New mm2h details for Malaysia are out

[ecool]

You seem to be knowledgeable about mm2h, so a question for you. Is the silver tier mm2h renewable indefinitely? Or is it just 5+5 years, and then whatever the terms of renewal are at that time apply? Thanks!

Based on the past MM2H programs, yes it will be renewable indefinitely, and the terms will be the same as when you applied (so far, only fees have changed for past programs, but not terms).

Again, this is based on the history of past MM2H programs. Nobody knows what can happen in the future.

 

[intlman]

I see the Silver tier does not allow you to work/run a business.

MM2H looks like a complete rip-off.

 

[andrew28fl]

I see the Silver tier does not allow you to work/run a business.

MM2H looks like a complete rip-off.

Yes, you can't do any local business/work. My investments/biz is online, so it doesn't impact me. Plus they have clearly said that foreign income is exempt under mm2h so that's a huge plus for me.

 

[alain]

Normal bank deposit. Whatever rate you negotiate with the bank. But to withdraw the deposit you need letter from the government. Interest is paid yearly to any other account (so interest is not locked with the deposit)

lot's of paperwork for nothing.

 

[intlman]

Honestly, you'd be better off spending that sort of money to live in a place like Singapore.

Whilst it's a lot harder nowadays to get PR in Singapore, there's no guarantee you'll get it in Malaysia either.

 

[andrew28fl]

Honestly, you'd be better off spending that sort of money to live in a place like Singapore.

Whilst it's a lot harder nowadays to get PR in Singapore, there's no guarantee you'll get it in Malaysia either.

Singapore requires almost a $2m investment, plus an operating business track record etc. Silver MM2H is about $300k, no comparison. Kuala Lumpur offers about 80% of what Singapore has to offer at a fraction of the cost, IMO.

 

[maxmoney]

Yes, you can't do any local business/work. My investments/biz is online, so it doesn't impact me. Plus they have clearly said that foreign income is exempt under mm2h so that's a huge plus for me.

If your business is online and run by you personally, doesn't that make it local, or is there a way around that?

 

[JustAnotherNomad]

If your business is online and run by you personally, doesn't that make it local, or is there a way around that?

In theory, it's local income, but it doesn't seem like they enforce this. I have only heard that even accountants don't understand the PE concept: "But you have a foreign business, you can't pay tax in Malaysia on it!"

 

[dany]

Strange rules in Malaysia, do they don't enforce tax rules like in Europe?

 

[ecool]

Strange rules in Malaysia, do they don't enforce tax rules like in Europe?

Malaysia is not Europe, why would they do the same as Europe?

Just ask around several accountants or tax advisors, you will find multiple different answers to the same questions. Also the laws are sometimes not clear and open for interpretation. That is how it works in Malaysia

 

[maxmoney]

In theory, it's local income, but it doesn't seem like they enforce this. I have only heard that even accountants don't understand the PE concept: "But you have a foreign business, you can't pay tax in Malaysia on it!"

Do you have any recommendation to an accountant.

 

[JustAnotherNomad]

Do you have any recommendation to an accountant.

Maybe ask @MiddleEuroAsia

Edit: Oh, he is banned. Then I can't really help, I'm afraid.