MM2H For Singaporeans
Are you hearing about MM2H a lot these days? It seems that this
Malaysia My Second Home visa is becoming increasingly attractive for Singaporeans, especially those seeking to monetize their property in Singapore. It's no secret that the robust property market in Singapore enables homeowners to rent out their home for a solid monthly income. But what makes this even more appealing is the very favourable exchange rate between the SGD and the Ringgit. In fact, when converted, the rental yield triples instantly, subsequently providing Singaporeans with the ability to live as expats in JB, Penang, KL, basically anywhere in Malaysia they want.
Leveraging the Singapore Property Market
Over the years, Singapore's property market has consistently shown strength, with demand for rental properties expected to remain strong. Whether it's a centrally home or one in Tampines, the rental market in Singapore has been quite buoyant since the pandemic especially, offering lucrative returns for homeowners. And for those considering
MM2H, renting out their property can be an effective way to generate stable cash flow.
But yes, the real magic happens when these rental revenues are converted into Ringgit. The multiplier effect that comes with switching SGD to Ringgit increases purchasing power in Malaysia by at least 300%. This advantage allows MM2H participants to not only cover their living expenses in Malaysia but also potentially pay off a mortgage on a Malaysian property, or cover their rent if they decide to rent rather than buy. Either way, there will likely be plenty of funds left over for a very comfortable lifestyle.
Financial Benefits of MM2H
One of the most significant benefits of MM2H is the tax-free status of foreign-sourced income. This means that any rental income or investment returns remitted from Singapore to Malaysia is entirely exempt from Malaysian taxes. Coupled with the lower cost of living in Malaysia, this creates a rather attractive financial package for Singaporeans.
In fact, living in Malaysia on the MM2H visa allows for a lifestyle that may be unattainable in Singapore. Whether you choose to settle in the bustling urban centre of KL or the more relaxed environment of Penang, or in Melaka, or in JB, your money will go way further there, that's for sure. The cost of daily necessities, eating out, staycations and entertainment is generally lower than in Singapore, basically enabling you to enjoy a higher standard of living across the Causeway.
Beyond the 30-Day Social Pass
Now, some Singaporeans have been trying to enjoy the benefits of staying in Malaysia with the 30-day social pass. While this may seem like an acceptable solution, it's not really sustainable in the long run. How so? Well, with the upcoming completion of RTS, it's expected that the Malaysia government will start cracking down on the misuse of the 30-day social pass. That's to say, frequent cross-border travellers may well find themselves facing stricter enforcement and may even risk getting blacklisted for up to 6 months if they're found to be gaming the system.
This is where MM2H stands out as a more suitable alternative. MM2H grants long-term residency in Malaysia, with the freedom to come and go as you please,
as often as you please. There's no need to stress about overstaying your social pass. And let's face it, that's a real good thing, since part of the appeal of Malaysia is so we can avoid stress.
Lifestyle Worth Considering
Naturally, the attraction of MM2H goes beyond just the financial benefits. For one, the quality of life in Malaysia is very nice also, with a strong, yet affordable healthcare system, a diverse food scene that won't break the bank and a rich cultural backdrop that's not too dissimilar from ours. Better yet, there's already a substantial expat community in Malaysia, including Singaporeans. And this will undoubtedly result in a smoother transition for all recent MM2H newcomers.
To top it off, with the RTS in place pretty soon, for all the goodness offered by Malaysia and MM2H, Singapore will always be just a short commute away. Shiok.
Let's not mince words, MM2H offers a solid golden opportunity for Singaporeans looking to make the most of the strong Singdollar. By renting out our Singapore home, we get to enjoy a comfortable and fulfilling life in Malaysia, whilst remaining close to Singapore. A win-win situation if ever there was one.
Want to find out more about MM2H for Singaporeans? Visit
MM2H.com.sg.
By Zainal,
Singapore