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As a couple in our 50s, my wife and I have been considering how best to leverage our fully paid-for HDB flat in Singapore. Given the rising costs of living, we've decided to rent out our flat and move to JB using the Malaysia My Second Home Visa. This so-called Golden Visa is probably better known as
MM2H, but the idea is simple: live off our rental income, whilst enjoying quite a luxurious lifestyle in the property that we bought in JB years ago. In fact, based on our calculations, with MM2H, we can actually retire now, but basically upgrade our lifestyle at the same time!
Our relatives in JB have been nothing but encouraging and from what they've shared with us, life in Malaysia offers a lot of perks for those with Singaporean earnings. Well, I have to agree, because, clearly, JB's culture, food, even the urban landscape, it's all similar to what we're used to in Singapore, so living there will be a breeze. Plus, with the super favourable Sing Dollar to Ringgit exchange rate, we instantly triple our discretionary spending power!
MM2H Benefits
Aditionally, with MM2H, we'll benefit from tax-free remittances too, which means our rental income won't be subject to Malaysia's income tax when we transfer it over, probably in a standing order. This tax-exemption is a huge windfall, as it allows us to maximize our funds in JB.
Plus, we all know that the cost of living in Malaysia is way lower than in Singapore, so in all likelihood, our monthly expenditures will actually go down, whilst we're, essentially, living the life of expats. I mean, we'll probably join one of the golf clubs, buy a car, get a maid and, best of all, upgrade to a landed property, our lifelong dream :)
Of course, we've also considered healthcare and with the solid reputation of the medical facilities in Malaysia, we're confident that we'll be well taken care of now and in our retirement years. In fact, we've heard that some of the JB hospitals and clinics are actually owned by Singapore medical groups, like Gleneagles Medini and Regency Specialist Hospital, both of which are eligible for CPF/Medisave. But because of the lower cost of medical expenses in JB, even when we opt for the top-tier care category, our savings will be substantial.
But, probably best of all, with the RTS Link between Singapore and JB nearing completion, we'll be able to visit Singapore whenever we like. It's almost like we're just moving to a little piece of Singapore north of the Causeway, especially when you factor in the many other Singaporeans who are likely to also grab this opportunity of a lifetime. Who wouldn't want to retire early and live like royalty in JB? I mean the distance from our JB home to the CBD is actually less than if we'd lived in Tampines!
Safe and Sound
We also chose MM2H because we feel it's a more stable option compared to the usual 30-day visa we Singaporeans get at CIQ. We've heard stories of Singaporeans facing issues with immigration for spending more time in JB than officially permitted. Well, the last thing we want is a ban or something and our MM2H is multiple entry, as often as we want.
Adding it all up, for us, MM2H is the perfect balance of comfort, financial benefits
and closeness to Singapore. We're really excited to begin a lifestyle that's fit for a king and queen :)
Oh, just FYI, most of our information came from
MM2H Singapore, if you want to browse around.
Joshua and Alexis,
Tengah