Malaysia, my second home- enjoy a ten year holiday in Malaysia

siddlobo | 16 June, 2008 18:41

Malaysia is a tropical paradise – sunny days, warm evenings, sandy beaches and an easy lifestyle – all at a very affordable price. And to make it even more attractive, the government has introduced the Malaysia My Second Home programme. Commonly known as the MM2H programme, this is an international residency scheme that allows foreigners to live in the country on a multiple entry visa that can be renewed every ten years.

The MM2H programme has become a choice option for many seniors in western countries looking for a relaxed and comfortable retirement in a warm country. So far, over 8000 people have chosen this option and made Malaysia their new home. Read on and find out how you can enjoy a luxurious lifestyle at a fraction of what it costs in the west.

Who is eligible for the programme?

This programme is available to citizens of all countries except Israel, Serbia or Montenegro. Successful applicants are entitled to bring their spouse and unmarried children below the age of 18 years. Living in paradise does come at a certain cost. Applicants need to meet certain financial requirements.

Applicants below 50 years old are required to open a fixed deposit account of RM300,000 at any international bank with a local branch. After one year, the participant can withdraw up to RM240,000 for expenses, investment, children’s education and medical purposes. A minimum of RM60,000 must be maintained for the remaining stay in Malaysia.

Applicants above 50 years of age have to choose one of two options:

1. They need to invest a minimum of RM150,000 in a fixed deposit account at any international bank with a local branch
2. The need to show proof of a monthly off-shore income of at least RM10,000

At the end of one year, the participant can withdraw up to RM240,000 for expenses, investment, children’s education and medical purposes. As in the case of younger participants, a minimum of RM60,000 must be maintained for the remaining stay in Malaysia.

What are the main benefits?

Apart from the obvious benefits of sun and sand at an affordable price, there are some additional incentives for joining this programme. Chief among them are:

1. You are allowed to purchase residential property. Certain conditions and terms apply. Check the link below for more details
2. Love your wheels? No problem. You can bring in your car from home or purchase a local car without paying import duty, excise duty or sales tax
3. For those who want a little help at home, here’s some good news. Each participant is allowed to apply for one domestic helper in accordance to the rules and regulations set by the Immigration Department of Malaysia
4. And lastly, you can apply for an ID card which allows you to cross borders as a local instead of a foreigner. It must be noted that this card does not give you participant permanent resident status

Restrictions and things to watch out for

There are however some restrictions. If you’re a MM2H participant, you’re not allowed to work or be employed during your stay in Malaysia. Also, the government takes security very seriously. Any security threat or anti-government action can get you on the fast track out of the country.

How to apply

The first step to applying for your MM2H is to find an authorized ‘sponsor’. These ‘sponsors’ are private Malaysian companies that offer application and follow-up services to foreigners. Make sure you only use authorized sponsors as they are the ones licensed by the Ministry of Tourism. Charges for this service vary dramatically and it is wise to check with a few ‘sponsors’ before deciding on the right one for you. Below are links to some authorized ‘sponsors’ to help you get started.

http://www.mysecondhome.com.my/

http://visahome.com.my/

Want to find out more about the MM2H? Click here for more detailed information on moving to Malaysia: http://www.mm2h.gov.my/index.php

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Boom time for jobs in India

siddlobo | 29 April, 2008 23:28

India is booming. With a rapidly developing economy, the country is attracting both foreign capital and talent with equal ease. With a GDP of approximately 8.5% growth this year, India offers an optimism only few others can match. This has led to a profusion of jobs at all levels in a variety of sectors. It is estimated that this year alone, India will create about 1025000 new jobs, an impressive figure that’s only marginally lower than the previous year. And here’s the best news… the growth is not concentrated in just one area but has had a spill-over effect into a range of different sectors. Let’s take a deeper look at the hottest sectors in one of the hottest economies today.

Real estate: Property prices are soaring in India. In some cases, prices have doubled in less than 2 years! This has led to a spur of real estate development projects and a corresponding rise in careers in this sector. Infrastructure development has also caused a spurt in hiring activity as many real estate companies vie for infrastructure development projects that fall under public-private partnerships.

Hospitality: The increasing affluence of the local population combined with the growing numbers of foreign tourist has propelled the growth of the hospitality industry. There is an estimated 430,000 new jobs that will be created in this sector alone.

Retail: The retail sector in India is poised to see a surge in action this year. Major international players like Wal-Mart and Carrefour are set to enter the market. Transforming the retail market in India will be a challenging job and one that will offer many opportunities for locals and foreigners alike.

Health care: As the population grows, the demand for high quality healthcare increases. This sector is now booming thanks to corporations opening branded hospitals and spreading their networks beyond the metropolitan cities. This has resulted in a vast number of openings for highly qualified people in the healthcare sector.

BPO: Despite the sub prime crisis in the US, there is an optimistic mood in the outsourcing industry. Smaller cities like Vishakapatnam, Nagpur, Chandigarh are expected to be the emerging hotspots.

IT: Funnily enough, if there is a slowdown in any sector, it will be in IT. Salary at the junior levels in this sector has stabilized and there is a 3% dip in average salary for engineering positions compared with the same time next year. But there is still a huge demand for talent especially in roles as technical architects or product managers.

Finance, Banking, Insurance: If all the above sectors are growing, they will need some help from the banking industry to provide them with finances and ensure that their assets are properly insured. Hence, needless to say, the banking and financial industry is a thriving, action-packed place to be in right now.

As is obvious, there are a number of opportunities for locals and expatriates in India. Some of the key talents, advantages and experience that expatriates can bring with them are:
Foreign languages and understanding of foreign cultures: As more Indian companies increase their reach and conduct business internationally, more opportunities arise for the ‘bridge’ between countries. A good knowledge of foreign languages like German, French, Spanish etc and an understanding of their cultures can come in handy.

Specialist skills: From design to supply chain logistics, there are a number of specialist skills that people from the developed economies can bring and share with the Indian market.

Management Skills: Top level management and best-practices from other countries and sectors to improve and leapfrog development in the Indian sectors.

Key roles and opportunities: While most of the Western countries are in a ‘slow’ mode, Indian companies are in high drive and offer opportunities and challenges that are difficult to find elsewhere. These jobs also let you play a key role with daily access to decision makers.

Working in India is not a complete bed of roses though. There are a number of challenges that expatriates to India need to be aware of. Key among them include:

Work permits: Though expatriates might be able to land jobs and work permits in India, their spouse doesn’t automatically get working permits as well.

Comparatively low salaries: Even a good pay package in India will be a poor package compared to US or the West. Typically, a competitive Indian package will be about 25%-30% of an average US salary. Having said that, the value of the income will be much more than the value of salary earned in the US.

Competition: There is tough competition from a well educated middle class who will work at Indian pay. So you really need to be able to bring something different to the table.

Connections: Personal connections and networking are still the best ways to land a job in India. Without this, it might be a bit tougher to break into the market.

Despite the challenges, the benefits make for a rewarding experience. If India sounds like an interesting stop for your next job, log onto http://www.expat-list.siteblast.com/

 

Sidd Lobo
Freelance writer based out of Munich

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