While it doesn’t lead to permanent residency or citizenship, the enticing Malaysia My Second Home (MM2H) program is a great way to enjoy the benefits of retirement abroad without actually having to retire. MM2H visa holders aged 50 and over can continue to work part-time as long as the work you are doing does not require employment from a Malaysian national. For example, retirees with a knowledge of English literature can teach at a university, or an expat professor with specialist knowledge can work up to 20 hours a week.
Successful applicants receive a 10-year, multiple-entry visa that can be extended, as well as a tax exemption for the money they bring with them. Expats can also buy property in Malaysia as long as the local state authorities approve the purchase first. A minimum fare of $242,395 is usually required, although it is often lower for MMH2 visa holders in select states such as Penang. There is also no inheritance tax in Malaysia, making it easier to pass on assets to your descendants.
Requirements: Applicants aged 50 and over must first show that they have a minimum of $84,839 in liquid assets (this can include cash, bonds, stocks, etc.) and a regular monthly pension of $2,500. Once approved, you must deposit at least $36,360 of these assets into a Malaysian bank account. After a year, you can withdraw a third of your local savings for necessities like medical bills or buying a car. Anyone under the age of 50 can also apply for the MMH2, although your assets must be at least US$121,198, of which US$72,719 goes into a Malaysian bank account upon approval. All applicants, regardless of age, must have a Malaysian sponsor (which can be a registered MM2H Agent) and have health insurance valid in Malaysia.
