Retiring in Malaysia

[zephure99]

Not sure if this is the right place to ask this question. If not, appreciate if anyone could direct me to the proper thread or forum.

I have been living more than half my life in Singapore, still a Singapore PR and retired for almost ten years. I have ever thought of moving back to Malaysia years back but held back because my wife (Singaporean) still prefer to remain here because of her job and children. Now that my wife is also retired and soon my children will be independent, she realized with the ever increasing cost of living in Singapore, she is now open to the idea of staying long term in Malaysia while remaining as Singaporean.

I suppose as a Malaysian (though a Singapore PR), I can still buy property (house) in Malaysia without the restrictions imposed on foreigners. Please correct me if I am wrong on this. My question here for a start is more from a tax/legal perspective

[1] If I were to buy a house or apartment in Malaysia what are the implications in terms of its impact to my PR status (which I would like to keep) and also from the Malaysian tax side? I would most likely be selling off my HDB unit and buy a back small cheap resale unit just enough for my wife and myself, to free up cash, and also to move back to Singapore in case my move to Malaysia did not work out as expected. This move alone I expect to free up to perhaps S$300- S$400k.

From a tax/legal perspective, for the house I purchase in Malaysian, would it make any difference if I pay cash or take a loan? With the high interest rate, I probably would probably prefer not to take the loan unless there are good reasons to do so. I do intend to get a big place in Malaysia, something just enough for my wife and myself. The default choice to move to is JB, but we do would also consider moving up north like to Malacca.

[2] Will there be any issue (from the Malaysian tax department) if I were to bring in the converted proceeds from the sales of my HDB and deposit in the bank there, whether I take up a loan for my house or pay in up full.

Or would be better is I seek advise from a Malaysian accountant/lawyer?

Any information/guide is appreciated to help me get started on planning for this move. Thanks!

 

[Rabbit7]

Not sure if this is the right place to ask this question. If not, appreciate if anyone could direct me to the proper thread or forum.

I have been living more than half my life in Singapore, still a Singapore PR and retired for almost ten years. I have ever thought of moving back to Malaysia years back but held back because my wife (Singaporean) still prefer to remain here because of her job and children. Now that my wife is also retired and soon my children will be independent, she realized with the ever increasing cost of living in Singapore, she is now open to the idea of staying long term in Malaysia while remaining as Singaporean.

I suppose as a Malaysian (though a Singapore PR), I can still buy property (house) in Malaysia without the restrictions imposed on foreigners. Please correct me if I am wrong on this. My question here for a start is more from a tax/legal perspective

[1] If I were to buy a house or apartment in Malaysia what are the implications in terms of its impact to my PR status (which I would like to keep) and also from the Malaysian tax side? I would most likely be selling off my HDB unit and buy a back small cheap resale unit just enough for my wife and myself, to free up cash, and also to move back to Singapore in case my move to Malaysia did not work out as expected. This move alone I expect to free up to perhaps S$300- S$400k.

From a tax/legal perspective, for the house I purchase in Malaysian, would it make any difference if I pay cash or take a loan? With the high interest rate, I probably would probably prefer not to take the loan unless there are good reasons to do so. I do intend to get a big place in Malaysia, something just enough for my wife and myself. The default choice to move to is JB, but we do would also consider moving up north like to Malacca.

[2] Will there be any issue (from the Malaysian tax department) if I were to bring in the converted proceeds from the sales of my HDB and deposit in the bank there, whether I take up a loan for my house or pay in up full.

Or would be better is I seek advise from a Malaysian accountant/lawyer?

Any information/guide is appreciated to help me get started on planning for this move. Thanks!

I know plenty of SG PR's of Msian-origin who bought numerous properties in Msia.....Taxation is not a big issue

Johor is the most logical choice - because of ease of travel to/from SG.

Time Period 2009 to 2023,..thise who bought with case suffered from at least 35% Currency depreciation.
You need to make your own spreadsheet to compare whether cash or loan,... too many variables.

Ultimately, You need to know what you want out of your remaining Life

Buying a Property in Msia may - instead of giving you pleasure - end up giving you massive burdens...
...Too many disappointed Owners are too afraid to reveal their problems, frustrations for fear of the
harrasement by Property Managers and the effect on the valuation of their properties

Social media is Full of Deceptions

NEVER BELIEVE IN THEM PROPERTY GURUS, PROMOTERS !!!!

PM me for more details.

 

[AHGS14]

I am an SPR. I bought a property in JB in 2013 when JB property prices were fast rising. Transferred quite a sum to fund cash purchase at the then exchange rate of just S$=RM2.45. Although the exchange rate is much more favourable now, and property prices have softened, I do not consider it a bad move as I bought to live in, not as investment.

I did quite a bit of renovation and have been living in it since 2016. Between 2016 and 2019 when I finally sold my Sg home, I was shuttling living 2 weeks to a month at a time in my Sg & JB homes. The causeway jam then wasn't half as bad as now, and it was manageable as a retiree could choose when to cross the border.

When I finally sold my Sg property in 2019 and relocated to live in JB "permanently", like you I harboured the thought of buying a property in Sg as a place of abode, if need be. With the sky-rocketing Sg property prices, I don't see myself relocating back to Sg. The Sg is now packed like sardines everywhere I go, even in the very efficient public transport, MRT buses. Car prices have shot through the roof due to the crazy COE biddings. I have since given up on that, unless M'sia is absolutely non-livable for me,

I bought a Hyundai Tucson in 2016 at RM140K, then sold and bought a Proton X70 at RM125K. My JB home is G&G, 3000 Sq Ft land, 2-storey and didn't compute the live-in space after renovation, extending the building.

I still keep my savings and investment in Sg. Visit Sg (though dreaded to x border) periodically, especially for my semi-annual polyclinic visits for regular medical check-up. With my monthly CPF payout of about S$1k, I can survive living in my present home as utility, property taxes are a fraction taking into exchange rate into considerations. In Sg, I would probably have to supplement my income taking a job if I depend only on CPF payout for expenses if I continue living in Sg.

Long enough general experiences for your digesting. PM me if you have specific questions.

 

[zephure99]

Thanks for your inputs