Caleb Leong's Early Retirement in JB
Caleb Leong and his wife, both in their early 50s, have lived in Holland Village for the past two decades. As professionals with long careers, they're now contemplating early retirement and they're looking for a suitable retirement location, preferably one that offers a more easy-going lifestyle, either in or near Singapore. With the RTS nearing completion, Caleb and his wife have decided to retire in JB.
That being said, as they're not ready to commit outright, without at least a trial period, they'll be renting a home in JB for a few months first. Once they feel that life in JB is as fulfilling as it appeared in their spreadsheets and during their numerous discussion, will they go ahead and buy a home. In all likelihood, they'll combine the purchase with the MM2H visa, Malaysia MY Second Home, Malaysia's long-term visa, introduced in 2002.
Financial Freedom with the MM2H Visa
The Leongs home in Holland Village is paid off and they plan to use the rental income to finance* their retirement in JB. With the cost of living in JB being much lower than in Singapore, the couple are aware that they can enjoy a higher standard of living across the Causeway, most likely not even needing to tap into savings or CPF funds.
Basically, the various MM2H visa privileges and benefits enable the Leongs to live in Malaysia long-term, whilst simultaneously maintaining their ties to Singapore. A rare opportunity applicable to all Singaporeans that meet the visa's requirements, an opportunity made possible by a unique set of circumstances, including, the significant gap in cost of living between Singapore and Malaysia and the fact that the two countries share considerable overlap in culture, language, as well as proximity.
Why Retire in JB?
For Caleb and his wife, JB is the perfect retirement destination due to its affordability, convenience and lifestyle offerings. JB's lower cost of housing and daily expenses is a significant draw, that goes without saying, allowing them to stretch their rental income from their Holland V home to quite an extent. In fact, their calculations show that they can look forward to a nice lifestyle upgrade, courtesy of the arbitrage opportunities offered by JB and Singapore.
One of the somewhat more intangible benefits of life in JB is its more languid pace of life, which is exactly what the couple is looking for after years of living in ever-hectic Singapore. They're excited to enjoy leisurely days exploring JB's cultural sites, nature reserves and, of course, JB's local eateries. After all, it's no secret that the culinary scene in JB is diverse, offering a blend of Malaysian, Chinese and Indian cuisine, all of which the Leongs are eager to explore.
Benefits of the MM2H Visa for Retirees
The MM2H visa provides long-term stability, offering a 10-year residency with the option to renew. This allows Caleb and his wife to retire stress-free, without worrying about periodic visa runs or having to keep an eye on the number of days left on their 30-day social pass, i.e. the regular chop that applies to all Singaporeans visiting Malaysia.
Medical Care
Another key advantage is healthcare. Malaysia offers excellent medical services at a much lower cost than Singapore. This ensures that Caleb and his wife can access high-quality healthcare without the heavy expenses typically associated with it. Additionally, the proximity to Singapore allows them to return easily for any specialised medical needs or family visits.
Singapore Enclave
Incidentally, it's good to know that early-adopter Singaporeans that retired in JB have become a cornerstone for newcomers seeking to settle on this side of the Causeway as well, like the Leongs. These more experienced retirees have created an extensive support system, offering guidance on everything from navigating the MM2H visa process to finding the best healthcare providers and local services.
This sense of camaraderie not only enriches the social life of newcomers, but empowers all Singaporeans currently still sitting on the fence to fully enjoy the benefits of living in JB once they, too, decide that rebasing to JB is the way to go forward.
Drawbacks?
Before making the move to JB, it's crucial to understand the nuances of living there. While JB boasts a generally safe environment, its security profile presents some distinctions from Singapore. Minor incidents, such as petty theft, can occasionally occur. Still, with prudent measures in place, including safeguarding valuables and staying vigilant, any issues can easily be prevented.
JB's transportation infrastructure also warrants consideration. Unlike Singapore's seamless bus and rail network, JB's public transport isn't quite as efficient. The absence of an MRT and less frequent bus services may require an adjustment, for instance. Fortunately, Malaysia's affordable cars provide a practical solution. In fact, with low car prices, low maintenance costs
and the low price of petrol, owning a car becomes a very convenient and cost-effective option, effectively eliminating any transportation hurdles.
Well-Planned Retirement
For Caleb and his wife, JB offers the perfect solution for a relaxed, financially secure retirement, especially when combined with MM2H. Being entitled to reside long-term in JB, all the while enjoying the expat lifestyle, but, in addition, also having Singapore within easy reach, is a unique, probably once-in-a-generation opportunity. It's not often you get to retire early, boost your purchasing power by a factor of three and still remain a quick hop away from home country. Small wonder more and more Singaporeans are leaning towards rebasing to JB.
Are you interested to learn more about having a second home in JB? Visit
MM2H.com.sg for details.
*With MM2H, all funds transferred from Singapore to Malaysia are entirely exempt from taxation, including rental income, fixed deposits, dividends, CPF and capital gains.