Azman and Farah: Planning For a Comfortable Retirement in JB with MMH2
Are you thinking of retiring in JB to make the most of your Sing Dollar savings? Azman and Farah, both in their 50s, have explored the option of using the rental income from their Pasir Ris home to fund a more luxurious lifestyle in JB. Read their story to see if this option fits your retirement plans.
Who's Who
Azman and Farah, both 56 years old, have started planning for their retirement. Azman, an accountant and Farah, a housewife, own a fully-paid shophouse in Pasir Ris. Knowing that their property offers them significant financial flexibility, especially given Singapore's healthy housing market, the couple has been considering their next steps. With the cost of living rising, they've been exploring options to maximise their cash savings.
One solution they're strongly considering is relocating to JB, most likely with Malaysia's MM2H visa. By renting out their Pasir Ris shophouse and taking advantage of the really quite favourable SGD to Ringgit exchange rate, they'll be able to top up their CPF and savings, resulting in lifestyle getting quite a boost. In fact, their aggregate spending power in JB will easily be triple of what it was in Singapore.
Easy Entry into JB Property Market with MM2H
Why
MM2H? Well, Azman and Farah have found that the MM2H visa offers its participants a lower minimum purchase threshold versus those who don't have MM2H. The difference can run into RM100,000 or more, quite a welcome bonus. Additionally, JB's property market is way more affordable than Singapore's to begin with, so needless to say that the couple can't wait to splash out a little on a spacious home in a verdant JB suburb. They may even end up buying that landed that's been on their bucket list for as long as they can remember. And the best part is that it will be well within their budget.
Renting Before Purchasing: Prudent Option
JB"s attractive house prices notwithstanding, before committing to buying, Azman and Farah plan to rent a home first, perhaps for half a year or so. By renting first, they get to survey the various different residential neighbourhoods, which, in turn, enables the couple to determine which housing estate best suits their needs. Additionally, renting for a while also gives them some time to see if residing in JB is something they can take to. They're not really anticipating any issues; after all, their roots are Malay, but since MM2H provides this timeline flexibility, it's only prudent to make use of it.
Seamless, No-Tax Transfers from Singapore
MM2H also offers Azman and Farah the advantage of transferring their money from Singapore to Malaysia completely tax-free. This includes their rental cash flow, CPF and any other Singapore-based savings they want to bring to JB. Basically, none of the bank transfers from their Singapore bank to their JB bank will be taxed. In view of the recurring nature of these transfers, this tax exemption is tantamount to significant savings, on top of the comprehensive purchasing power upgrade they're already enjoying in JB.
Resort-Living in JB
All in all, it's clear to Azman and Farah that, as a direct result of the numerous financial tailwinds associated with pivoting from Singapore to JB, the couple will be as good as financially independent. Indeed, they've worked out that their lifestyle in JB will be akin to expats, which is, in effect, what they are once they reside in JB, i.e. expats from Singapore. Either way, they'll be able to enjoy a fair number of luxuries, that goes without saying, including, naturally, their fancy home. But other typical expat trappings are also within reach, such as a domestic helper and a nice car, along with regularly enjoying JB's hotels' delicious buffet spreads
and private club membership if they so desire. Just to name a few of the perks.
Embracing JB's Scenic, Leisurely Pace of Life
With all that said, clearly, there's more to life than what money can buy. For that matter, the couple is really looking forward to replacing the hectic pace of Singapore for the more "santai" ambiance that tends to prevail across the Causeway. To wit, JB's natural surroundings, its extensive green spaces and breathtaking paradise islands along the east coast, provide a serene retreat, all of which Azman and Farah are sure to enjoy. Whilst they love the opportunities their home country has afforded them, they do now feel it's time to surround themselves with wonderful tranquility and the heavenly peacefulness that only a leafy suburb can provide.
Strong Singaporean Connections in JB
Moving to JB doesn't mean leaving Singapore behind of course, not by any stretch. As a matter of fact, Azman and Farah are reassured by the growing Singaporean enclave in JB for one thing. This tight-knit community allows all newcomers from across the Straits to maintain their cultural connections, not only in terms of the familiar
makan, but customs and social networks as well; it's all bound to be Singapore-style. Not to mention that JB is only a mere stone's throw away from Singapore anyway.
RTS Link: Convenient Travel Between JB and Singapore
And speaking of home away from home, the couple is thrilled to bits about the ease of travel between JB and Singapore with the upcoming RTS line. This public transport project, due to be completed in the not too distant future, will enable them to commute to and fro even faster. Whether to pop across to visit their children and grandchildren, or to swing by their favorite nasi lemak haunt, RTS ensures the couple remains fully connected. Better yet, by then, passport-free border crossings may also be in effect, rendering visits even more seamless.
JB's Growing Economy
Another factor that excites Azman and Farah is JB's expanding infrastructure and future potential. The region has been a veritable investment magnet lately, at least in part thanks to its Special Economic Zone (SEZ) and Special Financial Zone (SFZ). It stands to reason that the ongoing development promises to bring more amenities, more services and more investment opportunities to the area. Which is why Azman and Farah are chuffed to own a stake in the goings-on.
Affordable, Top-Tier Healthcare in JB
Healthcare is at the forefront of retirees' minds, that's a given. So Azman and Farah are pleased to discover that JB offers excellent healthcare services at affordable rates. It's good to note also that several of the medical centres in JB are actually owned and being by Singaporean medical groups, amongst which Gleneagles Medini and Regency Specialist Hospital, both CPF/Medisave-approved locations. So it's safe to say, ensures high standards of care. After all, it's not without reason that Malaysia has garnered quite a reputation for itself as one of Asia's premier medical tourism hubs. Accessible quality healthcare that's affordable to boot. Now, this is peace of mind.
Their Singapore Shophouse, Their Backstop
Although they can't wait to start their new chapter in JB, Azman and Farah also appreciate the sense of security that their Singapore property affords them. Yes, renting it out provides them with a lovely, not to mention practically passive income stream, but additionally, it also serves as a fallback option if, one fine day, they decide to go back to Singapore, because when they do, they'll have a place to call home.
Life in JB: Resort-Living
Azman and Farah's realise all too well that relocating to JB with the help of the MM2H visa allows them to revel in a retirement that isn't only more privileged, but that's certainly more blissful than would ever be possible otherwise. And they get to enjoy all this goodness whilst having Singapore at arm's length at all time! Thanks to this unique Singapore Malaysia lifestyle arbitrage opportunity, the thankful couple gets to eat their cake
and have their cake.
Visit
www.mm2h.com.sg if you want to learn more about residing in JB.