Financially speaking, moving from the USA to Canada in 2001 was a very smart move, assuming the bulk of your assets were in US Dollars. Luckily, Diane and I left California for Calgary soon after we met during the weakest stretch for the Canadian Dollar in over 50 years. Exchanging one dollar meant receiving back almost $1.58, saving us almost $20,000 on the down payment of our first house. Conversely, when we sold the house for double what we paid only six years later and moved back to California, theLoonie(Canada’s currency) strengthened so much that we received about $0.93 US back for every $1.00 Canadian. Had it remained the same, it would barely have made sense to sell.
Recently, I posted about the Malaysian ministry enforcing stricter income verification policies for MM2H applicants that might potentially spell trouble for Americans. Issued as a ten-year social visit pass renewable indefinitely, the MM2H is an attractive long-term visa not requiring any “visa runs” like neighboring Thailand, albeit with more paperwork and much larger financial requirements. Navigating the tedious procedure and emailing Joy-Stay, (our agent) for six months now, I’m thinking we may have finally hit a patch of bad timing through no fault of our own. Almost too coincidentally, an ambiguously written notice from Bank of America arrived last week describing what sounds like a mass consolidation of bank branches that might be a nail in the coffin for the ministry’s “verification letter” from our financial institution.
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.
Reviewing 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 →
Looking back, it’s hard to imagine but they say “time flies when you’re having fun” and today marks the one year anniversary of my unexpected layoff. Recognizing that the odds of unemployed workers in late career successfully re-entering the workforce are slim, the life-changing event was the final straw in our decision to push up early retirement and become overseas expatriates.
Choosing Malaysia over Thailand despite large financial requirements for the MM2H visa, a social entry visit pass allowing unlimited entry to the country, I developed a new sense of the expression “patience is a virtue” as we began the long 18 month wait to my 50th birthday. Reaching that milestone allows an individual and their dependents the right to file paperwork under a status that demands a mere $150,000 MYR fixed deposit. Owing a large debt of gratitude to my former employer for getting me out the rate race, I’d like to personally thank H*** M*** Capital Management for their horribly stupid decision that left them devoid of the best operations and support person they ever had. An example of the thanks you get for breaking your ass include the useless brochure seen here ⇐