This article is contributed by Taco Heidinga, CEO and Founder of Propcoach International Inc. and Global Strategic Advisor at Juwai IQI, who brings nearly 20 years of real estate expertise and a commitment to uplifting professionals globally.
In life, there are times where we have to conclude to a major decision. As a result to that, it will alter the course of our lives forever.
And moving to a new country is one of them.
Malaysia is among the countries that numerous individuals highly regard as a top option. But with zero clue on the country’s rules, regulations, and policies, worrying should be last on the list.
Stop the fuss because we will get an in-depth insight on the 10 Things You Need To Know Before Moving To Malaysia.
Key Takeaways Before Moving To Malaysia
1. Which Area To Live In
There are many areas perfect for living, whether you prefer a quiet or hectic lifestyle. I
always suggest following the “20-minute rule.” Wherever your office is based, draw a 20-minute radius by car around it, and aim to live inside that circle to avoid heavy traffic.
2. International Schools
Apply the same 20-minute rule, but this time from your home. Also, consider the curriculum of each school to ensure you’re providing your kids with the right educational path.
3. International Health Insurance
Most employers provide basic health insurance. However, this only covers you as
long as you’re employed by the company and residing in Malaysia. If you ever plan on relocating or retiring abroad, get international health insurance so you can travel with continuous coverage. The younger you are when you get it, the better.
4. Network & Resources
Join events and societies to quickly build your network and resources upon arrival. You
never know when you might need the helping hand of a friend, and it’s difficult to build connections when starting fresh.
5. Financial Structures
When you leave your home country, you may be unnecessarily exposed to taxes. Moving
your money into a depreciating Ringgit can also be harmful. Speak with a financial planner to ensure you’re in the most suitable cross-border structure for you and your family, especially if you’re planning for retirement.
6. Legal Protection & Wills
Understanding local laws, such as rental contracts, can save you a lot of money. Also,
ensure you have a will that is valid under Malaysian jurisdiction, especially to cover your EPF (Employee Provident Fund).
7. Healthcare
While “999” works for emergencies, it will most likely take you to a government hospital. Make note of the private hospitals closest to you and their emergency contact numbers so you can call them directly if needed.
8. Understanding Tax
Understanding the 182-day, 30% tax rule, as well as your exposure to capital gains tax and inheritance tax liabilities in your home country, can help ensure you are in the right tax structure.
9. Life Insurance
Chances are your home country’s life insurance won’t cover you abroad. If something were to
happen to you, could your family continue without your income? Anyone with dependents should have suitable life insurance.
10. Transportation
Follow the JPJ checklist to ensure you have a Malaysian driver’s license. Make full use of Grab, and consider choosing a property close to LRT or MRT lines to make getting around Malaysia easier.
Taco Heidinga, CEO and Founder of Propcoach International Inc. and Global Strategic Advisor at Juwai IQI, brings nearly 20 years of real estate expertise, training over 1,000 agents worldwide. His dedication to elevating industry professionals shines through his commitment to education, collaboration, and skill-building. With a vision to expand the Juwai IQI platform globally, Taco emphasizes innovation and exceptional customer service, setting new standards in the real estate industry.
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