Let’s face it, we work very hard to pay the bills and give our family a good life and as we reach that age when we start to generate wealth, most of us are looking for investment opportunities and there’s no better investment than buying a second home that you can use when holidaying. If you are based in the UK or Europe, you will obviously want to escape the freezing winter and southeast Asia, particularly Malaysia, seems like the perfect solution.
Why Malaysia?
You may not know that foreigners are unable to own land in Thailand, which rules that country out of the equation; Cambodia and Vietnam are developing countries and English is hardly spoken, which does make it difficult. Malaysia, on the other hand, encourages foreign investment and almost everyone is a fluent English speaker, while the cost of living is low and there are miles and miles of unspoilt beaches in this beautiful country.
Choosing a location
Whether you are looking for a house for sale in Melaka, Kuala Lumpur or indeed Penang, talk to a leading Malaysian real estate agent and check out the diverse range of luxury properties. Malaysia is a huge country with miles of stunning beaches and whether you prefer to live in a city, the country or on a beach, they have it all, and some!
MMH 2H program
The Malaysian government has created a program aimed at encouraging foreigners to buy a second home. It is called the MM2H program and provided you meet the criteria, you can receive a long-term multiple entry visa that is renewable every 5 years.
There are 3 categories:
- Silver – Minimum age is 25, with a minimum fixed deposit of U$150,000 and a compulsory property purchase of at least RM600,000.
- Gold – Minimum age is 25, with a minimum fixed deposit of U$500,000 and a compulsory property purchase of at least RM1,000,000.
- Platinum – Minimum age is 25, with a minimum fixed deposit of U$1000,000 and a compulsory property purchase of at least RM2,000,000.
There are many benefits for those who join the program, which include tax exemption of interest gained from the fixed deposit and you can invest in local companies and other entities. When you approach a Malaysian real estate agent, they are very familiar with the MM2H program and can advise you accordingly. Here are a few of the issues a real estate lawyer can handle on your behalf.
Renewable visas for dependents
You can receive long-term visas for your spouse and any unmarried children under the age of 21. You must spend a minimum of 90 days per year in Malaysia and you can come and go as you please. Your elderly parents and parents-in-law can also visit you in Malaysia with renewable visas.
To summarise, Malaysia has much to offer those who wish to purchase a second home to use for vacation purposes.
