Retiring in Malaysia

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.

Related links:

  • Official site for the Malaysia My Second Home program
  • Article on retiring to Malaysia from EscapeArtist.com
  • Article on retirement in Malaysia from retire-asia.com

2 comments:

Babykahuna said...

Thanks for your article on Malaysia My Second Home. Latest rule allows a retiree to work for 20 hours a week in certain fields under their 10 years visa program now. Check out their improvements on their tourism website. This is going to be an interesting destination. Cheers!

Anonymous said...

Hi,
I read with interest on Malaysia, My Second Home. I would not recommend it. The crime rate is horrendous. The police really does not do anything much. The discriminate racial policies still exist with the minorities getting poorer and lack of opportunities. The local minorities are not treated equally.The government puts up with loud anti-American slogans. Corruption seeps. The so called elected leaders have been holding on to their Cabinet positions without doing anything much for the local citizenry and the positions of power are within family and friends. The local MP's will not bother about citizens complaints unless you can bring a press person so they can get their pictures taken. If you speak the truth, they are likely to throw you in jail under the Sedition laws. The largest local newspaper is the voice piece for the ruling party. And the list goes not. Don't spend your money in a country that does not do right for their own citizens especially the minorities. What a waste of a country that held so much promise.