If you have been thinking about relocating to retire, spend a few minutes researching Malaysia. Malaysia offers plenty of sunshine, culture and modern amenities making it an irresistible destination with the MM2H (Malyasia My Second Home Programme) that the Malaysian government started promoting in 2002. MM2H grants eligible foreigners a 10 year social visa pass with multiple entries. Although this visa is initially only valid for 10 years, it is renewable and has the potential to allow eligible individuals to stay in Malaysia for as long as they would like to make Malaysia their second home.
Those who would like to retire in Malaysia with the MM2H will have certain eligibility requirements they need to meet like passing a medical evaluation and showing proof of financial stability. Additionally, approved applicants and all dependents must be covered by international health insurance that is valid in Malaysia. There are multiple expatriate insurance plans available to those who would like to retire in Malaysia with the MM2H program. Individuals interested in relocating will want to evaluate their options and ensure they have proper documentation before their deadline.
The benefit of choosing Malaysia to call your new home goes beyond the convenience of the MM2H. Expats and their dependents also have access to a number of incentives relating to taxes, hiring domestic help, purchasing a home or car and pursuing education.
Cost of Living in Malaysia for Retirees
Living in Malaysia is significantly less (43%) expensive than living than in USA. Malaysian residents have been enjoying subsidies on food, fuel, and natural gas, though these subsidies are may be phased out. Most other goods and services are cheap by European standards so your pension will definitely stretch further than back home.
There is a Large and Growing Population of Expats in Malaysia
From 2002 to 2012, there have been almost 20,000 expatriates from 120 countries who have relocated to Malaysia with the MM2H. To assist with the wave of new expats, Malaysia recently introduced an Expatriate Service Division for those who relocate or retire in Malaysia with their transition.
If you plan to retire in Malaysia and would like more information about international insurance for your relocation, contact one of our licensed agents today.