Malaysia is fast becoming a popular destination to retire in. With the government’s MM2H program in place, retirement in Malaysia is interesting and this is quite evident from the increased number of people flocking to the country.
Malaysia, located in the heart of Asia, has one of the highest living standards, yet the country maintains economical cost of livelihood. Retirement in Penang has become an attractive choice for people nowadays. Like the rest of Malaysia, the state has a tropical climate which is very much dictated by the adjacent sea and the wind system. Besides great climate, Malaysians also experience excellent facilities in terms of good road conditions and cheap transportation.
Now, have a look at some incentives you can receive on retiring in Malaysia.
- You will get a Multiple-Entry Visa along with a 10-year Social Visit Pass.
- It is guaranteed renewable after 10 years, if you didn’t breach Malaysian rules and regulations.
- You are free to live in Malaysia and take a trip as often as you like during these 10 years.
- As a great savings, you can bring in your car or buy a new vehicle (CKD) tax-free.
- School going children will receive student pass to continue their studies at global universities and colleges.
- You will be allowed to bring in your present maid.
- You can be an investor in Malaysia.
- For housing loan, you can get up to 80 percent as compared to usual 60 percent for foreign applicants (subject to banking regulations).
- For buying properties, you get a lower minimum property purchase in the state of Penang.
- Money remitted into Malaysia is not taxable.
Things to know before participating in the program:
For people below 50 years of age:
For those below 50 year old, opening a fixed deposit account of RM300, 000 is required. After 1 year, up to RM150, 000can be withdrawn for approved expenses with respect to children’s education in Malaysia,house purchase, and medical purposes. From second year onwards and all through one’s stay in Malaysia under this program, a minimum balance of RM150, 000needs to be maintained.
For people aged 50 years and beyond:
1) Opening an FD(Fixed Deposit) account of RM150, 000 is required.
2) Proof of monthly off-shore earnings of RM10, 000, for instance a pension scheme needs to be shown.
- For the “Monthly Off-shore Income”criteria applicants who draw from Government Approved Funds can be considered.
- After a period of 1 year, participants who meet the FD criteria can withdraw up to RM50, 000 for approved expenses.
- A minimum balance must be maintained from the second year onwards all through the duration of one’s stay in the country.
3) You are allowed to work for a company in Malaysia up to 20 hours a week (part time).