r/financialindependence • u/almost_retired • Aug 11 '21
Malaysia just removed itself from the list of FIRE destinations for most people.
You can find my original post about retiring and moving to Malaysia here
The "Malaysia My Second Home Program" (MM2H) targeting foreign retirees had been suspended since August last year. The Malaysian government has just re-launched the program, but with some very steep requirements:
- Demonstrable monthly offshore income of $RM40,000 (~US$9,500) vs 25% of that previously.
- Bank deposit in Malaysia of $RM1 Million (~US$235K) vs 25% of that previously.
- Must spend at least 90 days a year in Malaysia vs 0 days minimum previously.
Malaysia used to be a very desirable FIRE destination because it was inexpensive, safe, English speaking, had good infrastructure and it was relatively easy to get a retirement VISA.
That last item is pretty much gone. If you are FIREd and pulling $10K a month, you probably have better options than Malaysia.
Oh well.
1
u/scorp171 Aug 11 '21
You'll have to be employed by those companies - and seeing the work culture of Malaysia, I would say it would beat the purpose of this subgroup.
I would value my 70-80hrs/week way more than 1000-1500rm per month.