While this does not lead to permanent residence or citizenship, the alluring Malaysia My second home (MM2H) is a great way to enjoy the benefits of retiring abroad without having to retire. MM2H visa holders aged 50 and over can still work part time, as long as the job you are doing is not that of a Malaysian national. For example, retirees with knowledge of English literature may teach classes at a university, or an expatriate professor with specialized skills may work up to 20 hours per week.
Successful applicants receive a renewable 10-year multiple-entry visa, as well as a tax exemption on all money brought with you. Expats can also buy property in Malaysia, provided the local state authorities first approve the purchase. A minimum price of $ 242,395 is generally required, although it is often lower for MMH2 visa holders in some states, such as Penang. There is also no inheritance tax in Malaysia, which makes it easier to pass the assets on to your descendants.
Conditions: Applicants 50 and over must first prove that they have cash (this may include cash, bonds, stocks, etc.) totaling at least $ 84,839 and a regular monthly annuity of $ 2,500. Once approved, you must place at least $ 36,360 of these assets in a Malaysian bank account. After one year, you can withdraw one-third of your local savings for necessities such as medical bills or buying a car. Anyone 50 and under can also apply for the MMH2, although your assets must be at least $ 121,198, of which $ 72,719 will be paid into a Malaysian bank account upon approval. All applicants, regardless of age, must have a Malaysian sponsor (who may be a registered MM2H agent) and health insurance valid in Malaysia.