Owing to Malaysia’s warm tropical climate, inviting shorelines of pure white sands, friendly locals, low cost of living, excellent healthcare facilities, great roads, and cheap transport, the country has been a retiree’s preferred location to spend his sunset years. And that’s not all! Malaysia government’s Malaysia, my 2nd home programme has a lot to offer for foreigners who want to spend their life in a relaxed environment.
Since most foreign nationals retire under the MM2H programme, in this article we will discuss the benefits one can avail by deciding to retire in Malaysia under this programme. The best part of retiring in Malaysia is the fact that you receive a whole lot incentives offered by the government that include a 10-year Social Visit Pass and Multiple-Entry Visa which after 10 years is guaranteed renewable. During these 10 years, you are free to stay in Malaysia and travel as often as you like. You can also import your car or purchase a new car (CKD) tax-free. For parents with school going kids, you can avail a student pass to further their studies at international colleges and universities. One can also be an investor and own a business in the country. For those wanting to take a mortgage to buy a property, one can obtain a loan of up to 80 percent on the property value as compared to normal 60 percent for foreign applicants.
Additionally the oversea income is not taxable in Malaysia. Under this programme, for those countries that have a double taxation agreement with Malaysia, your private pension fund remitted to Malaysia is exempted from tax too.
Under normal circumstances, all applications that fulfill the criteria should be processed and approved within 30 days after submission of the application.
REQUIREMENTS OF GETTING A MALAYSIA RETIREMENT VISA:
The requirements for getting a retirement Visa for Malaysia are as follows:
(i) For foreign nationals aged below 50 years old:
- A fixed deposit account of RM300,000 (USD 95,975.32).
NOTE: After one year one can withdraw up to RM150,000 (USD 47,984.03) for approved expenses relating to house purchase, education for children in Malaysia and medical purposes. You must maintain a minimum balance of RM150,000 (USD 47,984.03) from second year onwards and throughout stay in Malaysia under this programme.
(ii) For foreign nationals aged 50 years and above:
- A fixed deposit account of RM150,000 (USD 47,984.03).
- Proof of monthly off-shore income of RM10,000 (USD 3,198.93), for example a pension scheme.
NOTE:
(i) Only applicants who are drawing from government approved funds can be considered for the Monthly Offshore Income criteria.
(ii) After a period of one year, participant who fulfills the fixed deposit criteria can withdraw up to RM50,000 (USD 15,999.58) for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
(iii) You must maintain a minimum balance of RM100,000 (USD 31,995.33) from the second year onwards and throughout stay in Malaysia under this programme.
DOCUMENTS REQUIRED:
The typical documents required while applying for a Malaysian retirement visa are:
- Letter of application;
- A copy of Social Visit Pass Form IM.12;
- Two passport sized photographs of applicant (and spouse);
- A copy of applicant’s (and spouse) passport/ travel document (all pages)
- A copy of a Marriage Certificate (if accompanied by a spouse)
- A copy a certified fixed deposit and medical insurance (for applicants aged 50 and below)
- A Personal Bond stamped MYR 10.00 by the Stamp-Duty Office (signed by the sponsor)
- A copy of the sponsor Identity Card (if applicable)
- Sponsor’s statement form (if applicable).
For more information on the MM2H programme one can visit the official website by clicking here.
To get more information & assistance, please submit the form below and our specialist will get in touch with you at the earliest.
