Malaysia becoming country of choice for Chinese retirees

Always popular with retirees from Western countries, Malaysia is now the destination of choice for hordes of Chinese retirees.

The significant increase in the numbers of Chinese expatriates choosing Malaysia as their retirement destination is believed to be as much the result of real estate investment opportunities as it is for the country’s relatively straightforward immigration laws. To date, several thousand comparatively wealthy Chinese with monthly incomes of more than RM10,000 have signed on to the Malaysia My Second Home programme and received a 10-year retirement visa.

Chinese investors became aware of Malaysia as a combination of property investment and retirement hub after real estate developers in their their homeland invested heavily in a number of major new developments. However, according to visa agents, the majority of those who’ve applied and been granted visas haven’t actually relocated. A few Malaysian property developers have actually gone to China with the aim of offering visas to those wishing to buy properties as investments but have no intention of moving overseas in the foreseeable future.

Real estate agents based in Kuala Lumpur believe the fall in Malaysia’s ringit currency may have sparked more Chinese interest in property, adding many Chinese buyers are more than happy to pay for their purchases in cash. Popular projects such as Country Gardens and Forest City are being widely advertised in Chinese property magazines and in the media, making them the most sought after locations as a result. Other reports suggest many Chinese see Malaysia as a safe haven should the situation in China deteriorate to an unacceptable level.

Traditionally, Malaysia has been seen as a home from home by British expats who’ve worked in Asia and have no desire to return to the UK after their retirement. Many visited the country on regular holidays and came to love its unique beauty and friendly people. For most Britons, the cost of living in Penang is now too expensive and the east coast is too remote, but they’re happy to settle in smaller cities and enjoy their lives.