5 Reasons Why You Should Retire to Malaysia
Did you know that Malaysia was voted the fifth best country in the world to retire in? Well, according to a specialist relocation magazine ‘International Living’ in 2019, Malaysia placed 5th whereas Thailand managed to grab the 9th place. These two countries were the only Asian countries that made the Global Top 10 list.
You might be wondering where the best place to settle in after retiring is. If what you’re looking for is a place with a vibrant multicultural setting, modern cities, great healthcare facilities and a low cost of living, then Malaysia might be the place for you.
Here are some of the many reasons that make Malaysia one of the best countries to retire in away from your home country.
- Malaysia My Second Home (MM2H) Programme
One of the main reasons Malaysia is the best country to retire in is because of the MM2H Programme. The Malaysian government is fairly hospitable towards foreign retirees and working expatriates as compared to other countries. The MM2H programme is a visa initiative promoted by the Malaysian Government, and allows foreigners to obtain a 10 year, renewable, multiple-entry social visit pass when they fulfil certain criteria.
The criteria require the applicants to be 50 years of age and above, have clean security and criminal records, as well as being financially stable.
- Affordable housing options
Malaysia may very well be the perfect place for foreign retirees and working expatriates to live in, as it allows foreigners to purchase any number of residential properties in the country, subject to the minimum price established for foreigners by the different states.
The Economic Planning Unit (EPU) had revised the minimum threshold on the acquisition of properties by foreign interests from RM500, 000 to RM1 million, effective March 1, 2014, which is stipulated nationwide.
Although there are certain rules and restrictions when it comes to buying your own home, the entire buying process for a foreigner is the same as a local buyer and it is one of the few places in Asia whereby you can buy property freehold.
- Low cost of living
Other than that, the strongest deciding factor when it comes to moving to another country would probably be the cost of living. Part of Malaysia’s biggest appeal for foreign retirees is the low cost of living as they often find that their retirement nest egg in their home currencies could last even longer when converted into the Malaysian Ringgit (RM).
According to Numbeo, the cost of living in Malaysia is 46.09% lower than in the United States (aggregate data for all cities, rent is not taken into account). Rent in Malaysia is 74.23% lower than in the United States (average data for all cities).
- Excellent Health Care and Medical Centres
Another factor that contributed to Malaysia’s high ranking is the exceptional healthcare facilities and medical centres. Many people from different countries have travelled to Malaysia seeking high-quality healthcare at a low cost.
International Living magazine’s Annual Global Retirement Index had voted Malaysia as the ‘Best Country in the World for Healthcare’ in 2015, 2016, 2017 and 2019 — ahead of France, Thailand, Ecuador, Mexico and Costa Rica.
- Great Universities and Educational facilities
Those planning to retire to Malaysia who are worried about their children’s education can find several excellent international schools in the region such as St Joseph’s Institution international school, the international school of Kuala Lumpur (ISKL) and more.
Malaysia plays host to branch campuses of top international universities, such as the UK’s University of Nottingham or Australia’s Monash University, providing an opportunity to obtain a degree accredited by these institutions at a fraction of the cost.
On the other hand, Malaysia also has many local high-quality universities including Universiti Malaya (ranked 70th in the world), Universiti Kebangsaan Malaysia, Universiti Putra Malaysia, the International Islamic Universiti Malaysia and Universiti Teknologi MARA.
Now that you have learned about what makes Malaysia one of the best retirement destinations, you can probably consider Malaysia as a potential country to relocate to.