Australia: News and Views

The local Australia news is never-ending about the damage done to Australian’s superannuation investments with the property melt-down and share market implosion.  Now the job crises means that the poor  not-so-old, not-so-rich people can’t even get a part-time job!

Think out side the box people - a look north! Malaysia is one of the most pleasant countries in the region - a varied climate, nice people, modern infra-structure. It seems strange to me that people don’t take advantage of living somewhere so much cheaper for part of the year. And with Air Asia X’s flights from Perth starting at about A$100 its hardly expensive!

The Malaysian government’s Make Malaysia Your Second Home seems like a very good deal offering 10-year visas for self-sufficient retirees. Self-sufficient in Malaysia is a bit different from in Australia. The requirements for over-50’s in the program include:

• 150,000 ringgit (A$50,000) to be deposited in a Malaysian bank’s term deposit OR proof of 10,000 ringgit (A$3500) month pension/superannuation.
• After one year the deposit reduces to 100,000 - and difference can be used for buying a property in Malaysia or education or health expenses there.

In fact Malaysia is offering a much better deal to retirees than Australia does. There are incentives for the immigrants to buy cars. Other things that make Malaysia an attraction option includes:

• overseas income including pensions are tax free;
• there is no restriction on what type of residential home you can buy - unlike Australia you are not restricted to new properties;
• tax exemption on car purchase
• overseas income is free of Malaysian tax
• and a very attractive cost of living

Its certainly an option within reach for many Australians who would struggle to live on $3500/month in Australia would live very well in Malaysia for that amount.

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