Tag Archives: banking

New Rules for MM2H applicants could spell trouble for Americans

Update: June 28th, 2017

I’ve noticed a lot of folks still reading this post. While I understand there’s not as much information as there should be on MM2H, please note this post is almost three years old now and the rules have no doubt changed tenfold if you’re reading this today. Many folks tell me it’s now six months or longer for conditional approvals (ours took 10 weeks). And given a presidency run by an unqualified anti-Muslim man child, it sounds reasonable to me that Malaysia can’t be rushing to open its doors to citizens from a nation whose Supreme Court just overruled four Federal Courts by condoning Trump’s Muslim ban.

While I won’t take the article down, I strongly suggest considering the contents as at least partially obsolete and written at a time when a sane human being presided over a once great nation.  

Communicating to us in response to a general question about our MM2H application, our agent just informed us of new rules effective November 1st, 2014 involving documentation. Affecting mostly American citizens due to the nature of very strict privacy guidelines that all U.S. banks must follow, Diane and I are moderately concerned but still plan on selling the house in March and settling somewhere in Southeast Asia, even if it’s Thailand (our Plan “B). Deciding to choose “selected” applicants and subject them to an extra verification letter that U.S. banks normally wouldn’t issue, the Ministry has made our overseas experiment a bit more intriguing.

rulesReviewing  the basics, The Malaysia My Second Home (MM2H) is a government program that allows foreigners unrestricted multiple entries into Malaysia for a ten-year period, renewable indefinitely. Differing slightly from a residency visa, the MM2H is a social visit pass and comes with certain benefits including exemptions of import duties and sales tax for car purchases and the right to own property. Designed mostly for middle class retirees and prohibiting most work, financial requirements are high. Unlike Thailand, however, the ease and convenience of a long-term stay with no “border runs” every few months coupled with a highly developed infrastructure makes the program highly desirable. Continue reading