I've been thinking a lot about
Malaysia My Second Home, probably more commonly known as
MM2H. Now, the jam notwithstanding, like most Singaporeans, I've always appreciated the relative ease of traveling between our two countries. And it's very rewarding once you arrive in JB, especially with the current SGD/MYR exchange. But ultimately, we always have to go back to Singapore, pressure cooker or not. It's our home, after all.
But actually, lately the idea of making Malaysia my second home has started to appeal to me more and more. I mean, let's be frank, MM2H offers a range of benefits and privileges that, certainly to me, make it quite a compelling option for us Singaporeans looking for a change of pace or a more relaxed lifestyle. I mean, who doesn't want to live the life of an expat, with all the financial perks that come with it?
Easy Living
Clearly, one of the main draws of MM2H is the opportunity to enjoy a much higher quality of life at a much lower cost than what we're used to in Singapore. It's no secret that the cost of living in Singapore is one of the highest in the world and it can be quite stressful at times. Malaysia, on the other hand, offers a much more affordable lifestyle, without sacrificing the comforts and conveniences that we're accustomed to in our own country. Take housing, groceries, petrol and the bills we pay. These are all significantly cheaper across the Causeway, which means more savings. Or instead, a more luxurious lifestyle.
Another attractive feature of the MM2H programme is its tax incentives. Malaysia's tax structure is very favourable for MM2H participants. For example, Malaysia doesn't tax foreign-sourced income, which is a big plus if you have investments or other income streams in Singapore that you remit to Malaysia. Also, there's no wealth or inheretance tax, which makes relocating an altogether financially savvy move if you're planning for the future.
JB, Penang, KL
But it's not just about the money of course. The lifestyle in Malaysia is another key factor. Many MM2H participants choose to live in places like KL, Penang, or JB of course, all places where you can enjoy a modern lifestyle with access to great international schools and a variety of leisure activities.
If you're into golf, for example, Malaysia has some of the best courses in the region and they're far less crowded and much more affordable than those in Singapore.
Quality Healthcare
Healthcare in Malaysia is also top-notch and much more affordable than in Singapore. Many of the medical staff are trained in Europe or Australia and the medical facilities in Malaysia's private hospitals are modern and well-equipped. In fact, a few of the JB hospitals are Singaporean-owned!
Now, for those who would really like a a slower pace of life, Malaysia's smaller towns and beach resorts offer a tranquil environment that's perfect for retirement or simply as a getaway. Imagine having your own home by the sea in Desaru or Kuantan. It's a kind of lifestyle that's next to impossible to achieve in Singapore, unless of course you're willing and able to spend a small fortune.
Familiar Culture
The people in Malaysia are another plus point. As Singaporeans, us Singaporeans have a lot in common with our Malaysian neighbours, from language to culture and even the makan we eat and the minum we drink. Sure, there's some neighbourly rivalry now and then, but it's mostly friendly and Malaysians are usually a kind and welcoming bunch. Plus, there's a strong sense of community that makes it easy to feel at home. Better still, with Singapore being just a short RTS ride away, it's convenient to travel back to Singapore whenever you want to, whether for work, visiting family, or just indulging in your favorite Yu Char Kway with your kaki.
Quality Schools
For families with kids, the MM2H visa is worth considering too. Malaysia has a number of excellent international schools that offer high-quality education at a fraction of the cost of similar schools in Singapore. Plus, the slower pace of life and more spacious living conditions can be a welcome change for children as well, allowing them to grow up in a less pressured environment. This cannot be overstated.
Overall, I think MM2H could well be something that more Singaporeans may consider, going forward. It offers a great way to enjoy a high quality of life at a lower cost, with the added benefits of tax incentives, a welcoming community and easy access to all the amenities we're used to—and more, in fact.
Whether you're thinking about early retirement, a second home, a fresh start, or the life of a semi-retired expat, MM2H could well be the way to make your dream happen.
Want to take a closer look at the pros and cons of MM2H yourself? Click
MM2H for Singaporeans.
