Malaysia – 18 July 2023
Many of us love where we live – It is safe, secure and peaceful. It is what we want home to be. It is where we thrive.
Others aspire to live elsewhere – to work or retire to a country that is more suited to our desired lifestyle and/or cost of living.
Still others are concerned about safety, security and their future in the place they call home. They aspire to have a Plan B for if they need leave.
That is one of the many reasons we are hosting our next Obris Meet Up in Malaysia. Malaysia is a popular home for many expatriate workers, digital nomads and retirees.
In this issue of the Global Investor, we explore Malaysia – and in particular the MM2H (Malaysia My Second Home) visa.
Pristine Beaches – Natural Beauty – Economic & Political Stability – Cost of Living – Weather – Diversity of People – Amazing Cuisine – UNESCO World Heritage Sites
Each of these descriptors contribute to what makes Malaysia a popular home for expats and locals alike. Unless you aspire to hit the ski slopes in the morning before nestling into work or a good book, or you really love a cool rainy autumn walk, Malaysia is worth considering.
We have already described the culture and history of Malaysia in past issues of the Global Investor. We will not repeat ourselves. You can find the Malaysia articles here.
Instead, we will focus on the MM2H visa. MM2H is designed for working expatriates and retirees who want to call Malaysia home.
The Malaysian government created the MM2H program to promote Malaysia as a desirable place to live for residents from abroad.
As many expatriates will attest – including one of our long standing Obris members – Malaysia is a great place to live, to call home, to raise a family, to secure quality medical care, and much more.
Securing the renewable 10-year visa allows expats and retirees to enter and exit at their leisure. You may stay as long as you want, even to the point of renewing at the ten year mark from within the country.
Other advantages are plentiful:
- No tax on foreign earned income as well as remittances into Malaysia. If your income is sourced from elsewhere in the world, your income is not taxed by Malaysia.
- Medical insurance is reasonable and medical care is world-class.
- You may bring your pets and household effects – without being penalized or taxed.
- Aging parents who are at least 60 years of age may be made dependents of the visa.
- You are not required to buy or rent property in Malaysia.
- You may stay in most areas of the country without receiving approval, with exceptions in Sabah and Sarawak.
The Malaysian government made the application and approval requirements for the MM2H visa straight-forward. We will save most of the details for the experts we have invited to present to us about MM2H and other visa options in Kuala Lumpur and Penang.
They will also cover potential changes to the visa program as Malaysia approaches elections.
A few of the important requirements include:
- Minimum applicant age is 35
- Applicant must show income of USD $9K per month
- The approved applicant must deposit $220K in Malaysia
- Applicant must have liquid assets of $330K at the time of applying, half of which may be drawn down after one year to purchase property, medical expenses or children’s education.
In addition to diving deep into the MM2H visa benefits and application process, we will have ample opportunity to experience Malaysia for ourselves – at least Kuala Lumpur, Penang and the beautiful geography between KL and Georgetown.
The bottom line for us is that Malaysia offers significant opportunities for investment as well as cost effective means to live and thrive for those who are drawn to the country.
You will find ample details about the Malaysia Meet Up on our event page which you may access by clicking on the button below. Please feel free to contact me if you have questions about the event or Obris.