Are you looking to retire in Malaysia? With a Retirement Visa, you can do just that. This visa allows retirees to stay in Malaysia for an extended period of time with the option to renew annually. With the Retirement Visa, retirees can enjoy Malaysia’s beautiful scenery and friendly culture while staying in the country. In this guide, we’ll provide information on the fees, eligibility, and duration of a Retirement Visa in Malaysia.
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What is a Retirement Visa in Malaysia?
A Retirement Visa in Malaysia is a long-term, multi-entry visa that allows foreign nationals aged 50 years and above to stay in the country for an extended period of time. With this visa, retirees can enjoy access to Malaysia’s quality healthcare, lifestyle, and a range of leisure activities. The visa is renewable every five years, and retirees can stay in Malaysia for as long as they wish provided they meet the renewal requirements.
Who Is Eligible For a Retirement Visa in Malaysia?
Malaysia’s Retirement Visa (MM2H) is available to citizens of Malaysia, holders of Permanent Residence status in Malaysia and citizens of other countries who are 50 years of age or older.
Can I Bring my Dependents to Malaysia With a Retirement Visa?
Yes, you can bring your dependents to Malaysia with a Retirement Visa. This includes your spouse and unmarried children under 21 years of age.
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How Much Does a Malaysian Retirement Visa Cost?
The cost of a Malaysian Retirement Visa varies depending on the type of visa you are applying for. The cost of the visa itself is typically around RM30,000, plus additional processing fees.
Benefits of Malaysia Retirement Visa
The benefits of a Malaysia Retirement Visa include the ability to live in Malaysia for up to 10 years, free access to public healthcare facilities, access to certain tax incentives, and access to a range of government-backed incentives.
- Easy application process: There is a straightforward and simple process for applying for a Malaysia Retirement Visa.
- Low cost of living: Malaysia is one of the most affordable countries to live in. Therefore, as a retiree, you can enjoy a comfortable lifestyle without breaking the bank.
- Tax incentives: Malaysia offers several tax incentives to retirees such as tax exemptions, personal income tax reliefs, and more.
- Quality healthcare: Malaysia is home to some of the best healthcare facilities in the world. Therefore, retirees can rest assured that they will have access to the best healthcare here.
- Beautiful surroundings: Malaysia is blessed with a stunning landscape and gorgeous beaches, perfect for those looking to soak up some sunshine during their retirement.
- Great cultural diversity: Malaysia is a melting pot of different cultures and you will find it easy to make friends from all walks of life.
- Variety of activities: With its stunning weather, Malaysia is a great place to pursue your hobbies and take up new activities. You can find plenty of recreational activities such as golf, tennis, hiking, and more.
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How to Apply For a Malaysia Retirement Visa?
To apply for a Malaysia Retirement Visa, you will need to submit an application form with supporting documents to the Malaysian Ministry of Tourism. You must also provide evidence of your income, health insurance, and fixed deposit.
Documents Required for a Malaysia Retirement Visa
The documents required for a Malaysia Retirement Visa include a valid passport, proof of income, a medical report, and proof of a fixed deposit of RM150,000 in a Malaysian bank.
- Valid passport and photocopy of information page
- Completed application form (IM.19 Form)
- Photocopy of birth certificate
- Photocopy of passport size photograph
- Proof of financial means (bank statement)
- Proof of medical insurance
- Proof of valid medical examination
- Return ticket or proof of onward travel
- Proof of address in Malaysia
- Any other documents deemed necessary by the High Commission
What to Do after Malaysia Retirement Visa Is Approved
Once the Retirement Visa is approved, you must enter Malaysia within three months and apply for your Social Visit Pass at the Immigration Department. You will also need to arrange for a new Social Visit Pass every year.
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Fixed Deposits for Retirees in Malaysia
Retirees in Malaysia must open a fixed deposit account in a Malaysian bank for a minimum of RM150,000. This deposit must be kept for up to 10 years and can only be accessed with the approval of the Malaysian government.
Can You Work in Malaysia With a Retirement Visa?
No, you cannot work in Malaysia with a Retirement Visa. This visa is intended for retirees and does not allow for employment.
However, you may be able to obtain a Working Visa that would allow you to work in Malaysia legally. This will require you to meet certain eligibility requirements, such as having a job offer from a Malaysian employer and having the necessary qualifications and experience for the job. Additionally, you may need to provide evidence of sufficient funds to support yourself during your stay in Malaysia.
What Is the Duration of a Retirement Visa for Malaysia?
The duration of a Retirement Visa for Malaysia is typically 10 years, though it may be renewable after this period.
Can I Become a Permanent Resident in Malaysia with a Retirement Visa?
No, you cannot become a Permanent Resident in Malaysia with a Retirement Visa. However, if you are able to demonstrate that you can support yourself financially, you may be eligible to apply for Permanent Residency after five consecutive years in Malaysia.
Conclusion
The Retirement Visa in Malaysia is a good option for retirees who are looking to make Malaysia their home. It provides a relatively easy process to obtain enjoying long-term residency with a variety of benefits. The fees for this visa are relatively low, and the eligibility requirements are reasonable for most retirees. The duration of the visa is typically valid for 10 years and can be renewed or extended for an additional 10 years. This visa is an excellent option for retirees looking to enjoy the peace and security that come with life in Malaysia.
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