What is the cheapest way to become permanent resident?

b4bmm wrote:

Does having this money in a bank allow me to use it to do trading with international sharemarkets?

You would need a securities commission licence to do any form of trading and to set up a corporate entity of some kind.

I need those things To use this 300,000RM or to do any buying or selling of international shares in Malaysia at all?

Can it not be done under a personal name?

If its personal investment that is different. However, the investment route is US$ 2 million Fixed Deposit. A fixed deposit cannot be accessed.

http://malaysia.angloinfo.com/moving/re … residency/

b4bmm wrote:

Hi All,

As the title suggests I'm wondering whats the cheapest way to become a permanent resident?
I know the programs they run ask for 300,000RM to be deposited in a Malaysian bank which can be reduced to 150,000 in the second year, although I doubt I would meet these conditions. I dont want to have this sort of capital tied up
as I would like to have it elsewhere to get a better return to fund my semi-retirement.

Does having this money in a bank allow me to use it to do trading with international sharemarkets?

I know the Philippines does a similar retirement visa but again it involves tying up a lot of capital, I think.
Any other suggestions appreciated

You are muddling up the ten year MM2H with PR. You can't get PR for a 300k deposit.

I thought people are considered residents with the MM2H programme? Isn't that basically permanent once the 300K/150K is held indefinitely in a bank account or on deposit?

b4bmm wrote:

I thought people are considered residents with the MM2H programme? Isn't that basically permanent once the 300K/150K is held indefinitely in a bank account or on deposit?

No. only ten years and cannot work, run a business etc.

PR confers the right to work, set up a business and is permanent!!!!!!! Doh!

Ok so this is the up to date details from what I'm aware

"Malaysia My Second Home (MM2H) Programme is promoted by the Government of Malaysia to allow foreigners who fulfill certain criteria, to stay in Malaysia for as long as possible on a multiple-entry social visit pass.

The Social Visit Pass is initially for a period of ten (10) years, and is renewable."

Its renewable. I dont plan to earn any income in Malaysia. Income will come from sources abroad through investments.
Money remitted back into Malaysia isn't taxable by Malaysian government for residents, only money earned in Malaysia
itself is taxable which isn't on my agenda.


Initial Requirements to be granted Visa:

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. For certified copy(s) of Current Account submitted as financial proof, applicants must provide the latest 3 months' statement with each month's credit balance of RM 500,000.

and

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 certified copy(s) of Current Account submitted as financial proof, applicants must provide the latest 3 months' statement with each month's credit balance of RM 350,000. For those who have retired, they are required to show proof of receiving pension from government RM 10,000 per month.


Requirements once granted:

Aged Below 50 years old

Open a fixed deposit account of RM300,000.00
After a period of one year, the participant can withdraw up to RM150,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.

Must maintain a minimum balance of RM150,000.00 from second year onwards and throughout stay in Malaysia under this programme. Approved participant who has purchased and own property which was bought at RM1 million and above in Malaysia may state his/her intention in letter of application during submission to lower down basic fixed deposit requirement of RM300,000 to RM150,000 on condition that the property has been fully paid and ownership documents such as grant and land title have already been issued. This amount may not be withdrawn until the participant decides to terminate his participation in MM2H programme.



I think this is the most up to date rules. For those over 50 full rules also included on this website.
http://www.mm2h.gov.my/index.php/en/hom … conditions

Looks like the deposit would not be able to be used for investment purposes unless someone knows different?

The deposit is placed in a fixed term deposit for 1 year which is renewable until the person leaves the MM2H programme. You cannot access it. MM2H is not a PR its a Social Visit Pass valid for 10 years and renewable.

If you look at the link provided above, it explains a range of different routes to apply for a PR. See posting 4.

Yes just looked it says:

The MM2H Programme is a residency scheme, which allows foreigners to stay in Malaysia for a long period of time, usually up to ten years. Renewable.

So its a residency visa which you could call permanent if you wanted IMO.
You can own and set up a business under this visa if you want.
Basically if you plan to stay in Malaysia you are paying a minimum 150K RM for the visa or in some cases,probably mine, 300K RM. Dont think it would be suitable for me at those prices, wouldn't like to have 105K AUD tied up like that.

A mindshift - the link is nothing to do with MM2H but provides other options - take a read. I have copy/pasted below.

Permanent Residency

Find out the requirements for permanent residency and citizenship in Malaysia...

Anyone granted permanent residence status in Malaysia is issued with an Entry Permit and Identification Card (MyPR). Permanent residence status entitles the individual to:
•Reside in Malaysia for as long as they wish
•Work and do business in the country
•Buy property anywhere in Malaysia
•Be exempt from any visa or immigration requirements

Eligibility requirements for Permanent Residence Status applicants:
•High net worth individuals, who have a minimum of US$ 2 million Fixed Deposit in a Malaysian bank. This should remain in the bank for a period of five years. The individual and their spouse and children may seek permanent resident status after five years' stay in Malaysia. Applications should be submitted to the Immigration Department

•Highly talented and highly skilled individuals, who are considered "world class" by any international organisation and who are recommended by an organisation. To apply for permanent residency in this category, applicants must submit a Good Conduct report from their home country that should be submitted with their application to the Immigration Department

•Professionals, who are considered to have outstanding skills may apply for permanent residency. Applicants must be recommended by a relevant agency in Malaysia and submit a Good Conduct report from their home country. Applications should be submitted to the Immigration Department

•Spouse of a Malaysian Citizen may apply for permanent residency if married to a Malaysian citizen for a minimum period of five years. The spouse must also have stayed in Malaysia for five years. The applicant should already have a Long Term Visit Pass and have one Malaysian sponsor. Applications should be made to the Immigration Department

•The Points Based System is another way of applying for permanent residency. The minimum number of points required to apply for permanent residence status is 65 points out of 120. Applicants are also required to have one Malaysian sponsor and submit a Good Conduct report from their home country. Applications should be made to the Immigration Department

The points based system is similar to the Talent Corp one - so you can find the online test at their website.

On MM2H the fixed term deposit will be earning 3.25% or above per annum

Yes I saw that but I dont have $2M dollars to be throwing around for residency for its not an option for me

Don't need any investment - can also apply based on professional skills etc. via points system.

Im not an engineer/doctor/accountant etc so doubt I would qualify

b4bmm wrote:

Yes just looked it says:

The MM2H Programme is a residency scheme, which allows foreigners to stay in Malaysia for a long period of time, usually up to ten years. Renewable.

So its a residency visa which you could call permanent if you wanted IMO.
You can own and set up a business under this visa if you want.
Basically if you plan to stay in Malaysia you are paying a minimum 150K RM for the visa or in some cases,probably mine, 300K RM. Dont think it would be suitable for me at those prices, wouldn't like to have 105K AUD tied up like that.

It is simple. IT IS NOT PR

10 years isn't that long and can be thrown out afterwards.

YOU ARE NOT ALLOWED TO RUN A BUSINESS IN MALAYSIA on the MM2H programme.

PR is very different and very hard to get.

From the link Gravitas sent it says YOU CAN OWN AND RUN A BUSINESS


MM2H Programme benefits
Under the MM2H programme, applicants can:

Travel to and from Malaysia unrestricted, with their families
Have a renewable ten-year visa
Bring money into Malaysia tax free
Import a car or purchase a car tax free
Invest in or own a business in Malaysia and/or buy property
Work part time, if over 50 years old
Bring all dependent children, including stepchildren under 21 years old, to Malaysia with them. However, the applicant must meet education costs


And where do you see it can be thrown out afterwards, all I have seen is 10 year renewable everywhere, unless you break the law, I doubt you will be thrown out.

Yes, you can own a business but not work in it and take a monthly salary (which would fall under being employed). Obviously as a business owner you take profits and dividends.

Being a business owner means earning money, like you said, there is no other reason to own a business. Sounds to me like its a rule that can be interpreted which ever way you want

The letter offering the MM2H visa and all other documents clearly state that it is an offence to work while holding that type of visa. But of course civil rights cannot prevent a person from setting up a local business under prevailing rules of incorporation. There is increasing amounts of purview these days on businesses and licencing, so it would be hard to stay under the radar.

So for example you want to buy and own a restaurant, does that mean your not allowed to step foot into that restaurant during business hours as it would be considering working in that business?

You are an investor and nothing more.

Hi, I believe you are talking about the MM2H programme. This is a good way to get a visa and is very effective. You can take money out of the account after a set period of time to use for the purchase of a house etc. When it comes to trading on international share markets. There is no income tax payable or capital gains tax payable if you set the structure up correctly. There is CGT payable of 30% on property but that reduces to 0% after 3 years.
If you would like more information on all of this I can help you. Contact me on **** and we can discuss further your reuiremnets and how best to arrange.
Regards
Lawrence

Embracing Islam and marrying a Malay woman would certainly help.

rather extreme!

but don't tell the wife permanent only means 10 years 

If you need consultancy for permanent residence without any fixed deposit, can be sorted out.

b4bmm wrote:

Im not an engineer/doctor/accountant etc so doubt I would qualify

Even  being an engineer, doctor or other critical field doesn't work, you have to be considered 'world class'. That clause makes it difficult to use it. I'm a retired engineering Professor from one of most recognized Engineering universities in the US, with a fair amount of publications, five years as department chairman  and Professor Emeritus of Electrical Engineering status.  I don't qualify.

If you are looking to be a permanent resident, maybe I could assist you on the process. Thanks

Or a long term visit pass?

can u tell me details?
thanks

If you want to set up a business then that may be a route.  Someone posted on here ages ago an excellent piece explaining how to go about setting up a business and obtaining a director's or a "business" visa.  Unfortunately I can't see that far back but if anyone can cut and re-post it I thought it was really helpful. There is a necessity to deposit paid up share capital and that is less if you have a Malaysian business partner.

Why not just start a business and runs it for a year with all proper document  that is income tax, licences etc , then u will be eligible to apply resident pass