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Malaysia

Malaysia
	Capital	Kuala Lumpur
	Population	25,715,819
	Area	329,750 sq km
	Language	Bahasa Melayu (official), English
	Currency	Malaysia, Ringgit (MYR)
		1.000000RM (MYR) = 0.311284$ (USD)

As a former British colony, Malaysia has the advantage of being one of the few countries in Asia that uses the Latin alphabet, speaks English and has a judicial system based on English common law, making real estate purchases fairly uncomplicated. Combine this with a tropical climate, low cost of living and throw in some nice financial incentives and Malaysia becomes pretty much the perfect place to retire.

In 2004, Malaysia introduced the “Malaysia My Second Home” program to attract foreign retirees. The MM2H program provides incentives for expats to live permanently in Malaysia without requiring an annual residence requirement. There are also major tax advantages. The Malaysian government does not tax foreign income or pensions and both inheritance and capital gains tax were abolished in 2007.
 
Top 3 Places to Live and Invest

The MM2H program makes buying real estate in Kuala Lumpur fairly easy. The only restriction for buying residential property is that it has to cost over MYR250,000 (about $72,000), but in an international city like Kuala Lumpur that’s not a difficult price tag to find. Four-bedroom luxury apartments start at $850,000 and continue into the millions. There are still values to be found for under $100,000 for 2-bedroom apartments that are currently under construction and expected to be completed in late 2010.

Penang Island is filled with white sand coastlines and tree-lined walkways where most people live in apartment and high rises a few minutes bus ride or walking distance from the beach. Two-bedroom condos selling in their pre-construction state, on the beachfront are selling between $100-120,000. Many also offer 70% mortgages and other financial incentives for foreigners.

Langkawi Island is a great place for investing as tourism has been on the rise in Malaysia for the past few years and one million dollars will buy you a 46 bedroom hotel right on the beach of this idyllic island. A cluster of 99 islands (only four are inhabited) close to the kingdom of Thailand, Singapore and Penang Island, land can be found as cheaply as $9,000 and going well into $60,000. Some of the non-inhabited islands are also being sold for as little as $2.5 million and up to $50 million. This archipelago is slowly taking over Penang’s places as being the place to visit in Malaysia, so buy now while the market is still young.
 
Health and Senior Benefits

Medical tourism is increasing in Malaysia due to the high quality and low cost of healthcare. Malaysia has one of the most developed healthcare infrastructures in the region, with English speaking staff and strict government regulations. The healthcare sector has improved with increased privatization; there are now 240 private hospitals in Malaysia and 140 public hospitals. As part of the ‘Malaysia My Second Home’ program you are required to show proof of medical insurance and cannot opt into the Malaysian health care system. It is advised to get private international insurance before moving to Malaysia. The cost of healthcare is a fraction of the price it is in the United States and combined with insurance coverage means your doctor’s visit will cost under $20. Prescription medications are also inexpensive and widely available at most pharmacies.

There are a plethora of incentives for seniors to join the ‘Malaysia My Second Home’ Program. (However you do not need to be a senior to qualify for this program). A five-year visa renewable for another five years is one of the benefits of the MM2H program (previously called the Silver Hair program). The others include bringing in your personal household items duty-free, the purchase or import of a vehicle tax free, exemption from income taxes on pensions and/or foreign-earned incomes. In addition, once granted your fist five-year visa you are eligible to purchase two properties, each must be over $40,000.
 
Safety and Infrastructure

Malaysia is one of the safest countries on the Asian continent and violent crimes against expats are relatively unheard of. Petty theft is the most common crime, especially purse snatching and pick pocketing. To prevent these types of crimes, the government has set up “Tourist Police” stalls in the major tourist areas. Scams and credit card fraud continue to be a serious problem in Malaysia; the United States Department of State recommends travelers avoid using credit cards except in reputable establishments. It is also advised to avoid travel to the eastern islands and to the maritime border with the Philippines as extremist groups in the area are a threat.

Malaysia has an excellent telecommunications infrastructure and is one of the leading IT and multimedia hubs for the region. The Malaysian government continuously invests in the country’s technology infrastructure and that is exemplified by the creation of the Multimedia Super Corridor, a high-tech area reaching from Kuala Lumpur to the international airport. High speed Internet and international calling are accessible and inexpensive. The major roads in Malaysia are excellent and easy to drive on (once you realize they drive on the left side of the road).
 
Culture and People

Malaysia is a multi-racial country but the three largest races are the Malays, Chinese and Indians. The combination of these three ethnicities with different religions and cultures has created a colorful heritage for the Malaysian people. There are also more than 50 indigenous and Eurasian groups who also live in Malaysia. With the exposure to Western culture, the lifestyle in Malaysia is becoming more modern. However, it is common to see women with their hair and chest covered. While teenagers like to go to the movies and discos, family is still a very important part of daily existence. There is a very strong work ethic among Malaysians and even more important than climbing the corporate ladder is family time.

Malaysians are typically very friendly and welcoming to foreigners. While Malay is the national language, English is widely understood and spoken and Malaysia even has its own film industry making about 15 movies a year. Most Malaysians are Islamic, although a wide variety of other religions such as Buddhism and Hinduism are also practiced. Malaysians like art, and various arts/crafts, dances and architecture can be found all through the country.
 
Average Monthly Budget for a Couple in Kuala Lumpur, Malaysia

Rent for a 2-bedroom apartment in a nice part of town: $600
Daily maid service (Monday-Friday, 8 hours, cook and clean): $250
ADSL Internet: $35
Telephone (1 landline, 2 cell phones): $45
Cable TV: $40
Water: $10
Electricity: $50
Gas: $10
Private Health Insurance: $140
Food: $200
Transportation (2 taxi rides a day, averaging $1.50 a ride): $84
Total: $1464