid for rent your not going to be out too much. One could sell the unit I imagine fairly quickly at a deep discount. Property should go up, but lack of maintenance and wear and tear probably lowers the price.
In other words a lower price unit some wouldn't mind buying vs renting. Just my opinion.
Some of the area's are 1-2 mill minumum for mm2h. Seriously going to tie up $500k USD in a property?
I would like to think supply and demand still works in Malaysia. If you are talking about a landed SFH property that is near the beach/coast with no major warts) that should easily hold its value over time and even appreciate some. I am only wiling to pay for something like that. A condo, I probably wouldn't buy unless cheap, too good of a location, etc. When there are so many condo developments popping up everywhere, why would someone buy yours (especially if higher priced) when they can go down the street and get a brand new spanking one direct from the developer at perhaps a great discounted price or with amenities to order?
I def plan to rent for awhile as I explore the country to find that diamond in the rough. Heck, I managed to do that in uber competitive San Francisco, where I bought my home off market at a discount. All the RE brokers who live in my immediate area didn't know what hit them.
That was my whole point there is no incentive to buy a condo over renting. Just a rental might not be as nice as as if one your bought and furnished the way I would want.
Selling those are
Extremely hard from what I am
Hearing right now they seem to have a lot for sale.
Not like where I am I get calls from agents asking me if I want to sell or know anyone that does? And I have development next to me with 900 new houses being built. Lol they can’t keep up with the demand and those start at $$350k for a small 1700 sq ft single story to over $410k for the 2 story.
I’d rent first for a year just to get a feel for the area too.
Then check out other areas.
Mahathir keeps on and on about "not becoming citizens". I don't think that the Malaysian citizenship is what people are after. It's a safe harbor for their $$$ and lives. And not just for ten years, but for their progeny. The purchase of property does the former...it parks their cash outside of China if things turn bad a la the Cultural Revolution . The Beatles and hippies may have been the formative memories of the Baby Boomers in the West...in China it was the Red Guard, staged confessional trials, and the re-education of the educated bourgeoisie. I get the feeling that smart Chinese espouse the government line while planning for an escape out. But Malaysia also discourages the purchase of property by not offering at least the "promise" Permanent Residency status for those that buy and stay and keep their noses clean. Yeah, someday their grandchildren might start grumbling about how they've contributed to the economy and the development of the nation for three generations and might deserve the right to vote just like that son of a Bugis that lives next door.
cinnamonape wrote:Mahathir keeps on and on about "not becoming citizens". I don't think that the Malaysian citizenship is what people are after. It's a safe harbor for their $$$ and lives. And not just for ten years, but for their progeny. The purchase of property does the former...it parks their cash outside of China if things turn bad a la the Cultural Revolution . The Beatles and hippies may have been the formative memories of the Baby Boomers in the West...in China it was the Red Guard, staged confessional trials, and the re-education of the educated bourgeoisie. I get the feeling that smart Chinese espouse the government line while planning for an escape out. But Malaysia also discourages the purchase of property by not offering at least the "promise" Permanent Residency status for those that buy and stay and keep their noses clean. Yeah, someday their grandchildren might start grumbling about how they've contributed to the economy and the development of the nation for three generations and might deserve the right to vote just like that son of a Bugis that lives next door.
I agree with that, but if he and the other leaders of Malaysia continue to be two faced (open arms for our money but then don't show an ounce of gratitude towards us) then we do have a problem. There are certainly other countries and places that would gladly pick up the slack. Malaysia is certainly not the only place out there for us.
FYI. I reached out to MM2H point of contact last month. Knowing it was a long shot, I wanted to see if I could gain any insight into the process and our status.
“Greetings:
I began my application process for MM2H in December of last year. We were notified of an application number in May. Online our status is Pending Committee Approval.
Is there any way to gain additional insight as to our application for our family's MM2H visa?
Do you have a schedule for when the Committee meets to review submissions?
Is a face to face meeting possible to help advance our application?”
Response came yesterday from MM2H:
“ Greetings from MM2H.
Pertaining to your enquiries, I would like to highlight that the approval is under the jurisdiction of the Minister of Home Affairs. Thus, we cannot INTERFERE with the decision making and approval period required by the Minister where security matter is his main concern.
My sincere apologies for the late reply.
Thank you.”
Seems we haven’t had movement for a couple months from those in this forum. The news article early this year mentioned increased scrutiny of backgrounds as they are worried about undesirable actors enter. The 4,000 applicant backlog was also noted.
Ok good the longer the better for me. I applied in January so that letter they put out saying they would clear the back
Log by September or some such time was a bunch of hog wash. It’s taking way longer than ever. Like some here mentioned there are many other countries that would love to see our American dollars being spent there. Personally no rush for me. Could be a few years before I am ready to make a
Move.
Hello. My first post here. I'm a MM2H visa holder and I'd like to add my baby to my visa. Anyone got an up-to-date detailed checklist please?
Any why are all of my emails to www.MM2H.gob.my being bounced back? Worrying 🤔
You are using this email?
mm2h@motac.gov.my
Yes, that.. And every email in the staff directory structure 😐
"Sorry, we were unable to deliver your message to the following address.
<azziera@motac.gov.my>:
Unable to deliver message after multiple retries, giving up."
"Sorry, we were unable to deliver your message to the following address.
<Info@motac.gov.my>:
Unable to deliver message after multiple retries, giving up."
"Sorry, we were unable to deliver your message to the following address.
<ratinah@motac.gov.my>:
Unable to deliver message after multiple retries, giving up."
.... Any help appreciated on what I need to add my baby to my MM2H visa 🙏🏽
.. Sorry.. goB was my mistype here
"Sorry, we were unable to deliver your message to the following address.
<ratinah@motac.gov.my>:
Unable to deliver message after multiple retries, giving up."
I've emailed every address in the staff directory including mm2h@motac.gov.my
M155698 wrote:Yes, that.. And every email in the staff directory structure 😐
"Sorry, we were unable to deliver your message to the following address.
<azziera@motac.gov.my>:
Unable to deliver message after multiple retries, giving up."
"Sorry, we were unable to deliver your message to the following address.
<Info@motac.gov.my>:
Unable to deliver message after multiple retries, giving up."
"Sorry, we were unable to deliver your message to the following address.
<ratinah@motac.gov.my>:
Unable to deliver message after multiple retries, giving up."
.... Any help appreciated on what I need to add my baby to my MM2H visa 🙏🏽
I sent an email to MM2H yesterday as a test. I requested information about adding a child. I haven’t had it kick back to me - yet. Also I have had no issues emailing the staff previously.
Have you tried sending an email from more than one computer/device? Is it possible the issue is on your side with your email app or other?
I don’t have a visa yet and have no information concerning adding a baby. Sorry I can’t help you on that matter. Maybe a trip to the MM2H offices would be helpful?
Not that I don't have enough to do here in San Francisco, but I couldn't resist anymore and had to contact my agent, Alter Domus, for an update on not my case specifically but just hopefully an idea of what application number they were up to at this point. Unfortunately, no specific info response. This is what I got:
Dear ,
Greetings and hope all is well with you too.
There has been a slow down in the approvals since early this year. One of the reason is change in management from Ministry of Tourism to Ministry of Home Affairs. There was a transition period and thus, the backlog came in.
The backlog for 2018 has not been cleared completely yet. Some applicants from 2018 have waited over a year and are still waiting. Therefore, no approvals for application in 2019 has started yet.
Your application was in March 2019 and it is almost 7 months. We understand it can be very frustrating to be kept waiting. Hopefully, they will release more approvals by end of 2019.
We just have to be patience and wait. Will update you once we have news.
Have a great day.
I just wanted to update my situation
We applied and our application was submitted and accepted by mm2h through agent Joy Stay on March 19, 2019 with number mm2h 417XX.we were told by agent that it would take approximatelly 9 to 10 months for conditional letter of approval if approved.
So we waited and waited, A few times we tried to log into the offical site to check our status however we were never successful.
We have a local chinese friend living in Kuala Lumpur. Last week on Friday he tried to get into the site to check our status, and was able to be successful, and it said "Pending Committee Approval" and we were very happy to hear this,. However our friend added that he was going to call on Monday to actually find out the status, What a tenacious friend to have.....
He called monday.
This is what he wrote us:
"Site show the same pending committee review. I call up and ask, they say approved and need agent to get letter from immigration. I call up this number +60388917430. From the official portal of mm2h program"
So very happy if true, ( 7 months and 13 days from submission)now waiting to hear from agent.
ezfeelin
Wow. Congratulations. Please keep us posted. Fingers crossed for you!
According to my agent, there is a new batch of approvals issued late last week, I have just received my letter, application was on 12 Dec, Number 403xx. Hope many more of you will hear soon!
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