As I mentioned in an earlier post on outsourcing retirement, India does not allow or encourage foreign citizens to retire there. On the other hand, several other Asian countries are actively trying to attract foreign retirees. Thailand is probably the best known among these, but of late, Malaysia has been getting some attention too.
Here are some interesting details about Malaysia's Malaysia My Second Home program for foreign retirees:
- The program is open to all foreign citizens wishing to retire or reside in Malaysia on a long term basis, and their spouses and children under 18 years.
- You will get a 10-year visitor pass and a multiple entry visa which is renewable every ten years.
- You can invest and own businesses in Malaysia. You are, however, not allowed to work there.
- Unlike Thailand and Singapore, Malaysia allows foreign retirees to own property and to apply for domestic loans to buy property.
- There is no minimum requirement to stay or visit Malaysia per year. You may come and go as you please.
- Malaysia does not tax any income that you earn outside Malaysia.
- There is no age limit to participate in the program.
- If you are under 50, you need to deposit RM300,000 (around $93,000) in a bank account in Malaysia initially.
- If you are over 50, you can either deposit RM150,000 (around $47,000) or show proof of monthly income of RM10,000 (around $3,000) from a consistent source such as social security, company pension or rental income.
- In either case, after the first year, you are required to maintain a minimum balance of RM60,000 (around $19,000).
It appears to be quite an interesting package. Malaysia is attractive for its relatively low cost of living, warm weather, good medical facilities, and a friendly and diverse population.