AlanKoziol
1/3/2018 16:32 EST
Hi Forum,
My question has probably been heard 1000's of times over on here. But here's my scenario.
I live in the northeast portion of the USA (Massachusetts to be exact)
I work for the state of Massachusetts (education).
I'm currently 55 and don't see me retiring for a minimal of 5 yrs (puts me at 60 y.o).
Barring any changes... My calculations would be roughly $25K +/- from my State retirement (excluding anything else I have in place aka My retirement, savings, sale of home).
Thanks
Alan
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lorric5447
1/6/2018 22:56 EST
Sorry....just unclear on your question?
We are Canadians who recently obtained the MM2H visa in advance of our full retirement in a couple of years. If you have any questions, I would be happy to help. We did the entire process ourselves. There are rumours that the MM2H program requirements are changing soon, but so far the requirements are fairly attainable and easy to understand. Here is the link:
http://www.mm2h.gov.my/index.php/en/
Cheers, Lorri
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cinnamonape
2/12/2018 11:52 EST
The Malaysia My Second Home Program is actually run differently in the different States of Malaysia (the Peninsular States vs. Sarawak vs. Sabah).
Given that you are 55 you qualify for all the "retirement" version of the MM2H. You can get up to a 10-Year renewal visa depending upon the remaining validity of your passport (only 5-Years, but renewable, in Sarawak).
Peninsula Malaysia requires a proof of liquid assets of RM350K for approval and if you have THAT then they will accept you if you have RM10,000 in pension income (required 3 months already paid warrants as proof) OR if you place RM150K into a Fixed Account. Some withdrawals may be made for specified purposes (healthcare, education, purchase of property) but one must maintain a minimum of RM100K in the account = US$26500).
There's also a health check up (including blood test and chest X-Ray) that must be done in a Malaysian clinic signed by a doctor.
You must have a statement of good conduct from your local or state police Department. You can get an agent in the Peninsula but will pay them to act as the sponsor. plus fees. You can also "self-apply" but will have to cover the refundable "security bond" fee yourself (b/w RM2000 and RM500 depending upon nationality).
Generally it's more expensive on the Peninsula and the waiting time is longer (3-6 months).
All you documents have to be notorized or confirmed by a notary or Commission of Oaths. Some US docs (like your pension warrants, and front passport pages and most recent visa) may have to be done by a local lawyer. Notarization is about RM4/pp; legal affirmation for all docs RM25-30).
*******
I'm in the Sarawak Program and it took @ 2 months. Fast! You do not have to show that you have liquid assets. Nor do you have to have the police report in Sarawak. It's mainly for those 50+.
There are two options
1) Government Guaranteed Retirement payment of RM7000 (single) or RM10,000 (couples). That's currently @US$1800-$2650. This can be city, state, Federal, Social Security, Military, etc. >>> OR (option 2)
2) Placing RM100K (single = $26,500) -150K (couples = $40K) into a local fixed deposit. Withdrawals are allowed for educational expenses, healthcare, or purchase of property, but one must retain RM60,000 as a permanent balance (US$15,400). It should be said that Fixed accounts in Malaysia generally earn b/w 3-4% annum.
The down side is they require a local Sarawakian to sponsor you and, until recently they didn't allow agents to act as the sponsor. But the sponsor simply has to sign a promissary agreement to pay the Security Bond (for US and Canadian citizens [email protected] or US$525) if you do something that gets you deported.
One should get a VISA at your Malaysian Embassy once you come in to submit your documents as it will save an $125 Journey Performed Visa Fee.
Ultimately, my total costs (I'm single) -minus the Journey Performed fee (about $125 vs. $6 if I'd done this in the USA)- was about US$160.
In Sarawak You get a renewable multi-entry visa (5 years... reportedly no one has ever been denied an extension) . You can (if you wish) purchase a condo or house (it must be RM300,000 or more, but loans are available)...on the peninsula the minimum is between RM500K-RM1.5 million depending on location).
Externally sourced income is not taxed in Malaysia, though you will have to pay US tax, though perhaps not State taxes. Taxes on investment income are extremely low. Your hoisehold goods may be imported duty free (even a car over 2 years old). You may not require health insurance if over 60 (and check to see if your retirement plan allows coverage under the BSBC BlueCard or GeoBlue...with 80-90% coverage). Malaysia has extremely inexpensive and quite good health care. I just met a guy who had his blown out knee replaced for US$3000 (including hospitalization, surgery, CAT scans, ongoing orthopedic therapy). In that states it would be 10 times that amount....and likely double that with the best insurance or Medicare + supplementary.
Oh, English is widely spoken throughout Malaysia. Crime is extraordinarily low, and Sarawak in particular is a multi-ethnic, multi-religious tolerant area.
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cinnamonape
2/12/2018 11:56 EST
Here's the Sarawak MM2H program in comparison to that on the Peninsula.
https://www.sarawak.gov.my/web/home/article_view/221/279/
One change is that the Visa is for FIVE years (not 10) in the Sarawak Program...and the Penisular Program seems to have a Liquid Assets requirement while the Sarawak Program has none.
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cinnamonape
3/19/2018 08:12 EST
Also since you are a State employee you should look into your pension plans post-retirement health care coverage. Many States have plans that roll Medicare into a Medicare-based plan that allows you to carry one your state medical coverage. If you move out of the State they will give you a different plan. And of course Medicare doesn't cover you internationally so sometimes people who move abroad are given a "Basic Plan" (but these may actually be FAR MORE than "basic").
Now if you have a Blue Cross/Blue Shield plan it may have something called Global Core (aka Global Blue or Geo Blue) which allows overseas coverage. Some states only allow coverage for vacation travel...but I found that IF YOU RESIDE OVERSEAS you may receive up to 80-90% of cost coverage for pre-approved medical care, year-round. Given the fact that health care costs are so much lower abroad, one may actually get much cheaper care than if you were one Medicare and paying the monthly premiums. Waiting times can also be vastly lower, depending on where you are and what the issue may be.
Global Core have what are approved physicians/hospitals in various countries and if you are within 50 miles your are expected to go to these. Penang, KL, Johor, Singapore all have scads of these approved clinics (very good ones BTW). But if you live outside of these areas they'll approve other hospitals/doctors.
Check your policy details.
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cinnamonape
4/5/2018 23:46 EST
Update on the above: There will apparently be major changes in the Malaysia My Second Home Program "in the middle of the year".
1) They are doing away with any distinction between Over 50/Under 50....everyone will be under the same rules.
2) They are increasing the Requirement for proof of liquid assets to RM600,000(~US155,000)
3) They are increasing the amount that you must place in a Fixed Depot to RM500,000 (~US$130,000). You may draw down that amount to RM250,000 (US$65,000) after the first year for specific approved items (children's education, healthcare expenses, property purchases).
4) Applicants must demonstrate RM10,000/month income (~US$2600/mo). This requirement will be waived for those over 60.
The argument for these changes is that the program has "matured" and that they are seeking "quality, not quantity".
These changes will not apply to the Sarawak version which largely will remain the same.
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