Onerous New Financial Requirements for MM2H (Penang)
Just heard this from a friend:
"For those who didn't attend the BHCKL/MM2H presentation yesterday Protected content Protected content , the word is out (official), even backed by tiny fold-out MM2H pamphlets. From the "middle of the year" but excluding applications presently in the pipeline:
1. Proof of liquid assets rises to RM600, Protected content RM350,000)
2. FD [Fixed Deposit account in Malaysian Bank] rises to RM500, Protected content RM150,000)
3. Requirement to show off-shore income of RM10,000/month exempted for over-60s
The deputy/assistant director of MM2H who was one of the speakers and unashamedly said (backed by a giant slide) that they were looking for "quality not quantity". Quite how they intend to achieve it with this sledgehammer & indiscriminate approach I'm not sure."
It sounds as if the changes will be made sometime after/around June Protected content , If you were intended to join the MM2H it might behoove one to apply quickly, under the old rules. Even if you can't immediately move to Malaysia you'd still have the 10-Year Visa under the "old rules".
Given that wealthy individuals could already qualify for MM2H under the old rules, and even they don't want to liquidate their high interest/dividend generating assets into a lower interest long-term FD [@4%], this change will likely eliminate the middle and upper middle class retiree/applicant as well as many wealthy. It's hard to understand what economic model they are using.
Sarawak and Sabah will likely retain their old rules as they have control over their own "tourism" and Immigration programs. In fact they may well take advantage of the Peninsular "mistake".
I affix the current Sarawak M2H program rules contrasted with the "old" though still current) MM2H program requirements.