Edited by ifanonline at 14-6-2024 09:19 AM
More Singaporeans opting to retire in Malaysia
Story by Natasha Busst
2h • 3 min read
For many Singaporeans, Johor Bahru and beyond have become more than just a nice place to visit. (Wikipedia pic)© Provided by Free Malaysia Today
PETALING JAYA: Malaysia has always been a popular tourist destination for Singaporeans, with good food in Johor Bahru just a drive away, and the weak ringgit against the Singapore dollar boosting their purchasing power.
But Business Times recently reported that a survey conducted by Blackbox Research and Qualtrics revealed that up to one in three Singaporeans are now even considering Malaysia as a retirement destination.
Some, like Ramasamy Narayan Prasad and Latifah Moore, who have moved to Malaysia under the Malaysia My Second Home (MM2H) programme, are attracted by their surroundings and the fact that the two countries share similar cultures.
There has been an increase in the number of Singaporeans making inquiries about living in Malaysia, according to Daniel Yap, who runs an MM2H agency.
More Singaporean retirees are also purchasing homes in Malaysia, realtor Iwin Tay said.
According to tourism, arts and culture minister Tiong King Sing, as of Jan 31, there were 56,066 active MM2H pass holders. Singapore ranks seventh on the list, with 1,282 citizens of the city-state holding active passes under the programme.
The MM2H programme is a government initiative that allows foreigners to live in Malaysia on a long-term basis.
‘Malaysia, my first home’
For Ramasamy, 85, and his wife Rama Devi, 76, Malaysia has become their primary home.
“We love the green spaces and peaceful environment,” he told FMT.
Ramasamy came to work in Malaysia in 1994 and when he retired in 2019, he and his wife decided to stay on.
However, the MM2H programme was suspended in November that year, forcing the couple to return to Singapore.
When it was revived in 2021, the new requirements, such as a monthly income of RM40,000 (up from RM10,000) made it too costly for them.
“However, we found out that we qualify under Sarawak’s MM2H scheme, which we applied for and got approval for last year. We have been under the programme for a year now,” he said.
Sarawak’s MM2H programme has more relaxed requirements compared with Peninsular Malaysia. For instance, a couple needs to show a monthly income of only RM10,000, while an individual qualifies with an income of RM7,000 per month.
Ramasamy hopes Putrajaya will relax the requirements to attract more foreigners who wish to retire in Malaysia.
Apart from the cultural similarities, Latifah, 55, and her husband were also attracted by the lower prices of property in Malaysia.
“In Singapore, a decent house will cost at least S$3 million (RM10.3 million). It’s not something we can afford,” she told FMT.
She said her condominium in Singapore is already worth more than the bungalow she now occupies in Malaysia.
Nonetheless, she said, the government could make the MM2H programme even more attractive.
“Many retirees may find it difficult to meet some of the requirements.
“MM2H pass holders also don’t get any special privileges. For example, when visiting Malaysian attractions, we are required to pay the same amount as any other foreign tourist,” she said.
More inquiries, more property purchases
Yap said his agency, Exodus MM2H, has been receiving an increasing number of inquiries from Singapore.
He attributed the boost to the lower cost of living and attractive property prices in Malaysia, as well as the exchange rate which favours the Singapore dollar.
Tay said the number of Singaporean retirees buying homes in Kuala Lumpur, Johor, Penang and Melaka has been rising in recent years.
“With the cost of living and property prices so much lower, they will be able to enjoy a comfortable retirement in Malaysia,” he told FMT.
He said that unlike Australians or Britons, Singaporeans share many cultural similarities with Malaysians, with the two countries practically next door to one another.
Tay said Singaporeans in their 60s prefer landed property but it is too costly for them back home.
“More Singaporeans in their 50s are already leaning towards purchasing condominiums in Malaysia,” he told FMT.
He said that being younger retirees, they appreciate the many amenities offered such as the gym, swimming pool, jogging paths, convenience stores and laundromats.
He said these amenities may not be necessarily available to all condominiums dwellers in Singapore.
“Unless you live in a luxurious and more expensive condo, you won’t get these,” he said.
Tay said the increased interest among Singaporean retirees to a move to Malaysia has been a boon for Malaysia’s property market and its economy.
“That’s good for us because Singaporean money is coming into the country and not leaving,” he said.
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Post time 14-6-2024 09:15 AM
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