Americans Who Seek Out Retirement Homes Overseas

[cavanami]

...thumbs down on Thailand...Malaysia is top pick for Asia!

 

Americans Who Seek Out Retirement Homes Overseas

 

http://finance.yahoo.com/focus-retirement/article/109629/americans-who-seek-out-retirement-homes-overseas?mod=fidelity-livingretirement

 

...Ms. Peddicord said she used to recommend Ireland, Thailand and Costa Rica, but no longer does. She cited the high cost of living in Ireland, the anti-foreign sentiments in Thailand..."Malaysia's capital of Kuala Lumpur is my top pick in Asia for living the very good life on a budget," Ms. Peddicord said. "Kuala Lumpur is an affordable choice, but Malaysia outside its capital city is one of the cheapest retirement havens on earth right now."...

[shygye]

I wouldn't retire to a country that has a religious police force.

[Flashermac]

So once in a while the Islamic religious police break into your home, insult you and your wife, rifle through your belongings etc - as they did to that Brit couple. It doesn't happen very often.

 

 

p.s. The woman is totally barmy, if she thinks Malaysia is cheaper than Thailand!

 

 

[cavanami]

>...if she thinks Malaysia is cheaper than Thailand!

 

She said outside of KL, which can be dirt cheap, but then you may as well live in Nakon Nowhere, same-same.

[Pom Michael]

MY is cheaper for food, gas and housing (compared to Thailand).

 

Cars and alcohol are higher.

[Central Scrutinizer]

MY is cheaper for food, gas and housing (compared to Thailand).

 

Cars and alcohol are higher.

 

 

 

Don't forget to factor in the fact that MY gov is trying to do many things to attract foreign retirees and visitors/expats to their country, unlike Thailand. 10 year visa, ability to own land, home, business, car/vehicle, and start a business. Expenses are about a wash in KL compared to BKK I'd say. Great public transport there. If it wasn't for the muslim/religious majority, and the well hidden nightlife options (which I think is smart actually), MY would be a far better option than Thailand as it is today. At least for retirees and married couples, etc.

 

[Flashermac]

As I recall, you have to plunk down a lot more money for a MY retirement visa - something around the equivalent of 2 million baht. MY is much more welcoming though - 90 visa free on entry, renewable without having to leave the country!

 

 

[robaus]

>>Cars and alcohol are higher.

 

.. but Guinness only 40 baht a bottle in Malaysian supermarkets ... unobtainable atm in Thailand :( :(

[Central Scrutinizer]

As I recall, you have to plunk down a lot more money for a MY retirement visa - something around the equivalent of 2 million baht. MY is much more welcoming though - 90 visa free on entry, renewable without having to leave the country!

 

 

 

 

 

Malaysia My Second Home Programme is promoted by the Government of Malaysia to allow foreigners who fulfill certain criteria, to stay in Malaysia for as long as possible on a multiple-entry social visit pass.

 

The Social Visit Pass is initially for a period of ten (10) years, and is renewable.

 

ELIGIBILITY

 

It is open to citizens of countries recognised by Malaysia, regardless of race, religion, gender or age. The programme allows applicants to bring with them their spouses, parents and children. Foreign spouses of Malaysians and expatriates who wish to retire in Malaysia after expiry of their Employment Passes are also eligible to apply to stay in Malaysia on this programme.

 

Applicants are allowed to bring their spouses, unmarried children below the age of 21 and parents above the age of 60 as dependants.

 

This programme is initiated, organised and launched by the Malaysian Government and is thus one that the Government will continuously seek to improve, to ensure its success.

 

(And so on. Nothing about how much money is needed. I'll find it though.)

 

Some more decent info on this:

 

The Ministry of Tourism has announced the following changes to the terms and conditions of the Malaysia My Second Home programme effective from 13 February 2009. We have added our own comments (under ‘notes’) where additional information has been made available to us.

 

Change No 1. Qualified MM2H participants aged 50 and above with specialised skills and expertise that are required in the critical sectors of the economy, are allowed to work not more than 20 hours per week. The approval to work part-time has to be approved by the MM2H Special Committee; the contract must include the work schedule which cannot exceed 20 hours a week.

 

Note: The committee will apparently decide on a case by case basis if the work qualifies. Generally this will be based on the Committees view of the applying company’s ability to find a Malaysian to do the work.

 

Change No 2. MM2H participants are allowed to invest and actively participate in business, subject to existing Government policies, regulations and guidelines which are in force for the relevant sectors.

 

Note: This basically means that any foreigner who sets up their own company in Malaysia can actively run the company and will not be required to get a work permit. Of course the investment must be properly approved and meet the existing FIC regulations.

 

Change No 3. Foreign spouses of Malaysian nationals are eligible to apply for MM2H, subject to the terms and conditions of the MM2H programme. Alternatively, they have the option to apply for the Spouse Programme.

 

Change No 4. The ten-year Social Visit Pass is extended to all Silver Hair and MM2H participants who were previously approved under the five-year Social Visit Pass, subject to the validity of their passports.

 

Change No 5. Employment Pass holders who wish to participate in the MM2H programme are exempted from the “cooling off period†on the condition that their application to participate in MM2H programme is submitted 3 months before the expiry of the Employment Pass.

 

Change No 6. ID-Cards will be issued to MM2H participants with permanent address in Malaysia. This is validated by submitting the Sales and Purchase Agreement or Tenancy Agreement in Malaysia.

 

Note: To begin with these are only available for the primary applicant. They have to be picked up in person at Immigration in Putrajaya.

 

Change No 7. Age limit of unmarried dependent children is raised from 18 years to 21 years. A declaration stating that the child is unmarried and all expenses during the stay in Malaysia will be borne by the principal participant of the MM2H program is required.

 

Change No 8. ‘Dependants’ now includes unmarried children aged 21 years and below, step-children, disabled children and parents.

 

Okay, here it is:

 

House purchase

 

Each participant is allowed to buy two residential houses valued at between RM11 50,000 and RM350,000 and above - each. The minimum price will depend on location. The minimum price for house purchases is generally set at RM150,000 and above, except for Penang , Malacca and Johor - set at RM250,000 and above. But for Sarawak , the cheapest price is RM350,000 and above.

 

Car purchase

 

Each participant is allowed to bring in his own car (used) or purchase a locally-assembled car without having to pay import duty, excise duty and sales tax. However, they must apply for prior approval within the time period given by the Finance Ministry and Ministry of International Trade and Industry.

 

Domestic helper

Each applicant can apply for one maid subject to the prevailing guidelines of the immigration Department.

 

Education

MMSH participants are allowed to bring their children who are below 18 years old and not married as their dependants. Dependants who intend to continue their schooling in Malaysia are required to ~ for a student pass.

 

Financial requirements

 

Effective April 1, MMSH applicants are required to comply with the following financial criteria:

 

1. Those aged below 50 years are required to open a fixed deposit (FD) account of RM300,000 or US$75,000 with any bank in Malaysia. After a year, the participant can withdraw up to RM240,000 or US$60,000 for the purchase of a house, car or invest in the local share market.

 

2. For those aged 50 and above, they can choose to open an FD of RM150,000 or US$40,000 with any bank in Malaysia or show proof of monthly offshore income of RM10,000 or US$2,500. For example,payment slip. Those who fulfill the FD critf~ria can withdraw up to RM90,000 or US$25,000 for the purchase o a house, car or invest in the local bourse after a years stay in Malaysia.

 

3. A minimum balance of RM60,000 or US$15,000 must be maintained in the FD from the second year onward and throughout the applica it's stay in Malaysia under the MMVSH programme.

 

 

[sanddawg1]

With my upcoming semi-retirement move to LOS getting ever closer I have been watching the rental classifieds. There are some really good deals on nice rental properties.

 

Private pool villa with flat screen TVs, internet, cable in Hua Hin for 25000 baht per month. It's even cheaper in Chaing Mai!

 

With the recent political problems in LOS and the economy heading back into the shitter especially Europe there are a lot of good deals in LOS. I not put-off about coming there to live at all!

 

S1