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Many foreigners aspire to own a retirement home in a tropical paradise, where the sun and smiles are always shining; the sand and sea always inviting. It is no surprise, then, that Malaysia has emerged as one of the top favourite retirement destinations in Asia, and the Number 1 choice for Japanese retirees.
Malaysia has proven to be highly attractive for foreigners considering a new country to live in, due to its competitively priced properties, ease of property ownership for foreigners, and low cost of living. As Malaysia allows foreigners to own properties, has no inheritance tax, places no tax on income repatriated from overseas, and does not impose any real property gains tax (only on property sold within 5 years), it has established itself as a highly enticing country for foreigners buying their dream home overseas.
With the introduction of Malaysia My 2nd Home (MM2H) Programme, the government has also helped to boost its continued attraction to expatriates. MM2H is a scheme which aims to allow individuals from all over the world, who fulfil certain criteria, stay in Malaysia as long as possible on a social visit pass with a multiple entry visa.
The Social Visit Pass is initially valid for a period of 10 years (depending on the validity of the application’s passport) and is renewable. Under this policy, applicants enjoy special benefits by the Government, as they live, work, and play in Malaysia, making it their second home for their retirement years.
New initiatives within the MM2H agenda have recently been released to push the popularity of Malaysia as a dream retirement haven. Following the new proposal, any foreigner may now purchase any number of residential properties in Malaysia, with a minimum starting price of RM500,000 for each investment.
Some additional incentives include the following: MM2H participants are allowed to work up to 20 hours a week; invest and actively engage in business; shorter approval time for expatriates converting their Employment Pass to the MM2H Programme; age limit of children as dependents raised to 21 years old; Programme eligibility extended to foreign spouses of national Malaysians, etc.
The MM2H Programme is strongly positioned as a highly desirable long term stay visa scheme in Asia, which comes at a time when the weak global economy has taken its toll on countries like US and UK. With a slump in their respective property markets, more foreigners are switching their property investment activities to Malaysia, an appealing overseas alternative for foreigners seeking an affordable and enriching lifestyle.
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