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16:04Yeah.
16:08And then,
18:56Actually, all our agencies put their own effort to spend money in the overseas
19:01and do a talk and a seminar by their own expenses.
19:06So of course, MoTeX, once in a while,
19:09have mentioned that they have some program or travel program
19:13in certain country that they ask us to join.
19:16Then we will join.
19:17But mostly, it's our MM2H agency.
19:22We use their own money to spend in overseas
19:25and then to promote Malaysia.
19:26Right.
19:27So you mentioned just about high-quality participants, right?
19:31Because there have been some reports as well that said that the program,
19:34because you want to attract high-quality participants to Malaysia,
19:38it has become more exclusive.
19:41Yet the terms are not attractive to bring them in.
19:44What do you think?
19:45Yeah.
19:47According to the certain terms like offshore income,
19:51last time it was $10,000.
19:52Now it becomes $40,000.
19:55You will see that a lot of people mentioned that if, let's say, I have so much money,
20:01I have a lot of choices, right?
20:04And if, let's say, comes to 90 days, it seems like PR terms.
20:11Okay.
20:12Alright.
20:13So some of the people mentioned that if I have this money, I can choose other countries.
20:19Asian countries have a lot of similar programs.
20:22Like Indonesia, they have their own program.
20:24Just now I mentioned that Thailand and Philippines also have.
20:27Even though Dubai, they also have certain like a long-term program, I mean long-stay program.
20:33Right.
20:34So initially, when we were attracting participants to come, what were they attracted by to come to Malaysia?
20:40Yeah.
20:41Alright.
20:42Once a few things are still attractive, it means that your income comes to Malaysia is free tax.
20:48Right.
20:49Alright.
20:50And it's considered as a zero risk because all the money comes into Malaysia, deposit into the bank also.
20:57When you terminate, then you can bring them up.
21:00Right.
21:01Right.
21:02So everything you can bring out.
21:03Okay.
21:04Anthony, we've just got to go for our final break.
21:06Do stay tuned for more on the discussion and remember to share your thoughts with us on Twitter.
21:11So don't go anywhere.
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23:27Thank you for staying with us on Money Matters.
23:30Now, Anthony, the new conditions include, which you've mentioned, higher compulsory FDs in local banks amounting to 1 million ringgit as compared to 150,000 and 300,000 previously,
23:42and offshore monthly income of 40,000 from 10,000 ringgit and liquid assets of 1.5 million compared with 300,000 and 500,000 previously.
23:53Now, looking at this, how many percentage of these holders will not qualify under the present regulations of those wanting to come in?
24:03Okay, actually, we did a survey and mentioned that if almost 90% of the existing holders, they're not qualified or they are not interested also.
24:15And if, let's say, they ask them to top up, I think about 30% only they are fulfilling.
24:22Right.
24:23So, they will see that, but some of the people, even though they fulfill it, but they are not interested.
24:29Not interested, yeah.
24:30They basically want to ask them to put so much money inside.
24:32Right.
24:33Yeah, because before that, I'm coming, it's a different, different, I mean, lower, much lower threshold than now become so high.
24:41So, I think they might not interest that.
24:43You mentioned just now regarding security issue, which you said is just a fraction of what the government has said is an issue, why these regulations are being changed.
24:56But did your association engage with the government where security issue is concerned?
25:02Yeah, actually, we did engage one of the division.
25:08They have mentioned to us that they have some issue on this security issue.
25:12And then they said that they have mentioned in the special committee when they have a meeting.
25:18Then only we know they have some security issue.
25:21But of course, the division they mentioned to us that they should overcome on it and then they can enhance it or tighten up the security issue.
25:30Right. Now, looking at the program, because MoTeC has been handling this from 2006 until 2018.
25:39Then after that, it was a shared championship, can I use that word, between KDN and MoTeC.
25:46So, looking at how to move this program forward, is your preference with MoTeC to handle this or KDN?
25:55Okay, I can say that MoTeC is considered the promoting.
26:01They are more flexible on certain things.
26:04Then, like KDN is more on security side.
26:09So, I'm hoping that this condition actually is good because we can see that we're quite happy with MoTeC as well.
26:18So, if they have a MM2A center, everything we can – because one center easier to communicate.
26:25And of course, now we cannot say prefer to reach ministry.
26:33Of course, we can see that MoTeC, they always go and promote all these things.
26:37So, we will see that it's – can see that the figures are going up fast.
26:43Right. So, you mentioned just now that a lot of the participants who wanted to come to Malaysia actually are looking at other countries as well, like Thailand as well.
26:53So, do you think that there's a way that perhaps we can get them to re-look into coming back to Malaysia?
26:59Well, if let's say some of the criteria, I mean some of the terms, if let's say got adjustment, amend a bit, I think still have a potential client.
27:16Because Malaysia is a very good country and then it's a multicultural and multi-language, very easier to go into Malaysia.
27:25Yeah. I mean, quite good communication with Malaysians as well.
27:30So, if let's say government can adjust or amend some terms, I think it will be better.
27:37Right. Yeah.
27:38So, looking at the number of participants that wanted to come in in Malaysia, do you have any idea or a breakdown of which were the countries that wanted to –
27:45I mean, which are the participants, which country were they from? Japan, for example?
27:49From previous record, I think China is the most.
27:53Oh, really?
27:54Yeah. Chinese is the most. And then second is Japanese. And then, of course, third is Bangladesh, the rich Bangladesh.
28:01Right. Yeah.
28:02So, obviously, this would affect other states as well, not just Malaysia. We're talking about states within Malaysia.
28:09But from what we understand, there are states with different programs as well.
28:13So, will they be affected by these new regulations?
28:19You mean the assistant holder?
28:22No. The future participants that want to come in.
28:27Future participants, of course, we mentioned that the terms, of course, affected them because they –
28:33Actually, before that, I think 2019, October until 20 June, they have about 5,000 cases, 5,396 cases is not processed.
28:51And then all the files are being returned.
28:54All right.
28:54So, we also hope that government can look into it and then hope that they can process them.
29:00Of course, we haven't known everything from the government yet.
29:05Right.
29:05Yeah.
29:06So, I think potentially still have, but maybe we will trust.
29:12You can see that dropped tremendously.
29:14Right.
29:15So, looking at this, are you looking to still appeal against the criteria imposed by the government?
29:23Yeah, actually, okay, actually, we have did a lot of proposal and then we use many channels to approach.
29:32So, we already send our proposal to KDN.
29:36And then, of course, I'm not sure whether they have gone through a proposal and then we will then look into the proposal
29:45and then they will ask for us to have a dialogue or not.
29:49Right.
29:50Yeah.
29:50So, looking at the proposals, what is the main proposal that you are giving to the government?
29:54Yeah.
29:55The main proposal is that it's because of the 10,000 to the 40,000, the offshore income,
30:00then we hope that it can be middle in the middle side, about 20,000 maybe.
30:05Right.
30:06And then, like, the fixed deposit in the local bank previously, because last time it's only 150,000 for 50 years old and above.
30:15So, now it becomes 1 million, it's up about six, more than six times.
30:21Right.
30:21Right.
30:21And then 300,000 become 1 million, it's more than three times or so.
30:26So, we hope that government can look into it and then have some adjustment on that.
30:31Will the minimum stay be an issue?
30:33Yes.
30:35If, let's say, for one person who comes here, then perhaps it's an issue.
30:39If, let's say, government can consider all these new potential customers,
30:44they can accumulate all these stay together, all the dependents, many applicant dependents they can accumulate,
30:52then it should be better.
30:53Right.
30:54So, are you appealing against the visa duration as well?
30:57Because before it was 10 years renewable, and currently it's five years renewable for another five years.
31:04So, wouldn't this affect, you know, the participants who are already here that saying that we are not sure whether we can get another five years?
31:09If, let's say, they can fulfill this, the visa fees, I think there's no issue.
31:15Just that the 90 days stays.
31:18If, let's say, they have no issue, I don't think that they have any more issues.
31:22Unless they can't fulfill the 90 days, then, of course, this will become an issue.
31:27Right.
31:27So, are you confident that the government will take into account your proposals?
31:32I hope so, but I don't have confidence.
31:35Okay.
31:35Anthony, on that note, thank you very much for appearing on Money Matters.
31:39It's been a pleasure having you with us.
31:40Yeah, thank you.
31:43That's all the time we have for the program this week.
31:45Again, thank you, Anthony Liu, for joining us on Money Matters.
31:48To our viewers, do come back to the show next week, same day and same time, for more Money Insights That Matter.
31:54Until then, I'm Zahir Kelvinong Abdullah.
31:57Bye for now and stay safe.
32:24Bye for now.
32:54Bye for now.