Malaysia My 2nd Home

[Hishercar]

Watch what you type as the Mods are watching....

 

do you have a 2T harddisk for all your photos

 

I use to keep it but given up because cant catalog properly

 

thanks

[Hishercar]

lol..then upgrade abit lor..buy a RM300k bungalow..

i dont intend to get a maid

 

to cut cost

 

to get a bungalow

 

cleaning would take up my entire retirement

 

clean like siow

 

waste too much jif

[Ahgongwolve]

do you have a 2T harddisk for all your photos

 

I use to keep it but given up because cant catalog properly

 

thanks

 

 

[Shull]

i dont intend to get a maid

 

to cut cost

 

to get a bungalow

 

cleaning would take up my entire retirement

 

clean like siow

 

waste too much jif

 

well...very diff to buy a small house with <RM250k..unless really upmarket area..but again, upmarket area..only cities like KL, penang and JB have..so your choices are abit limited..

 

aiya, go retire at NZ or what lah..think would be better..

[Dumb]

For all year round weather, I plan to retire half way up genting. Rent out my hdb flat and monthly drawdown from retirement account and ordinary account enough to retire in my comfortably. My monthly spending of $300 on cig alone will save me a sum. Here one pack $11.60. In my alone RM8.40. Tax-free car, petrol, road tax, food etc also very cheap besides housing.

[Hishercar]

For all year round weather, I plan to retire half way up genting. Rent out my hdb flat and monthly drawdown from retirement account and ordinary account enough to retire in my comfortably. My monthly spending of $300 on cig alone will save me a sum. Here one pack $11.60. In my alone RM8.40. Tax-free car, petrol, road tax, food etc also very cheap besides housing.

 

wow your cig bill is really high it would be very painful for me it is like lighting up a 2 dollar bill each time i light a cig

 

 

 

anyway here is an article on my Malaysia is a retirement paradise for your reading pleasure

 

Asia's best-kept secret for expatriates, Malaysia has a vibrant mix of foreign and indigenous tribal cultures, creating a veritable melting pot of peoples, traditions and religions. A sizable enclave of foreigners (British, Americans, Australians, and Canadians) live full time or maintain holiday homes in Malaysia, and you'll find that just about everybody speaks English, since its compulsory in local schools.

 

Not only are three world-class playgrounds (Thailand, Bali, and the Philippines) all within a few hour's travel from Malaysia, but with miles of white sand coastline, tropical islands, and beachfront property galore, it has all the makings of a fairy-tale setting.

 

Despite being the capital of a developing nation, Kuala Lumpur is a modern cosmopolitan with clean streets and sidewalks and every modern convenience to found in New York or London. Home to the tallest building in the world, there are also FedEx and UPS offices, international banks, English cinemas and bookstores, western-style supermarkets, French and German bakeries, Chinese, Indian, and Italian restaurants, gourmet coffee, Cuban cigars, Internet caf

[Hishercar]

Part II

 

 

Though there are expensive restaurants and accommodations, there's simply no reason for you to check into a five-star hotel when you can stay in a clean, friendly hotel in the city center for $40 a night where every meal costs less than $5 per person.

 

Crime-free and foreigner friendly: Of course, cheap living shouldn't be the only deciding factor when choosing a new home. As well as being very affordable, Malaysia is safe.The government's real no tolerance policy means street crime is virtually nonexistent.

 

The Malaysian government, through its "Silver-Haired Program," offers expatriate resident retirees extremely attractive benefits. Outside of nationals of Israel and Yugoslavia (Serbia and Montenegro), the program is open to citizens of most countries. To qualify, you need only be over 50, show you can bring a guaranteed income of about $1300 per month into Malaysia (or open a savings account in Malaysia with $40,000), and have a local sponsor (which can easily be arranged).

 

Penang, a small island off the northwest coast, has been called the "Pearl of the Orient" and its beaches are a favorite tourist destination. The coastline is also dotted with many small, quiet seaside villages. The tropical rainforests and jungles offer many opportunities for exploring lush mountains, trekking through the jungle, or even taking a riverboat safari. The bountiful sea surrounding Malaysia provides for some of the best scuba diving and fishing anywhere in the world (Malaysia's seas are home to the Black Marlin, tuna, mackerel, sailfish, barracuda and a host of other species).

 

Medical care is good, with excellent hospitals and clinics in all the major towns. Doctors speak English, and the majority gained their qualifications in Western Europe or North America. Although foreign residents must arrange private health insurance, visiting tourists who have an accident are entitled to free emergency treatment in public hospitals. A consultation with a private doctor in most cases will cost just $8 to $15.

 

When it comes to banking, management methods and the range of services offered closely follow the British model. Plus, most major world banks have full-service branches in Malaysia. Many expatriates living here off investment income keep their cash growing tax free in Labuan, an offshore tax haven administered by Malaysia, and then bring into the mainland what's needed for living expenses. Labuan is also perfect for anyone looking for a private, offshore bank account, a tax-free corporation, a trust, or other offshore structures.

Led by Malaysian Airlines, the national carrier, the island is served by many major airlines, linking it the world through its international airports. A good network of modern roads covers the distances between towns, and Malaysian telecommunications are among the best in the world.

 

If you've ever thought about living overseas, you owe it to yourself to investigate Malaysia.

 

 

[Hishercar]

MM2H program for all those interested

 

 

Frequently Asked Questions (FAQ)

 

Fixed Deposits

 

Can I withdraw my fixed deposit any time during my stay in Malaysia?

 

Participants are not allowed to withdraw the fixed deposit for the whole duration of the one year period, unless for emergency cases and with prior approval from the Ministry of Tourism.

 

 

 

Can I place the fixed deposit in a Malaysia bank located in my country?

 

No. Participants have to open a fixed deposit account in any Malaysian local bank or financial institution in Malaysia.

 

 

 

Can the purchase of a house in Malaysia which is valued more than RM250,000.00 be considered as having fulfilled the financial criteria for this programme?

 

No. Participants are required to fulfill the fixed deposit requirement or monthly off-shore income for age 50 years and above as the purchase of a house is not compulsory for participants under this programme.

 

 

 

Am I allowed to withdraw my fixed deposit for a few months and then topped it back later?

 

No. Participants are not allowed to do this, unless for an emergency purpose but with prior approval from the Ministry of Tourism.

 

 

 

When can I withdraw my fixed deposit?

 

After a period of one year, the participant may withdraw his/her fixed deposit for approved expenses relating to house purchase, education for children in Malaysia and medical purposes OR when he/she decides to terminate his/her stay in Malaysia by first informing the Ministry of Tourism of his/her intention at Malaysia My Second Home Centre. Participants can apply to withdraw part of their fixed deposit for emergency cases such as medical purposes, etc. with prior approval of the Ministry of Tourism.

 

 

 

 

 

Investment

 

Please click here for the details.

 

 

 

 

 

Employment

 

Please click here for the details of part time work that is allowed under MM2H. It is only open for those above the age of 50. The approval is subjected to the ability of the company concerned to show proof that the required skills or expertise are not available locally.

 

 

 

 

 

Education

 

Do kindergarten level child need a Student Visa to attend kindergarten here?

 

Children below the school going age (that is 7 years old) are not required to apply for a Student Visa. They need only apply for a Social Visit Visa.

 

 

 

If my children are already married and want to study in Malaysia with their husband, do they need to pay the fixed deposit?

 

Not necessary. They can apply for a Student Visa once they have obtained places of study in Malaysia.

 

 

 

 

 

House Purchase

 

Are the participants entitled to any special entitlements?

 

All participants are allowed to purchase two units of residential properties of value more than RM250, 000.00 each and for certain areas in Sarawak (above RM350,000.00).

 

 

 

Can I purchase a house for residential purpose and a shop lot to be rented out?

 

No, you are only allowed to purchase residential properties.

 

 

 

Do I have to pay the yearly assessment and quit rent for my houses like the local?

 

Yes.

 

 

 

In the event of unforeseen death is the participant able to hand over his Malaysian assets to any of his beneficiaries smoothly. Does the Government have any restriction on this matter?

 

Yes, provided he/she has a Will which indicated clearly to whom the properties are to be given. If not the next of kin of the participant will have to apply to the Government to have his properties released to them as the rightful heirs.

 

 

 

Must foreigners buy new Malaysia property only, such as from developers, or can they purchase any property, such as from individual owners (second hand or third hand property)?

 

Participants can purchase any type of housing properties provided that it has been issued with CF (Certificate of Fitness).

 

 

 

Is the RM150, 000.00 foreign property ownership regulation applies to landed property only?

 

No. It also applies to other properties with strata titles such as condominiums, apartments and service apartments.

 

 

 

If I buy a piece of land costing RM100,000.00 and to build a house costing RM200,000.00, which is less than RM250,000.00 regulation, am I breaking the regulation?

 

No, since the total cost of the whole house purchase is RM300,000.00 which is more than the RM250, 000.00 and above requirements.

 

 

 

Do I need to obtain prior approval from Foreign Investment Committee (FIC) for the purchase and sale of my house?

 

Participants under this programme are not required to obtain prior approval for the purchase and sale of houses from FIC. However, they must write to the Ministry of Tourism giving details of the house (location as well as price) so that a letter can be issued to them certifying that they are eligible to purchase the said property this programme. In addition, they are required to send a copy of the approval letter obtained from the respective State Authority which has authorized the purchase or sale of the property concerned to FIC for information.

 

 

 

Am I subjected to the property gain tax if I make a profit from selling my house?

 

No.

 

 

 

 

 

Car Purchase

 

Is a participant who buys a second-hand local car eligible for tax exemptions?

 

Second hand cars are transacted on a willing buyer, willing seller basis and the government do not levy any sales tax and excise duty on such transactions. As such tax exemptions do not arise. However, second hand cars which are imported are subject to sales tax and import duty at the point of entry.

 

 

 

If I had a car accident and as a result I need to change the car, do I have to pay back the tax exemptions?

 

Given the following situations:

 

If the car is repaired and sold it will be subject to the applicable tax/duty according to the prevailing rates.

 

If car is written off, taxes will be waived.

 

If the participant wishes to buy another car, their application will be processed on the merit of each case. Under normal circumstances a participant of this program is allowed tax exemption for a car on a one time basis.

 

 

 

When can I sell the car, which has been given all the tax exemptions?

 

Cars that have been exempted from taxes and duties under this program can be sold or its ownership transferred provided the prevailing taxes and duties on the car have been paid prior to the transaction. However, for imported cars the condition stipulated in the AP should be complied before any sale or transfer can be permitted.

 

 

 

 

 

Income Tax

 

What kind of taxes are the participants of this programme normally subjected to?

 

Income tax is imposed on income earned from investments in local companies and local share market. Apart from this, gains from the sale of landed property are also subjected to real property gains tax. Please refer to www.hasilnet.org.my for more details on the tax structure.

 

 

 

Is the interest for their fix deposit taxable? Some say it is taxable, other it is not taxable. If the deposit amount exceeds RM100, 000.00 OR if the deposit period is one year. What is the exact regulation?

 

Interest earned by an individual from fixed deposit account is exempted in the following situations:-

 

Period exceeding twelve months or more

[Hishercar]

Requirements For Malaysia My Second Home

 

ELIGIBILITY

The program is open to all foreign citizens (including foreign spouse married to Malaysians)

 

Successful participants are allowed to bring their dependants (wife and children)

 

FINANCES / INCOME

Below 50 years of age

 

Fixed deposit of RM300,000 (upon conditional approval of MM2H visa)

 

You can withdraw RM150,000 after one (1) year

 

Must maintain a minimum balance of RM150,000 from second year onwards and throughout stay in Malaysia under this program

Monthly income of RM10,000 or equivalent in foreign currency (to show during application)

Above 50 years of age

 

Fixed deposit of RM150,000 OR monthly off-shore pension of RM10,000 (government pension is 100% accepted but the committee will evaluate if it is from a private source. If the pension organization is reputable, then it might be accepted. If not, the approval will be changed from pension to fixed deposit)

 

Government pension - husband & wife's pensions can be combined.

 

Fixed deposit of RM150,000 is only required only after the approval is obtained

 

Fixed deposit - you can withdraw RM50,000 after one (1) year

 

Must maintain a minimum balance of RM100,000 from second year onwards and throughout stay in Malaysia under this program.

 

 

 

If the applicant has purchased properties worth more than RM1million, they may be exempted from putting in the full amount into the fixed deposit. However, they have to pay up fully for their property.

 

 

 

FINANCIAL STRENGTH

MM2H applicants are required to have adequate financial strength. All applicants must demonstrate that they have at least RM500,000 (RM350,000 for those above the age of 50) equivalent in cash, deposits, bonds, securities, properties and other assets.

 

 

 

MEDICAL INSURANCE

Medical insurance coverage by insurance companies operating in Malaysia. Medical insurance coverage is required for all applicants (including spouse and children). Prices starts from RM75 onwards and it depends on the age of the applicant.

 

 

 

MEDICAL REPORT

Medical checkup is required for all participants (including spouse and children). It will be done only when you come in for passport endorsement, not during application.

 

 

 

Important Notes :

 

The money can only be withdrawn to purchase residential properties, education for children in Malaysia and for medical purposes in Malaysia only.

 

For residential property purchase, the sales and purchase agreement has to be signed AFTER the 1 year period. Otherwise, it is not valid. and you cannot withdraw to purchase the property.

 

The deposit can only be made in banks in Malaysia only (all banks - foreign or Malaysian banks). Deposit cannot be placed in a Malaysian bank overseas.

 

All deposits has to be made in Malaysian Ringgit only

 

For the pension method, there is no requirement for you to transfer the money over to Malaysia. A letter from the pension board and other financial documents (fixed deposits, bank statements) is required.

 

Visa holders are NOT allowed to work or seek employment in Malaysia.

 

Property purchase is NOT a requirement. You can rent a place to stay if you want to.

 

There is NO "minimum-days-to-stay-in-Malaysia" requirement for this visa.

 

To do business under MM2H visa, you must follow the guidelines from the Ministry of International Trade.

 

The main applicant may be the husband or wife. Whoever has the higher financial strength should be the main applicant.

 

Part time work (20 hours per week) is allowed but it must be approved by the MM2H committee.

 

Employment Pass holders who wish to participate in the MM2H program are exempted from the

[Hishercar]

http://www.penangmyhome.com/Main.htm?gclid...CFQEupAodllyfLg

 

 

 

Why Stay in Penang?

 

Penang, which was founded by the British more 200 years ago (brief history), is famous for its food, diverse culture, friendly people and beautiful beaches. These are the reasons why foreigners love Penang.

 

 

 

Why Penang?

 

Penang attracts the most MM2H retirees. It is the destination of choice for people who want to retire or relax. Life in Penang is slow and quite laid back. Things are done in an unhurried pace. Traffic congestion is tolerable and only during peak hours only.

 

 

 

Georgetown, Penang has been listed in the UNESCO World Heritage Site - Georgetown and Malacca constitute a unique architectural and cultural townscape without parallel anywhere in East and Southeast Asia. Click here for details

 

 

 

Below are the advertisements on the local The Star Newspaper for National Front, the governing party for Penang. It tells you something about Penang. The advertisement was published on 28th February 2008.

 

Please click on the links below. Each page is approximately 5Mb.

 

 

 

Page 1 - Economy & Jobs, Quality of Life and Manufacturing

 

Page 2 - Tourism, Agriculture & Fisheries and Services & Trading

 

Page 3 - Living Environment, Healthcare, Housing For The People, Water, Power & Broadband and Public Safety & Security

 

Page 4 - Moving People & Goods, Two Bridges & First Cyber City

 

Page 5 - New Industrial Strategies, NCER and Key NCER Infrastructures

 

Page 6 - Education & Training, Culture & Harmony, Rural Development, Women, Youth & Sports and Caring Society.

 

 

 

 

Things to do in Penang

 

Savour the great varieties of local food and delicious hawker fare. Penang was voted Best Street Food 2004 by Time magazine. Click here for details.

 

Visit places of interest, historical sites and heritage buildings

 

Enjoy the fine beaches and lovely weather. A daily morning walk along the sandy beach is never boring. Listening to the lapping waves is therapeutic.

 

Visit the shopping malls and get stuff at bargain prices.

 

Interact with local people. They are helpful and friendly.

 

Travel to other parts of Malaysia to make more wonderful discoveries.

 

Relax and indulge in various forms of recreation.

 

 

Lower cost of living compared to Kuala Lumpur or Johor Bahru

Life in Penang is great and not expensive. A decent meal for a person at the food court, hawker center or coffeeshop costs RM5. An excellent meal for two at good restaurants only costs RM50. High end and classy restaurants will charge you about RM150 for two people. Cooking at home is relatively cheap. For a family of 4, you need to spend only RM600 per month.. Parking is cheap at RM0.80 per hour by the roadside or RM2 per hour in parking garages.

 

Excellent facilities and infrastructure

Penang has the facilities of a modern city. Hospitals and healthcare centers offer good medical services (no waiting required). Universities, colleges and international schools are available in Penang too.

 

Close proximity to all major cities and resorts

Penang is just 45 minutes by air away from Kuala Lumpur International Airport (KLIA). Promotional airfare by low cost carrier from Penang to KLIA is just RM29 (USD8). There are direct flights from Penang International Airport to Singapore, Bangkok, Korea and Japan. By road, it is just 4 hours to Genting Highlands Resort.

 

Affordable real estate that is investment-worthy

 

Penang has a lot of property for acquisition and investment, condominiums resorts by the sea, large bungalows and terraced houses. One can find any type of property to suit his taste and budget. Investing in Penang can be a good choice as the rate of appreciation in the property is quite desirable.

 

 

 

Cost of Living in Penang

 

The table below shows the approximate living expenses for 2 person in Penang. (based on 04 December 2008 exchange rate)

 

Approximate Living Expenses in Penang For Two

 

Living style / RM Luxurious Normal Thrifty

Household Rent 6500 2500 1500

Food 6000 2950 1900

Groceries 1000 500 300

Breakfast 1000 500 300

Utilities Telephone 70 50 50

Mobile phone 100 80 80

Electricity 1000 350 100

Water 10 10 10

Sewage 10 10 10

Broadband 88 88 88

Satellite TV 120 120 120

Vehicle Fuel 500 350 200

Tolls 100 100 50

Maintenance 500 200 200

Others Shopping 1000 700 400

Total Ringgit Malaysia 17998 8508 5308

Sterling Pound 3396 1605 1002

Singapore Dollar 7659 3650 2259

Euro 4000 1891 1180

US Dollar 4999 2363 1474

Australian Dollar 7825 3699 2308

 

Listed below are the assumption used for calculations

Living condition Engine capacity 2.4L - car 2.0L - car 1.8L - car

Electricity /Air Cond Always on Night only Rarely used

Apartment by the sea Penthouse 2200sq ft 1200 sq ft

 

Number of meals per week High end retaurants 40 10 5

Normal restaurants 20 25 15

Food court / hawker 0 20 25

Home cooking 0 5 15

Total meals taken 60 60 60

 

Restaurants Cost per person per meal / RM

High end 60

Normal 30

Food court / hawker 5

Home cooking 5

 

1) Assuming 60 meals per month (lunch + dinner)

2) Groceries - household items - soap, shampoo, etc..

3) Fastest broadband connection subscribed

4) Maximum number of channels on cable TV

5) Maintenance cost of vehicle is spread over the year

6) Gasoline/petrol usage - normal driving / range

7) All expenses are quoted in Ringgit Malaysia

 

 

 

The expenses above are conservative estimates. For the latest exchange rates, please click on http://biz.thestar.com.my/business/exchange.asp

 

 

 

 

[Ahgongwolve]

But bottom line is ... you are not a BUMI LOL

[Hishercar]

But bottom line is ... you are not a BUMI LOL

i think it should not be an issue nowadays

 

afterall retirement meant low key

[Ahgongwolve]

i think it should not be an issue nowadays

 

afterall retirement meant low key

 

you are too naive....

 

BTW it's Smelly, dirty, inefficient, lazy, noisy... and many more....

Malaysia is nice to look at, pump petrol, buy cheap ass groceries..but not good to reside..

think again

[Kotila]

Sound good MM2H

[Ahgongwolve]

[Ahgongwolve]

[Spurman]

Malaysia is definately a less stressful place to retire in than SG....

 

Things will definately be cheaper compared in SG, but then again, the locals there dun earn SG.. They earn RM.. So many Malaysians will also say MY is rather expensive to live in, especially in KL..

 

Btw, my parents were raised in Perak, Kampar, near Ipoh,. It still has the rustic charm, easy-life, though place is a little dirty, roads are cracky, facilities defintely not city-standards, its more kampong style... Even the young adults leave the town to look for jobs elsewhere coz not many factories, not many jobs avail there.. But the place has its merits, which is why Kamparians after spending most of their working lives elsewhere still choose to return home for retirement.

 

 

[Hishercar]

Malaysia is definately a less stressful place to retire in than SG....

 

Things will definately be cheaper compared in SG, but then again, the locals there dun earn SG.. They earn RM.. So many Malaysians will also say MY is rather expensive to live in, especially in KL..

 

Btw, my parents were raised in Perak, Kampar, near Ipoh,. It still has the rustic charm, easy-life, though place is a little dirty, roads are cracky, facilities defintely not city-standards, its more kampong style... Even the young adults leave the town to look for jobs elsewhere coz not many factories, not many jobs avail there.. But the place has its merits, which is why Kamparians after spending most of their working lives elsewhere still choose to return home for retirement.

 

thanks for sharing it is really encouraging