Friday, 25 Jun, 2021

In These 6 Countries, Retiring Abroad Comes With Extra Perks

Although it doesn’t lead to permanent residency or citizenship, the alluring Malaysia My Second Home (MM2H) program is a great way to enjoy the..

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Although it doesn’t lead to permanent residency or citizenship, the alluring Malaysia My Second Home (MM2H) program is a great way to enjoy the benefits of retiring abroad without actually having to retire. MM2H visa holders ages 50 and older can still work part time, as long as the work you’re doing isn’t taking employment from a Malaysian national. For instance, retirees with knowledge of English literature can lecture at a university, or an expat professor with specialized skills can work up to 20 hours a week. Successful applicants receive a 10-year, multiple-entry visa that is renewable, plus a tax-exemption on all the money brought with you. Expats can also purchase property in Malaysia, as long as local state authorities approve the purchase first. A minimum price of $242,395 is typically required, though it’s often lower for MMH2 visa holders in select states, like Penang. There’s also no inheritance tax in Malaysia, which makes it easier to pass along assets to your descendants. Requirements: Applicants 50 years old and over must first prove a holding of liquid assets (this can include cash, bonds, stocks, etc.) totaling at least $84,839, and a regular monthly pension of $2,500. Once approved, you’re expected to put at least $36,360 of those assets into a Malaysian bank account. After one year, you can withdraw a third of your local savings for necessities like medical bills or buying a car. Anyone 50 and under can apply for the MMH2 as well, though your assets must be at least $121,198, with $72,719 of that going 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 health care insurance that’s valid in Malaysia.