Buying a Second Home in Malaysia – An Overview
Many UK citizens purchase second homes and Southeast Asia is a very popular destination, in particular Malaysia, where the climate is nice and the economy strong. There are other reasons why a UK citizen might choose Malaysia for a second home, such as the MM2H program that offers many incentives.
What is the MM2H program?
The Malaysia My Second Home (MM2H) program is a residency-by-investment initiative that allows foreigners to buy real estate and obtain long-term visas. Applicants must be over 25 years of age and must meet certain financial requirements that include monthly income and capital for investment.
Valid medical insurance
All applicants must have valid medical insurance so they will not be a burden on the nation if they are hospitalised, which is understandable. Additionally, applicants must undergo a full medical examination and be free from disease.
Long-term visas
Typically, an applicant receives a 10-year visa which is renewable, while the Malaysian government also offers tax concessions on foreign income. You are able to exit the country without losing your visa status, simply put, you can come and go as you please.
Popular destinations for foreigners looking to buy real estate
Eco Majestic is one very popular destination for property hunters, as there are many amenities there; Malaysia is a big country and the capital, Kuala Lumpur has many attractive suburbs, while coastal regions are probably the most popular for obvious reasons. Selangor is another popular choice, as is Penang, a charming region of the country located in the south.
Online real estate agents
If you think you are ready to start looking at properties, you can start by viewing luxury homes online and should you find a property you would like to view, a private viewing can be arranged when you arrive in Malaysia. The agent is very familiar with the MM2H program and can help with the paperwork. Click here for tips on preparing your property for the market.
Sponsorship
In order to apply for the MM2H program, you must be sponsored by either a Malaysian citizen or resident; in some cases, your real estate agent can be your sponsor. If you talk to a Malaysian lawyer, he or she can guide you through the MM2H application and can help you to find a sponsor.
Many people decide to tour Malaysia before buying real estate, so they can explore different regions; you could rent for a month and check out the area and if that isn’t what you are looking for, do the same in another part of the country until you find what you are looking for.
Take a long holiday and explore the beautiful country of Malaysia and the government offers many incentives to foreigners who wish to live and invest in the country. This enchanting land is a blend of rich cultures and English is widely spoken, which is a big plus for foreigners who wish to retire in the sun.
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