SOUTH EAST ASIA AS A 2ND HOME
MALAYSIA MY 2ND HOME
MM2H
SOUTH EAST ASIA COMPARISON
IF YOU ARE LOOKING FOR A 2ND OPTION HOME OTHER THAN YOUR OWN COUNTRY, WITH WHATEVER REASONS, BE IT RETIREMENT, ALL YEAR ROUND WEATHER STABILIZATION, LOWER LIVING COST, SEE BELOW SOME IDEA COMPARISONS
Southeast Asia can be a great
choice for a long term living. Life here can be remarkably affordable - cheaper than anywhere else on earth. In addition, the tropical
climate and thousands of miles of coastline present unlimited opportunity for
beach bums. Cool mountain retreats, caves, waterfalls and hot springs reward
intrepid explorers. English is widely understood and spoken throughout the
region, the culture is exotic and the people are delightfully welcoming. All things considered, no
question, Southeast Asia can be a great place to live. The question is, can
you, as a foreigner, live here ... legally?
Indeed. Increasingly, you
have many appealing options for taking advantage of the World's most affordable retirement options.
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Malaysia. If you'd like to live permanently in
Malaysia, you can apply for the "Malaysia My Second Home" (MM2H)
program, which grants visas that are valid for up to 10 years, once the
financial criteria are met. MM2H visas can be easily renewed. Applicants of any
age are invited to apply for the MM2H visa. Unfortunately, many people can't
meet the financial requirements, which include making a fixed deposit into a Malaysian bank of at least 150,000
Malaysian ringgits (about $47,500) or being able to prove a pension of 10,000
ringgits ($3,160) per month.
Thailand. For Thailand, the financial requirements
are less. Applicants need to deposit 800,000 Thai baht (about $25,700) in a
Thai bank, show an income of 800,000 baht or a combination of the two. However,
it is extremely difficult to be granted permanent residency in Thailand. The
retirement visa must be renewed every year. And those who have the visa are
required to check in with immigration authorities every 90 days. If that's not
enough, you also need to be at least 50 years old to qualify for a retirement
visa in Thailand.
Singapore. Singapore offers permanent residency to
those who can meet the income requirements, but this is not practical if you're
on a fixed income or have limited assets. To retire in Singapore, you need to
own property that is valued at $400,000 or more, in addition to having a
pension of at least $5,500 a month or a combination of income and savings of
$317,000 or more. No surprise that the cost of living is also the highest in
the region.
Philippines. Meanwhile, in the Philippines, financial
requirements are low, benefits are generous and a stay of many years is
practically guaranteed. More than 27,000 foreigners have retired to the Philippines under the Special Resident Retiree Visa,
or SRRV.
Retirees in the Philippines
are permitted to hold employment, own a business, attend school, buy a
condominium or house (but not the land), receive mortgage financing and enjoy
most of the same benefits offered to any citizen of the country. The duty-free
importation of household belongings valued up to $7,000 is another benefit of
retiring to this country. The SRRV visa never expires: Once you have it, it's a
simple matter of reporting to immigration once a year and paying $10 to get
your ID card renewed.
There are four types of SRRV
visas. The most basic is the "SRRV Smile," which allows you to remain
in the Philippines as long as you wish, provided you deposit $20,000 in a
Philippine bank and keep it there for the duration of your stay. This visa is
available to anyone who is 35 or older. The deposit is fixed and may not be
converted into an investment for a long-term lease or condominium purchase.
With the "SRRV
Classic," you can use your funds to purchase a condo or a long-term
property lease. Applicants age 35 to 49 must deposit $50,000 in a Philippine
bank or buy a ready-to-occupy condo costing $50,000 or more. Applicants age 50
or older need to invest only $10,000 if they have an individual pension of at
least $800 per month. (A couple would need a combined pension income of at
least $1,000 per month.) Applicants who are at least 50 years old but cannot
meet the pension requirements can still qualify for the "SRRV
Classic" visa by maintaining a deposit of at least $20,000 in a local
bank.
The "SRRV Human
Touch" offers the benefits of permanent Philippine residency to any
retiree with a pre-existing, non-contagious medical condition who is in need of
ongoing medical care or services. The minimum investment amount is just $10,000
for any applicant age 35 or older, and the conditions are the same as for those
in the "SRRV Smile" program. "SRRV Human Touch" applicants
must be able to show a pension of at least $1,500 per month and give proof of
health insurance. This makes residency in the Philippines a great option for
people with disabilities or chronic medical conditions.
The "SRRV Courtesy"
visa is for individuals age 50 or older who are either former citizens of the
Philippines or ambassadors or diplomats who have served in the Philippines. The
terms and conditions for the courtesy visa are the same as for the "SRRV
Classic" program.
Retirees who have any of the
four SRRV visas are allowed to remain in the Philippines for as long as they
want without needing to re-qualify or leave the country for any reason. If you
do want to leave the country, though, you can come and go as you wish.
Your overseas pension or
Social Security is exempt from Philippine taxes, and any interest earned on
bank deposits may be withdrawn at any time. If you ever decide to relinquish
your Philippine residency status, your entire qualifying deposit is returned to
you.
SRRV applicants must pay a
one-time administration fee of $1,400. The application process is relatively
simple and can be completed online. There is no need to hire an agent for
assistance.
Kathleen
Peddicord is
the founder of the Live and Invest Overseas publishing group.
With more than 28 years experience covering this beat, Kathleen reports daily
on current opportunities for living, retiring and investing overseas in her
free e-letter. Her newest book, How To Buy Real Estate Overseas, published by
Wiley & Sons, is the culmination of decades of personal experience living
and investing around the world.
